Converting Old Buildings to Self Storage with Scott Krone
Episode description
Scott Krone – Self Storage Investor from Coda Management Group talks to Neil Henderson of The Road to Family Freedom Podcast. Scott is a Chicago native whose career began in architecture in 1991. In 2012, Krone founded Coda Management Group - a firm that specializes in managing real estate assets. Since its inception, Coda has managed a wide range of real estate including single and multi-family homes, retail, commercial warehouse, self-storage, and multi-use flex athletic spaces.
In this episode we talk to Scott about his company’s specialty, which is converting older buildings into Class A self-storage facilities, we talk about the challenges of dealing with city zoning departments, we talk about the kinds of building they stay away from, and finally, we talk about an existing tax loophole called Opportunity Zones that allows you to wipe out the tax burden on all capital gains.
Post-Interview Analysis
- Key Lessons Learned. If you can find a way to take advantage of Opportunity Zones, you have a chance to make your investors very happy as they can grow the offset existing capital gains and grow their investment with you, nearly tax-free.
Episode Highlights:
- Schedule a video chat with Neil Henderson at roadtofamilyfreedom.com/storage
- Converting older buildings into Class A self-storage facilities
- The challenges of dealing with city zoning departments
- The kinds of building they stay away from
- A tax loophole called Opportunity Zones that can, if used correctly, allow you to wipe out the tax burden on all capital gains
- And much more…
Books and Resources Mentioned
- The Road to Family Freedom: roadtofamilyfreedom.com
- Website: Coda Management Group
- Facebook: Coda Management Group
- Resource: IRS FAQ - Opportunity Zones
- Resource: Opportunity Zone Mapping Tool
Follow Us: