Eli May

Self storage investment, development, entitlement, and management

[Eli May @ElimayRe]

@bairdk @LoganARobison Check out CallPotential

[Eli May @ElimayRe]

@mu2myoc GP - develop, own, and operate self-storage and RV/Boat storage with a focus on dependable returns and heavy tax benefits in CA and NV

[Eli May @ElimayRe]

OZ question:

If a property in an OZ is purchased prior to 12/31/17 is it still possible to achieve OZ benefits?

[Eli May @ElimayRe]

@Rudolph_Cos We use PDK and SureFi for new gates we had installed at a 2-property facility around 1000 ft away from each other. Works great

[Eli May @ElimayRe]

@hunterjones How many properties/sq ft do they cover?

We just did the same and it's hard (still in progress) but so so worth it

[Eli May @ElimayRe]

@sweatystartup We've actually seen really good move-in numbers the last 3 or so months

We put a lot of focus on improving our lead conversion by bringing our call center in-house and automating the follow-up workflow thru new software. Seems to be bearing some decent results

[Eli May @ElimayRe]

@rwdaigle Ha it’s the same playbook as us storage guys. Raise prices by 10% for a very sticky product. Lose 3-5% (high end) and you just made a ton of money! StorEdge has way better lead management if used correctly

[Eli May @ElimayRe]

@MRossG199 @joeybaum13 https://t.co/zPJsEZ186d

[Eli May @ElimayRe]

@MRossG199 A fellow tribes member over 30 who can process cows milk? Very impressive

[Eli May @ElimayRe]

@moseskagan I feel like this has been the case the last couple of years - 2020-2021. “why would I want to put my money in illiquid RE when the stock market is ripping like 30% and crypto xx%??”

[Eli May @ElimayRe]

@theshanemason Takeout loan

[Eli May @ElimayRe]

In today’s rate environment, is development the best bet for doing CRE deals that pencil?

Loaded Q, I know. But if you could build for $3m ($2m equity/ $1m debt) and the project is worth $5-6m stabilized, that seems like the best return for your money right now.

[Eli May @ElimayRe]

@FrankScapp Wish I started 10 years ago when storage cap rates where like 10!

But also, you should see some of the marketed deals we laughed at in 2019... Could have made millions just buying "expensive" marketed deals. Who knew ?

[Eli May @ElimayRe]

@theshanemason One of our principal requirements on construction loans is they have to have a tail, so that creates some stability on that side. Agree optioning is the best, but sellers don't always go for it on prime pieces of land

[Eli May @ElimayRe]

@Karl_Luminus Impressive what you’ve been able to acquire the last couple of years!

[Eli May @ElimayRe]

@redwood_ryan_a @seanfgates Dude, are you not filing as a RE pro? If not, you’re missing out on using depreciation against active income. Once you file jointly you can can use is against your wife’s active income too!!

[Eli May @ElimayRe]

Or "the company running it is big and knows what they are doing, so no meat on the bone" Wrong...

[Baird Kleinsmith @bairdk]

2) Don't Make Assumptions

I own 7 but should own 11. Missed 4 fab deals on my list cuz I made assumptions. All later sold on-market.

Looks well managed already. Nope.
Owner only bought 2 yrs ago. So?
I'm too new to go this big. P*ssy.
I only buy off-market. Smart move!

[Eli May @ElimayRe]

Yes

[Baird Kleinsmith @bairdk]

Coulda spent a bunch of time thinking, strategizing, refining, outsourcing.

Instead, I took action, did the grunt work, and shamefully dropped a fat stack of envelopes in the mail.

Where'd you get the list? I made it. What'd you write in the letter? Nothing special.

[Eli May @ElimayRe]

@hq_storage @FrankScapp Yeah. Mainly the bigger one-time capex stuff like new gates and security systems etc