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Jacob Vanderslice is a co-founder of VanWest Partners and has been investing in real estate full time since 2005.Prior to his real estate career, Jacob was a professional firefighter and arson investigator.Outside of work, he enjoys flying airplanes, skiing, golf, hiking, and spending time with his wife and young sons.\xa0\n\xa0\nIn this episode, Jacob compares the buying of existing self-storage facilities versus the construction of brand-new self-storage facilities. as well as the relative benefits and drawbacks of each strategy. He also shares the specifics of developing new self storage facilities, as well as some good and bad decisions that you can make if you're developing a new self storage facility.\n\xa0\n\xa0\n\xa0\n\xa0\n[00:01 - 06:36] Opening Segment\nJacob shares about his background and how he got into self storage investing\xa0\nBuying existing or buying new\xa0\nKnowing your risk appetite\xa0\nChallenges of developing a new self storage facility\xa0\n\xa0\n[06:37- 12:11] Lease, Tenants, and Constructing\xa0\nAnticipating a longer time to stabilize\xa0\nImportance of getting customers in rather than rent\xa0\nDon\u2019t overbuild\nWait for demand before expansion\nPreparing for cost escalation due to rising prices of commodities\xa0\nFocus on buying existing rather than building\xa0\n\xa0\n[12:12- 24:45] Barriers in Self Storage Investing\xa0\nGetting NOI on cap rates\nBuying in the right location\nCompeting in the self storage market\n\xa0\n[24:45 - 31:08] Closing Segment\nQuick break for our sponsors\nThe first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor.\xa0Learn more about Personal Capital at escapingwallstreet.com\xa0\nWhat is the best investment you've ever made other than your education?\nbought a busted down property in Denver with the purpose of operating a liquor store\nJake Vanderslice\u2019s worst investments\xa0\nBuilding a 10 unit container house\xa0\nBuying a storage unit in a bad location\nWhat is the most important lesson you\u2019ve learned in business and investing?\nTake action and take a risk\xa0\n\xa0\n\xa0\nConnect with Jacob Vanderslice\nEmail: jacob@vanwestpartners.com\nWebsite:https://www.vanwestpartners.com/\nSocials: LinkedIn\n\xa0\n\xa0\nInvest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through\xa0https://www.passivewealthstrategy.com/crowdstreet/\nParticipate directly in real estate investment loans on a fractional basis. Go to\xa0www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.\nJoin our Passive Investor Club for access to passive commercial real estate investment opportunities.\nLEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\n\xa0\nTweetable Quote:\n\u201cThe most important thing I've learned, I've been investing full-time for 15 years, and the most important thing I've learned is \u201cTake action, take a risk\u201d.\u201d - \xa0Jacob Vanderslice\n\xa0\n\u201cYou learn by failing. We remember our failures like there were yesterday. Our successes seem to just fade away really quick and often success is its execution and its work ethic, but sometimes there's an element of luck when you're successful.\u201d - \xa0Jacob Vanderslice