Four Reasons I Am Going to the ISS Expo in April (And Hope to See You There)

Two main organizations put on seminars in the self-storage space in the US.

One is the Self-Storage Association (SSA), and the other is Inside Self Storage (ISS).

I love the SSA; it is a vital organization for self-storage owners.

I find the ISS helpful for people new to the storage space and small investors. The way the conventions are organized, the sessions offered, and what they present tend to work well for the people I coach and support.

If you have never been to one, I recommend the upcoming ISS Convention in Las Vegas on April 2 – 5, 2024.

Let me give you four reasons why I am attending this convention now.

1. Learn how other small investors make deals with higher interest rates

I have been evolving a strategy of using mostly expansions and conversions to create value-add plays as a way to make deals work today.

I am also developing Boat and RV storage projects to focus on an underserved niche in the storage space.

However, the lending environment and interest rates offer challenges that squeeze the overall returns.

I am interested in seeing how other small investors and developers deal with this and perhaps learning a new trick or two.

Yesterday, I had one lender quote a 1.35 debt coverage ratio for a new development, increasing the amount of funds we will have to raise. That was certainly a new number for me to contemplate.

I am curious to see how other smaller syndicators organize deal structures, what type of deals they are doing, and how they have dealt with challenging lenders.

It is not that we can’t do deals. I just want to see if anyone has found a better way than I have over the last year.

So, this is one of my intentions as I arrive in Las Vegas for this ISS Expo Convention.

2. Learn how other small investors are making deals work with the higher construction costs.

I have joined teams with a contractor to bring construction in-house and offer potentially reduced construction costs to other small investors to deal with the weirdly high construction cost today.

So, my new construction team will be forming new relationships with suppliers and meeting new potential clients.

However, this is just how I decided to deal with the high construction cost.

I want to see how other small investors deal with the new normal in construction expenses and see if I have missed anything.

These issues and the increased cost of capital due to interest rates are the biggest challenges I have today. I want to see how others deal with them to see if I can improve my margins and have something new to share with you guys.

3. Meet New Lenders.

I really want to meet some new lenders.

Specifically, ones that can loan in a large national footprint and work with us through the value-add phase (i.e. construction expansions or conversions) as well as mini-perm loans with interest rates indexed to something besides prime rate.

I hope to establish new relationships in the area.

4. Create new relationships in the Vendor Expo.

I find the Vendor Expo Hall fascinating.

This is where all sorts of vendors in the storage space have booths and meet their potential customers.

I have had booths here for many years as well. However, this year, I am not.

I would love to see what is new in the storage space and if I can meet vendors who may have a better version of the products I currently use in construction and operations.

Almost every relationship I have in my storage business started here in this Expo Hall.

I will be leaving with a lot of new people in my CRM that will help me keep cost down and increase profit margins.

How To Attend The ISS Expo

I hope you can see how I recommend going to the convention.

I know I will learn new things and attend interesting classes.

However, those will be the side benefits.

I recommend going with some goals in mind. I just gave you my four for this year.

Create your own.

That way, you are listening for specific things, and you may more quickly recognize the right person you need to meet when you see them because of your specific intentions.

If you see me at the convention, be sure to stop me and say hello. I would love to meet you.

I will also be running one of the round table sessions there on raising money from investors for storage deals.

If you haven’t registered and are interested in going, click here.

I hope to see you in Las Vegas in a couple of weeks. Be sure to say hi.