BIGGEST RISK with Corinn Alltomare

Commercial Real Estate Pro Network

J Darrin Gross:

If you're willing, I'd like to ask you. Corinn Altomare, What is the BIGGEST RISK?

Corinn Altomare:

for self storage, specifically? And I'll go there. First, something that we keep a very close eye on is over saturation, because it is such a niche market kind of service and real estate and business. So that's something that we head off very early in our underwriting process. We use a number of technology tools that not only track existing inventory in any given market or region, but also what's coming in the pipeline, what kinds of either zoning, zoning applications or new development, new construction permits are out there to make sure that we are not either buying or developing in a market that's already teetering on the brink of over saturation. So that's something very specific to what we do in self storage that we look at that's a primary risk, I would say, just because it's the laws of supply and demand. So that's something that we keep a close eye on throughout the acquisitions and due diligence process. We also verify that when we visit potential new acquisitions in person and tour the market, make sure there's nothing that we missed virtually, that we can then find out while we're there, in person, on the ground, and then on a more macro level, I mean, there's, there's so much in in our world that we can't control, and so that the biggest risk is simply the unknown, unknowns, and I can't solve or protect against those other than, other than building our team and business on the best possible quality and caliber of people that we can at the end of the day, you want to be able to know and trust who's at your side in a storm. And while it's very it's tough to it's really tough to know who it is you're doing business with, and to get to know people and vet them, especially, especially when you're you know, considering investing with somebody right and considering handing over a decent portion of your retirement or your savings. I very much believe that it comes down to people. The wrong people can take the best deal and turn it upside down. The right people contain can take something that's, you know, on paper, pretty modest, but through their commitment, through their integrity, through their work ethic, deliver on what that is supposed to be, what that is supposed to return to our investors. So for me, the end of the day, it's all about the people that you surround yourself with, that you trust, that you invest with.

https://hfirecapital.com/

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