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UNITS OCCUPIED:
Charlotte – 154/30
Houston – 111/180
FIRST 290 DAYS !
35 NEW CUSTOMERS IN CHARLOTTE AND HOUSTON!
$218,536 YTD vs. $204,866 Business Plan Projection +$14K ahead of schedule !
$32,880 in total revenue was generated this month across both facilities:
Charlotte contributed $21,626.
Houston contributed in $11,254.
AMAZING MONTH OF SALES, with Charlotte’s second best month ever and Houston’s best month ever. We saw revenue at $4564 in October and last month our update mentioned $2500. 💸
In Charlotte, we secured 16 move-ins with only 5 move-outs, leading to a strong net gain of 11 new customers. This has helped maintain our forward momentum despite a slight dip in demand 🙂
Operational efficiencies, such as the completion of 40 light sensor installations, decreasing our insurance bill and shrinking our marketing budget during the slower months should save us $3,250/month, to help boost towards profitability.
As we enter the slower months for self storage ( November to February), we are starting to see great progress in Houston. We will continue to see promos from our busiest months roll off to enhance our sales. 😁
Houston saw 19 move-ins and 6 move-outs, resulting in a net gain of 13 customers. We’ve also stabilized 78% occupancy as we continue focusing on long-term retention strategies and capitalizing on our recent property management transition. This has saved us $1,500/month, improving margins while allowing us to streamline customer services.
Next month, we anticipate revenue to grow by another $3,000 next month as promotional rates expire and new customers.
How You Can Help Us:
LPs can contribute to our growth by leaving us a review! More positive reviews will enhance our visibility and customer acquisition.
Houston – Leave a Review Here
Charlotte – Leave a Review Here
Our business plan projections are between 10-20 new customers per month, and we’re pleased to have added 20 new customers across both locations this month. As the year progresses, we continue to see high demand in June-Aug, and a gradual slowdown in the winter months.
This year in Charlotte, the business plan is to create 120 units outside and 200+ inside. We expect 10-20 new customers per month.
In Houston this year, we are focusing on getting occupancy stabilized at 70% before building on the extra 1.5 acres.
✅ HURRICANE IRENE – We did well through North Carolina’s largest storm in decades. Dutchman’s Creek behind our facility grew 4x the width. We had minor branches down and fence screening to repair, but for the most part unscathed.🌀
✅ EXCEEDING EXPECTATIONS – We are continuing to see Charlotte exceed expectations 3-4 months ahead of schedule. We attribute this to the geographic area needing to soak up more storage, the quality of our facility and the customer service that they receive. 🙌
✅ 53 – 5 STAR REVIEWS ⭐⭐⭐⭐⭐ – In the first 10 months of customers and seeing an outpouring of 5 Star reviews that speaks to our customer service and customer experience.
✅ REDUCING EXPENSES – We decreased insurance from $4,400/mo to $1,900/mo. We decreased our storage.marketing digital advertising budget by $1,700/mo. We turned down HVAC energy consumption during the fall months, saving $1,000 per month.
✅ NEW CUSTOMERS – A total of 16 new customers signed up this month, adding $1,000 in additional monthly revenue, pushing us closer to our occupancy goals.
✅ OCTOBER NEW CUSTOMERS– We did a great job converting 16/25 leads in a month. We are continuing to see a reduction in website traffic due to seasonality and people back in school.
✅ QUICK PERSPECTIVE – Warehouse 1 – $3,500, Warehouse 2 – $4,500. Next month, $14,000 in storage customers and $2,000 of discounted promos falling off to give us more revenue. = $24,000 🚀
✅ SMALL ITEMS – Second floor – building three – 10×30 units. Installing 8 hardwired exit signs for safety protocols. Hurricane Irene fence repair. Fixing a roof leak in one of our warehousing spaces. Installation of a bathroom in the office that is currently for lease.
✅ NEXT MONTH – With $21,500 in revenue this month and approximately $24,000 next month, we are getting very close to breaking even in Charlotte 3-4 months ahead of schedule. 😀 💰
✅ NEXT MONTH – We see our best month new customers from August promos falling off, boosting our revenue by atleast $2,000-$3,000. We will be getting more pricing on the 2nd floor buildout and the elevators.
✅ BEST MONTH EVER ! 😀🚀
✅ WHAT WE ARE SEEING SINCE TAKING OVER PROPERTY MANAGEMENT –
✅ 100 CUSTOMER MILESTONE! – Great month of progress on our new customers with 111 units occupied (September -99, August – 95, July – 89, June – 83)
✅ DIVERSIFIED MARKETING STRATEGY! – This month we saw 3 existing customers purchase 5 additional units. 3 new customers from Google (organic and paid), 1 customer from SpareFoot, 2 customers from Facebook community post, 1 new customer from referral campaign, 1 billboard, 2 driveby traffic, 1 new customer from the campaign sign.
✅ HUGE BILLBOARD – We have 2 billboards on I-10 and we doubled the size to increase visibility. We hope that increases our leads the next 12 months ( $1400 expense) 2 new customers staying for 1 year would make the billboard sign breakeven and we have 5 billboard customers already .
✅ NEW CUSTOMERS – A huge amount of customers with 19 new customers this month! Our best month ever with occupancy at 78%. (September – 68%, August 65%)
✅ QUICK PERSPECTIVE – With $11,254 in revenue this month and a great month of new customers, we see next month revenue climbing $300-$500. 🙂
✅ NEXT MONTH – We will get drone footage help our website and ads. We might see billboard success with the sign 2x larger. We are continuing to analyze the buildout of extra 1.5 acres to make sure the expense is worth the end sale value.
Units Occupied:
Charlotte – 147/306
Houston – 98/180
💰Quarterly Distributions: 4.5% annualized payments have been sent to LPs October 5th delivery. (Ex. $100,000 LP = $1,125.00 Distribution)
FIRST 270 DAYS !
28 NEW CUSTOMERS IN CHARLOTTE AND HOUSTON!
$185,502 YTD vs. $171,516 Business Plan Projection +$14K ahead of schedule !
$28,316 in total revenue was generated this month across both facilities:
Charlotte contributed $18,162.
Houston brought in $10,153.
In Charlotte, we secured 18 move-ins with only 6 move-outs, leading to a strong net gain of 12 new customers. This has helped maintain our forward momentum despite a slight dip in demand 🙂
Operational efficiencies, such as the completion of 40 light sensor installations, decreasing our insurance bill and shrinking our marketing budget during the slower months should save us $3,250/month, to help boost towards profitability.
Houston saw 10 move-ins and 6 move-outs, resulting in a net gain of 4 customers. We’ve also stabilized 67% occupancy as we continue focusing on long-term retention strategies and capitalizing on our recent property management transition. This has saved us $1,500/month, improving margins while allowing us to streamline customer services.
Next month, we anticipate revenue to grow by another $2,500 next month as promotional rates expire and a larger warehousing tenant rent.
How You Can Help Us:
LPs can contribute to our growth by leaving us a review! More positive reviews will enhance our visibility and customer acquisition.
Houston – Leave a Review Here
Charlotte – Leave a Review Here
Our business plan projections are between 10-20 new customers per month, and we’re pleased to have added 20 new customers across both locations this month. As the year progresses, we continue to see high demand in June-Aug, and a gradual slowdown in the winter months.
This year in Charlotte, the business plan is to create 120 units outside and 200+ inside. We expect 10-20 new customers per month.
In Houston this year, we are focusing on getting occupancy stabilized at 70% before building on the extra 1.5 acres.
✅ BIG NEWS – – Sept 15th – 6,000 sq ft warehouse tenant signed a 2-year lease for $4,500 and $5,000/mo (Year 2). This is a last mile distribution company for deliveries, that is giving us $114,000 of revenue over the next 2 years!
✅ EXPENSE MANAGEMENT – Reduction of insurance from $4,400/mo to $1,900/mo. Installation of light sensors should save us $750/mo in electric bill. Shrinking marketing budget as we approach the colder months (saving $1,500/mo).
✅ NEW CUSTOMERS – A total of 18 new customers signed up this month, adding $1,000 in additional monthly revenue, pushing us closer to our occupancy goals.
✅ SEPTEMBER SLOWDOWN – We are seeing call volume and website traffic reduce by approximately 35-40% month over month. Starting the last week of August and the 4 weeks of September, potential leads are declining across our portfolio and the country. Some people are communicating seasonal cycles as well as the election as reasons to not send money.
✅ QUICK PERSPECTIVE – With $18,162 in revenue and approximately $24,000-$25,000 in expenses a month, we are approaching profitability this winter. 🙂 💰
✅ QUICK PERSPECTIVE – Warehouse 1 – $3,500, Warehouse 2 – $4,500. Next month, $11,000 in storage customers and $1,000 of discounted promos falling off to give us more revenue. 🚀
✅ SMALL ITEMS – Second floor – building three – 10×30 units. Fixing a roof leak in one of our warehousing spaces. Installation of a bathroom in the office that is currently for lease.
✅ NEXT MONTH – Fire department, fire hydrant repair and elevator research with Carolina Elevators and Schindler Elevators. We also will be getting the first full month rent for the big warehousing space. 🙂
✅WHAT WE ARE SEEING SINCE TAKING OVER PROPERTY MANAGEMENT –
✅ EXPENSE MANAGEMENT – Property management with Copper was $2,250 + mandatory marketing budget of $700 + boots on the ground employee $600. Today are doing this for what it costs us to maintain which is saving us $1,000-$1,500 per month.
✅ NEW CUSTOMERS – The facility continues to grow with 10 new customers this month, helping to drive overall revenue and occupancy to 67%.
✅ QUICK PERSPECTIVE – With $10,153 in revenue this month and the slowdown we are seeing in leads on our portfolio of self storage facilities, we see next month revenue climbing $300-$500. 🙂
✅ BUSINESS PLAN – We are seeing the lease up slower than expected – partly due to the population in the area is a little lower than expected and the property management hurdles. 46% occupancy to 67% occupancy in 9 months is a consistently steady trajectory.
✅ NEXT MONTH – We will focus on increasing occupancy further, targeting 75% by year-end, while continuing to leverage digital marketing and in-house property management for operational savings.
Units Occupied:
Charlotte – 139/306
Houston – 95/180
FIRST 240 DAYS !
38 NEW CUSTOMERS IN CHARLOTTE AND HOUSTON!
10-20 new customers per month is our business plan projections, so we are very pleased with 38! May, June and July are the biggest sales months for self storage, so we are very pleased with our current trajectory.
$26,953 in revenue versus $20,282 three months ago is a great pace that we are happy with.
In Charlotte, we also secured the largest warehousing space! ($4,500 per month).
In Houston, we are now the property manager, with 100% operational control over digital marketing, call center and insurance. This should save us $1,000-$2,000 per month!
Next month, we expect revenue to grow by about $3,000. We continually have a 50% off promo for new customers. These promotions roll off every month with these customers paying two times more :). Next month we expect to see $30,000 in revenue.
Next month, we will be researching elevators and storage units for the 2nd floor of Charlotte. We are going to more considerable marketing for Houston, Texas.
This year in Charlotte, the business plan is to create 120 units outside and 200+ inside. We expect 10-20 new customers per month.
In Houston this year, we are focusing on getting occupancy stabilized at 70% before building on the extra 1.5 acres.
How to Help Us:
✅ BIG NEWS – We secured a new lease for the back warehousing space for the next 2 years! $54,000/yr- year 1. $60,000/yr – year 2. This is equivalent to gaining 45 new customers in a month! This is the 2nd biggest win of the year.
✅ 39 NEW CUSTOMERS ! – We are exceeding our best expectations over the last 3 months with 43 new customers in June, 34 new customers in July and 34 new customers in August. We only have 7 move outs this month, which means customer retention is very strong as the promos expire.
✅ DIGITAL MARKETING – We are now #1 or #2 for search engine optimization, and now we are expanding to other towns close by like Belmont and Stanley.
✅ QUICK PERSPECTIVE – $3,250 small warehouse, $2,250 large warehouse (move in Sept 15), $13,500 storage customers = $19,000 expected next month. (~$23,000 Break-even expenses).
✅ FIRE DEPARTMENT – The fire department has added more safety precautions for us to install or replace. Replaced fire hydrant, 11 signs that need to be hardwired to the building. 3 emergency lights, 11 fire extinguishers and 45 sprinkler heads. We will still be working on this in September.
✅ NEXT MONTH – We are going to research new storage units for the 2nd floor. We will install a few larger units on the 2nd floor.
✅ NEXT MONTH – Electrician should finish installation of the sensors for the first floor (150 lights). This should lower our energy bill by about 50%. ($750/mo)
✅ NEW PROPERTY MANAGEMENT – Copper Storage Management has been our property manager for the past 8 months. Customer retention is the main problem with Copper. Call venter expertise and marketing are the biggest areas that we can see improvement. We should save $1,000-$2,000 per month.
Reasons for Changing Property Management:
✅ 65% OCCUPANCY! – +6 net new customers this month (July +6, June +5), We are at 93% occupied for 10×20 storage units. 😀
✅ LIGHTNING STRUCK – Our front entry gate was struck by lightning which fried our breaker panel, our gate operator and vehicle sensor. Unexpected $3,000 expense. 🙁
✅ NEW CALL CENTER – 6 weeks now with the new call center and converting 15 new customers in 1 month is the best ever. We are also easily improving customer experience show.
✅ DIGITAL MARKETING – Previous property manager used GoLocal for digital marketing services that cost us around ~$500. We partnered with a digital marketing company for a one-time expense to save costs in the future.
✅ HELP US – LPs make more money when you leave us a review. Houston – Here
Units Occupied:
Charlotte – 109/306
Houston – 89/180
💰Quarterly Distributions: 4.25% annualized payments have been sent to LPs for an July 5th delivery. (Ex. $100,000 LP = $1,062.50 Distribution)
FIRST 210 DAYS !
40 NEW CUSTOMERS IN CHARLOTTE AND HOUSTON!
10-20 new customers per month is our business plan projections, so we are very pleased with 40! May, June and July are the biggest sales months of the year in self storage. we think this will be the highest point of the year.
$23,977 in revenue versus $21,172 three months ago is a great pace that we are happy with.
In Houston, we completed the new call center where we have 100% operational control.
In Charlotte, we are exceeding expectations on new customers. 34 move ins, only 1 move out!
With construction done, we are able to lower our insurance bill from $4,279 per month to around $1,700 per month. Saving us $30,000 per year!
Next month, we expect revenue to grow by about $3,000. We always have a promo of 50% off for the first 3 months. We see 20 discounts rolling off to pay full price for the storage units. Next month, we see $27,000 of revenue.
Next month, we will be researching property management to see if we can save money and increase our customer experience in Houston, similar to how well we are doing on marketing and property management in Charlotte.
This year in Charlotte, the business plan is to create 120 units outside and 200+ inside. We expect 10-20 new customers per month.
In Houston this year, we are focusing on getting occupancy stabilized at 70% before building on the extra 1.5 acres.
How to Help Us:
✅ FIRST 100 LEASE MILESTONE! – Building a base of customers is very important for sustainable profits. We project January as the time when our facility is breakeven! Ahead of schedule!
✅ 34 NEW CUSTOMERS! – We are exceeding our best expectations over the last 2 months with 43 new customers in June and 34 new customers in July. Only 1 move out this month! Our range of new customers is 10-20, so being at 34 makes us feel very comfortable with our project. ( June -43,May – 20 April-9)
✅ GREAT MONTHLY IMPROVEMENT – Why? We had our largest warehousing customer move out which left a $3,000/mo deficit. We recouped ALL of that through gaining new customers this month to make it an overall flat month.
✅ DIGITAL MARKETING – We are now #1 or #2 for search engine optimization, and now we are expanding to other towns close by like Belmont and Stanley.
✅ QUICK PERSPECTIVE – $3,250 small warehouse, $12,750 storage customers = $16,000 expected next month. (~$22,000 Break-even expenses)
✅ JULY 10 – We installed 2 directional signs making it easier for customers to find their units. We also have 1 customer that took 1100 sq ft, $1,167 per month added to future sales (approximately equal to adding 11 new self storage customers).
✅ JULY 18 – Spyder Door installation on our garage door and more cameras and security setup throughout the facility. All customers will have a unique code connected to wifi.
✅ FIRE DEPARTMENT – Inspection requires us to install 11 fire extinguishers, repair 2 fire hydrants, install 4 illuminated exit signs and replace 45 sprinkler heads. 😔 We finished this in July.
✅ NEXT MONTH – We give customers 50% off for the first 3 months, and these promos are starting to expire for more and more people. Next month we expect 20 customers to add $900 to our monthly revenue automatically! When we combine that with our new customer revenue, we should be able to gain $3,000 of revenue next month.
✅ NEXT MONTH – We are researching sensors for our lights to add to the first floor to decrease our energy bill, hopefully $500-$700 per month.
✅ BILLBOARD INSTALLATION – In the first 6 weeks, we have received 3 customers from the billboard installation. Given the current trend, we feel this is going to be a strong ROI !
✅ NEW CALL CENTER! – More customer engagement, faster customer service help and stronger effort on retaining existing customers. We are taking over the call center and taking Copper Storage Management away.
✅ 59% OCCUPANCY! – 6 net new customers is the best month since we purchased the facility!
✅ NEW WEBSITE! – To improve customer engagement and lower cost, we hired StorEdge to build our website. Very new. Still a work in progress. RethinkselfstorageTX.com
✅ NEW GOOGLE ADS STRATEGY – We love the marketing strategy we see in North Carolina and we are removing GoLocal from our Google Ads strategy and implementing many things used in NC.
✅ PROPERTY MANAGEMENT – After some research, we feel if the call center and marketing continue to improve and lower expenses, we feel we can take over property management from Copper. Ideally, this will be saving us $1,000 per month. More importantly, better sales and better customer retention.
✅ NEXT MONTH – Google ads and other marketing channels. We look at more clarification on their success. We will see if we can retain customers better than the previous call center.
✅ HELP US – LPs make more money when you leave us a review. Houston – Here
WEBINAR.WEBINAR.WEBINAR!
July 10th, 2024 – Wednesday, Invite : Here
Units Occupied:
Charlotte – 75/306
Houston – 83/180
💰Quarterly Distributions: 4.25% annualized payments have been sent to LPs for an July 5th delivery. (Ex. $100,000 LP = $1,062.50 Distribution)
FIRST 180 DAYS !
42 NEW CUSTOMERS IN CHARLOTTE AND HOUSTON!
10-20 new customers per month is our business plan projections. We are very well ahead of schedule. This being peak season for storage movers, we think this will be the highest point of the year.
$24,079 in revenue versus $15,853 three months ago is a great pace that we are happy with.
In Houston, we completed the billboard construction. 2 new customers in the first 3 weeks!
In Charlotte, we are exceeding expectations on new customers. 43 move ins, only 6 move outs.
With construction done, we are able to lower our insurance bill from $4,279 per month to around $1,700 per month. Saving us $30,000 per year!
Next month, we expect revenue to plateau due to one of our warehousing tenants moving out ($3,000). Next month, we see $24,000 of revenue.
Next month, we will be working with the fire department for their required safety procedures. In Texas, we expect to take over the call center to improve customer experience and ,hopefully, we’ll see improvement with retaining customers.
JOIN US ON OUR LIVE PROPERTY WEBINAR ON JULY 10TH, 2024 – 7:00 PM EST
(INVITE : HERE)
This year in Charlotte, the business plan is to create 120 units outside and 200+ inside. We expect 10-20 new customers per month.
In Houston this year, we are focusing on getting occupancy stabilized at 70% before building on the extra 1.5 acres.
How to Help Us:
✅ LEASE UPS – 43 new customers in June and only 6 move outs is beyond the best case scenario. Our range of new customers is 10-20, so being at 43 makes us feel very comfortable with our project. ( May-20, April-9)
✅ FIRE DEPARTMENT – Inspection requires us to install 11 fire extinguishers, repair 2 fire hydrants, install 4 illuminated exit signs and replace 45 sprinkler heads. 😔 We will be working on this throughout the month of July.
✅ QUICK PERSPECTIVE – $3,250 small warehouse, $8,500 storage customers = $11,750 expected next month. (~$20,000 Break-even expenses)
✅ JUNE 10 – Drone footage and professional photography completed and uploaded on our website, Google My Business and Sparefoot. Now customers can see our facility benefits without having to see it in person. Driving lease ups!
✅ JUNE– We designed and ordered 3 directional signs, 3 warehousing campaign signs and distributed 10 self storage advertising campaign signs throughout the town. We also monthly put flyers into moving boxes and drop them off at for sale properties close by.
✅ DIGITAL MARKETING – We are seeing steady progress in website visits and leasing from website and call center. We are discounting our facility by 50% to get customers in the door
✅ NEXT MONTH – Spyder Door installation on our garage door and more cameras and security setup throughout the facility. All customers will have a unique code connected to wifi.
✅ BILLBOARD INSTALLATION – We researched and negotiated a three year lease ($300/mo). To install a billboard sign on interstate 10. 2 new customers in the first month!
✅ SIGNAGE – We installed 4 signs in our fences and buildings to better market drive by traffic.
✅ CALL CENTER – To improve customer experience and enhance our information on how the property is progressing, we are taking over the call center from Copper Storage Management.
✅ BEST MONTH – 13 new customers in June is our best ever ( May-12, April-7). 5 net new customers this month!
✅ WEBSITE – We are exploring cheaper alternatives for our website and digital marketing effort. Building our own site vs. templated sites from our CRM.
✅ GOOGLE ADS – We are improving our performance on Google Ads with Performance Max. We have 153 clicks with 24 conversions which brings our conversion rate to $13/conversion which is great!
✅ PROPERTY MANAGEMENT – We are having conversations with Copper Management of additional ways to bring down expenses. Boots-on-the-ground employees/maintenance and other fixed expenses like property management.
✅ NEXT MONTH – We will interview possible employees on our payroll to look at new alternatives for digital marketing currently done by Go Local today for $420 per month.
✅ HELP US – LPs make more money when you leave us a review. Houston – Here
✅ SEE OUR PROGRESS – Here
Let’s Talk About Our Progress
July 10th (Webinar Invite : Here)
Units Occupied:
Charlotte – 39/120
Houston – 79/180
FIRST 150 DAYS !
The first floor build out of 180 units is complete!
Steel arrived in Mount Holly towards the end of April and within three weeks, we finished the installation. We now have 306 units in Charlotte.
Frank DeSalvo, is a top self storage commercial real estate broker in the area and nationally. His impression of its current value after this installation is somewhere above $4,000,000. It is great to see our equity improving from the original purchase price of $2,700,000.
We feel comfortable now in saying that we have made the first $1,000,000 for our project.
In Houston, we are getting positive results with new customers and leads. We had 2 customers with multiple units move out which affected our occupancy.
To improve Houston, we are building physical signs on major highways to do a more guerilla-grassroots marketing campaign. (Physical flyers, Little League banners & Billboards)
In May, we have 35 new customers across both properties. We expect June and July to be close to this range as well.
Charlotte – Please check out our new website and let us know what you think (Rethink-selfstorage.com).
This year in Charlotte, the business plan is to create 120 units outside and 200+ inside. We expect 10-20 new customers per month.
In Houston this year, we are focusing on getting occupancy stabilized at 70% before building on the extra 1.5 acres.
How to Help Us:
✅ WE HAVE 306 UNITS! – Installers completed construction May 18th. Our Business plan projected installation complete at the end of June for July customers. 2 months ahead of schedule!
✅ LEASE UPS – 23 new customers in May. Previously 10 new customers came in April.
✅ QUICK PERSPECTIVE – $3,250 small warehouse, $3,000 second floor, $4,200 storage customers = $10,450 expected next month. (~$20,000 Break-even expenses)
✅ May 8-10 – Duke Energy installed 38 indoor/outdoor lights for energy efficiency. $20,000 value that we received for $3,249 of our money.
✅ MAY – We designed and ordered 50 campaign signs & directory map for the lobby. We painted our monument sign increasing drive by sales traffic.
✅ LOCAL STEAL – ExtraSpace ,50 miles away had 54 extra Janus doors that we purchased for $160 per door saving us $15,660!
✅ MAY 20 – The city of Mt Holly paid for new asphalt and paved Rush Street, increasing our curb appeal! That was nice of them!
✅ DIGITAL MARKETING – We are seeing website visits and we are spending approximately $1,500-$2,000
✅ GOOD NEWS – GPs reconfigured the floorplan to increase the number of units and square footage by taking away unnecessary hallway space. 522 new net rentable square feet which we can rent out at $13.50, or $7,047 per year of revenue!
✅ NEXT MONTH – Spyder Gate on our main entry door, expected to be installed along with a vehicle-recognized gate opener. All customers will have unique codes with automatic locks connected to Wi-Fi.
✅ UPDATE – 2 Customers with 8 units moved out which negatively affected our occupancy which otherwise would have been positive. We had 10 new customers in May.
✅ SIGNAGE – We installed 4 signs in our fences and buildings to better market drive by traffic.
✅ Property Manager’s Site Coordinator visited the site and generated the report attached. (Here)
✅ BEHIND THE SCENES – We feel property management can be enhanced if we take over the call center. Retaining customers and upselling customers more effectively if we.
✅ GOOGLE ADS – We met started a new campaign with Performance Max and increase our ad budget to $800 per month.
✅ MAY – We sent out 1,200 flyers.
✅ NEXT MONTH – We ordered 4 signs for Interstate I-10 for $300 per month with a local land owner. Installation will complete next month. 53,000 vehicles travelling per day in this area.
✅ HELP US – LPs make more money when you leave us a review. Houston – Here
✅ SEE OUR PROGRESS – Here
Units Occupied:
Charlotte – 20/120
Houston – 84/180
FIRST 120 DAYS !
It’s great to see our actual revenue exceed our projections. ($21,172 vs $17,669)
The biggest update of the month is the early delivery of $246K worth of interior storage units for installations over the next 6 weeks. This delivery was supposed to arrive in June for July customers, so this is fantastic news!
May, June and July are the best months for Self Storage sales so we are increasing our ad budget to about about $3K for at least the next 3 months.
Next month, we are sending 1500 flyers throughout the area and Texas. Last month we sent out 2600 flyers in Charlotte.
Charlotte – Please check out our new website and let us know what you think (Rethink-selfstorage.com).
This year in Charlotte, the business plan is to create 120 units outside and 200+ inside. We expect 10-20 new customers per month.
In Houston this year, we are focusing on getting occupancy stabilized at 70% before building on the extra 1.5 acres.
How to Help Us:
✅ BIG UPDATE – The main room steel installers have arrived ahead of schedule ( never happens 😁).
✅ 1 SMALLER UPDATE – We have 10 reservations for the main room next month, totaling 3,000+ sq ft.
✅ QUICK PERSPECTIVE – $3,250 small warehouse, $3K second floor, $3K storage customers = $9,250 expected next month.
✅ GOOGLE ADS has started and has increased to $2k per month. We are seeing 10-20 website visits per day which is great for a brand new business and website.
✅ CAPITAL IMPROVEMENT – The front monument sign is up. (8ft x 11ft) Great for drive by traffic!
✅ GPs ON SITE! – Pat, Andrew and Casey in Charlotte for the first 2 weeks of installation of steel storage units. We were able to increase net rentable by another 1050 sq ft. (Not on business plan!)
✅ GOOD NEWS, not in our business plan – We have a reservation for the chiller room, the lumber room and 1 additional space for May. ($1,600)
✅ NEXT MONTH – We are hoping the main room installation will be near complete. Reservations for climate controlled storage units should be increasing for June and July! 2 months ahead of schedule!
✅ NEXT MONTH – Duke Energy should be arriving with $10,000 worth of lights to install throughout the facility. Duke Energy is subsidizing energy efficiency by paying $7,000 and installing these lights for free.
✅ GOOD NEWS! – Accounts Receivable has been cleaned up and our revenue has jumped 48% in 1 month!
✅ APRIL – We converted 53% to 90% of customers to insurance – increasing our revenue for the facility by $450 every month.
✅ GOOGLE ADS – We met with our marketing team, Go Local, and we decided to increase our ad spend to approximately $1K per month for the high season. Increasing our budget on our top 5 most successful keyword searches.
✅ APRIL – New banner sign at the local Little League baseball field, increasing our community engagement (only $500!).
✅ NEXT MONTH – We ordered front banner signs for our fence lines to promote our boat and RV storage. We are also sending out another flyer campaign for the summer
✅ HELP US – LPs make more money when you leave us a review. Houston – Here
✅ SEE OUR PROGRESS – Here
Units Occupied:
Charlotte – 10/120
Houston – 85/180
💰Quarterly Distributions: 4% annualized payments have been sent to LPs for an April 5th delivery. (Ex. $100,000 LP = $1,000 Distribution)
💰March K-1s: All investors have their tax filing K-1s available here
(Ex. $100,000 LP = $63,739 tax losses for 2023). We expect something similar for our Charlotte property in 2024.
FIRST 90 DAYS !
Overall, Charlotte and Houston are progressing nicely. We love to see our construction ahead of schedule and some great inroads on new month sales.
Spring has just started. Through out the next 3 months, we should see an uptick in new leads and new customers. We are sending 2,600 hard copy mailers and increasing our Google Ads budget to maximize the opportunity.
Charlotte – Please check out our new website and let us know what you think (Rethink-selfstorage.com).
This year in Charlotte, the business plan is to create 120 units outside and 200+ inside. We expect 10-20 new customers per month.
In Houston this year, we are focusing on getting occupancy stabilized at70% before building on the extra 1.5 acres.
How to Help Us:
✅ GREAT, GREAT NEWS! 4 Year contract for one of our storage rooms for $40,000-$44,000 per year!
✅ Why It’s Important: Building $40k a foundation of revenue makes our cashflow constraints of year 1 much easier. This is only 3,800 sq ft. and we didn’t need to buy any steel or doors!
✅ AHEAD OF SCHEDULE – the main room is 100% ready for installation of new steel and doors. 4 weeks ahead of schedule!
✅ GOOGLE ADS started at $500 per month. 10 self storage customers without any advertising. Installation of new climate controlled units inside are expected in June.
✅ CAPITAL IMPROVEMENT – We built a driveway to accommodate our new 4 year tenant, for a 60 ft, 26 ton gravel driveway.
✅ CAPITAL IMPROVEMENT – We installed new floors for office space (700sq ft). Painted and installed drop ceiling. Ready to rent!
✅ GOOD NEWS, not in our business plan – We removed a 30,000 lb piece of equipment. Cleaned and painted this room for an additional 900 sq ft. Ready to rent!
✅ NEXT MONTH – Monument sign will be going up. We will start negotiations on the 2nd floor renter to increase rents. 2,600 people will receive flyers regarding our Grand Opening.
✅ FIRST 90 DAYS – Our revenue for the first quarter is $30,000 versus $21,949 in our business plan. This is approximately 1 month additional revenue!
✅ MARCH – We converted 52% of customers to autopay. We converted 48% TO 53% of customers to purchase insurance. The speed of autopay and insurance is 3 months ahead of schedule. This solidifies our future cash flows and increases the profitability per unit by more than $2,500 per month.
✅ TECHNOLOGY – 10 new leads in the last 30 days, so we are increasing our Google Ad budget monthly.
✅ NEXT MONTH – Adding new marketing strategies to increase our leads.
✅ HELP US – LPs make more money when you leave us a review. Houston – Here
✅ SEE OUR PROGRESS – Here
Units Occupied:
Charlotte – 2/120
Houston – 87/180
First 60 Days are Closed Out !
Charlotte is now open for business as of Feb 15th! We are excited that the website, property management and Google advertising is just getting started. We purchased the site on January 4th, and 5 weeks later, we have our first customers!
We feel very strongly about the prospective tenants for a couple of the back warehousing spaces for quick revenue to support our outside and inside storage projects.
This year, the business plan is to create 120 units outside and 200+ inside. We expect the new customers to be somewhere between 10 and 20 per month once stabilized.
In Houston this year, we are focusing on getting occupancy towards 70% before building on the 1.5 extra acres.
How to Help Us:
✅ February – We are about 3 weeks ahead of schedule. In February, so many things have been accomplished. We fully completed he outside 100% for 120 units and just in the last week, we are receiving our first customers. [Link to photos]
✅ March – We expect to finish the inside main room for 25,000 sq ft – prepping it for a 2nd delivery of steel. That delivery expectation for install is about $250,000.
✅ Painted building exterior
✅ Delivered and install 120 units
✅ Black seal parking lot 1 Acre
✅ Hired property manager
✅ Demolition 4 Offices
✅ Planted 46 shrubs and 4 trees installed.
✅ Brand new building sign
✅ Open for business (Feb 15)
✅ Rehab Hardwood Floors
✅ Install 4 Outdoor lights
✅ Hire Commercial Broker for Warehouse Space
✅ 🌐 Website:
https://rethink-selfstorage.com/
☎️ Phone:
(704) 324-3333
Leave us a review!
(Here)
✅ FIRST 60 DAYS – $12,533 of January sales versus $5,023 on our business plan, which is 4 months ahead of schedule. February sales ($9,376) were a little bit lighter due to some December customers paying in January.
✅ FEBRUARY – We converted 46% TO 59% of customers to autopay. We converted 38% to 48% of customers to purchase insurance. The speed of autopay and insurance is 5 months ahead of schedule. This solidifies our future cash flows and increases the profitability per unit by more than $2,500 per month.
✅ TECHNOLOGY – We have been seeing an uptick in leads and customers due to our digital marketing budget. Leads have increased from 9 to 10 over the last 30 days.
✅ HELP US – Leave us your google review here to accelerate our customer ratings and higher brand awareness.
✅ SEE OUR PROGRESS – Here
✅ March – We expect to finish the inside main room for 25,000 sq ft – prepping it for a 2nd delivery of steel. That delivery expectation for install is about $250,000.
Units Occupied:
Charlotte – 0/120
Houston – 87/180
First 30 days are closed out!
We are happy to announce our accomplishments for the month.
Weekly, we are meeting with our property management teams. We are excited to get started on the digital marketing and grassroots efforts to increase occupancy as soon as possible. Right now is the biggest risk of our projects with the speed of lease ups, so we are doing everything we can to increase our digital footprint.
The GPs and contractors have been in Charlotte everyday for the last 30 days. The business plan is communicated with all parties to finish this grand opening ahead of schedule. In Mt Holly, we will be adding 120 units in February, 340 units in June and in over the next 2-3 years, 550+ units.
Follow our progress:
✅ Jan 4 – We purchased 108 Rush Street Mt Holly for $2.7M. We spent the first 30 days – 1) Demolitioning and cleaning offices and outside spaces. 2) Power washing, painting and paving everything outside. 3) Receiving and installing relocatable storage units (120) for the fastest units to rent.
✅ Jan 30 – Contractors and repairmen power washed, sheet rocked and made necessary repairs to rent out offices and to warehouse rooms for 4000 and 7000 sq ft. We are looking to market these spaces for $2000, $5000 and $8000 per month.
✅ February – Painting and completing offices and warehouses, marketing them on commercial broker websites [Link to photos]
✅ February – Property management, website, call center and digital marketing presence should be all in place. Outside 120 units should be complete and we should start leasing at the end of February. [Link to photos]
✅ FIRST 30 DAYS – $12,533 of January sales versus $5,023 on our business plan, which is 4 months ahead of schedule!
✅ JANUARY – We converted 0% to 46% of customers to autopay. We converted 0% to 38% of customers to purchase insurance. Both very well ahead of schedule, and the insurance increases our sales by more than $2000 per month!
✅ TECHNOLOGY – www.rethinkselfstoragetx.com and call center are now converting sales calls with 9 new customers in the last 30 days.
✅ HELP US – Leave us your google review here to accelerate our customer ratings and higher brand awareness.
✅ SEE OUR PROGRESS – Here
Thank you so much for the support on the project. We have a lot of gratitude for the partners who listened to the story. Thank you!
On this project, we are partnering with you as well as engineers, executives, investment bankers, self storage operators, financial advisors, CPAs, private placement operators and other consultants with very impressive backgrounds. We have had conversations with people providing insights into the project that , to me, feels like any hole in the line has been addressed. 🤝
The biggest risk in the project is the speed of lease ups. The opportunity to make money is more significant than what our pro forma business plans suggest. 😊
108 Rush Street
Mount Holly, NC 28120
ptraynor@gammaincome.com
– Warren Buffett
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