Tue, 7 September 2021
Jacob Vanderslice is a real estate expert and principal of Van West Partners.
Jacob has been in the industry for 15 years and counting. He has expertise in fix-and-flips, commercial real estate, adaptive reuse retail projects, and self-storage. His investment firm, VanWest Partners, focuses on the acquisition and management of self-storage centers (in over 8 different states) and other opportunistic commercial real estate throughout the United States. Having bought over 7 properties this year, VanWest has over 195 million in commercial real estate transactions under their belt.
“Whether you’re converting an industrial building or a big box retail building into storage, I think the primary risk is that you’re forecasting your lease rates years down the road. So you’re going from 0 income in place two whatever your performo tells you.”
“…Our primary line of defense in mitigating the risk of new supplies, focusing on acquisitions where we can be all in at or below replacement costs. So if a new competitor shows up a mile away, their rents are going to have to be incrementally higher than ours, commiserate with their incrementally higher cost basis, to achieve the same total yield on costs.”
1:29 - Jacob deep dives into his real estate journey and what his company, Van West Partners, is all about.
04:15 - Jacob gives an overview of how he ended up in the self-storage asset class.
06:30 - Jacob talks to us about the downside risks associated with big-box conversion deals.
09:29 - Jacob gives listeners an idea of how his firm manages its forecast process.
11:45 - Jacob tells us how VanWest approaches staffing, operations, and automation.
13:35 - Jacob tells his craziest stories while operating in the self-storage space.
15:35 - Jacob discusses deals and how his firm approaches discovering new opportunities.
19:09 - Jacob talks about what he thinks other buyers in his market are doing differently.
21:13 - Jacob provides insight into creating an international brand, ClearHome.
25:11 - Jacob paints a picture of the future of VanWest and ClearHome.
27:49 - Jacob answers the Golden Nugget question and tells us about some of his most notable failures in the industry.
31:38 - Jacob tells us about a time where he and his firm walked away from a deal they were excited about.