“Self-storage is almost for everybody.”
Kevin Shee is the owner of SC Storage, Hong Kong’s leading low-cost self-storage provider with over 60 convenient locations in Hong Kong and Macau, and more than 18,000 self-storage units. He started his self-storage business 18 years ago and has consistently grown in locations and customers. When it comes to self-storage, he is the king!
On this episode, Kevin reveals the step-by-step process of setting up a self-storage facility – from choosing the location to promoting the business. He explains the fundamentals of self-storage and why it is a perfect real estate investment scheme. This discussion teaches entrepreneurs some tips and strategies on how to build a million dollar business, self-storage or not.
Listen to ILAB 106 on iTunes here or subscribe on your favorite podcast app.
ILAB 106 Show Notes
Where we are:
- Johnny – Chiang Mai
- Sam & Kevin – Iceland
- Sam’s Instagram – Instagram.com/imsammarks
- Kevin’s Instagram – Instagram.com/kevinshee
- Pro pics in Iceland, Contact Michelle Pederson @ Michellepedersonphoto.com
- ArtofFX – start with just a $25,000 account for ILAB (reduced from $50,000)
- Fundrise – start with only $1,000 into their REIT funds (non-accredited investors OK)
- Wealthfront – get your first $15,000 managed free
- Betterment – get up to 1 year managed free
- PeerStreet – get a 1% yield bump on your first loan
- Traveling Mailbox – get 5% off subscriptions with ‘ILAB’ promo code
- 13:24 – Kevin She’s Background
- 13:54 – The Process of Setting up Self-storage
- 17:01 – The Building Formula
- 21:06 – The Renovation Process
- 23:20 – Real Estate Hack
- 25:20 – System Input & Customer Access
- 31:52 – Marketing Strategies to fill-up these Storages
- 36:53 – Cap Rates for Self-storage
- 38:34 – Self-storage business competitions
- 40:04 – Billing defaults & late fees
- 44:57 – Possible disruptions on self-storage businesses
- 47:01 – When storage owners become unreachable
- 51:56 – Countries with good self-storage business potential
- 59:33 – Recession & Regulation risks
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