Through the generosity of a fellow investor, I was able to attend 3-day a Self-storage seminar for free in Salt Lake City last week.
The seminar was at an actual self-storage facility called King Arthur Self-Storage, where apparently the customer is king!. I was amazed at the quality of the facility. It had grade-A commercial offices built into it and a phenomenally plush conference room. I learnt all about the different aspects of starting a self-storage from raising capital,finding land, hiring good help, installing security systems, commercial lending and marketing it. One thing I didn’t get enough of was the actual numbers, but I’m a number cruncher so I’ll do that myself. I also found out that the self-storage industry has trade-shows and I plan to attend one soon. If you have the land, it costs about 2 million to set up a self-storage complex and you need about $500k cash.
I also met some great investors there and learnt a lot of new things. One of the investors owns 50 businesses [with no debt] and is planning on opening a bank catering towards gocery stores! There was a programmer, a nurse, a builder, an ex-FBI agent, a general contractor and a bunch of other interesting characters. There was also a civil engineer employed by the city of Los Angeles whose Ebay jewellery store did 80-90k in revenue every month! Meeting investors and creating relationships is half the value of these seminars.