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Cory Sylvester ๐Ÿ“ฆ Profile
Cory Sylvester ๐Ÿ“ฆ

@StorageDataDev

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Growing the largest private storage developer/acquirer. Co-founder @radius_plus , @dxd_capital & @managespace_ | Daily tweets about self storage & real estate

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Joined February 2011
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@StorageDataDev
Cory Sylvester ๐Ÿ“ฆ
3 months
I came, I saw, I conquered I started running at 5:00am and didn't stop for 31 hours. 100 miles and 15,500 in elevation gain later, the job is done. So many learnings from it, but I just wanted to say thank you for the love yesterday
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Cory Sylvester ๐Ÿ“ฆ
1 year
I wanted to be an investment banker after college. My grades werenโ€™t good enough and I blew the interviews I did get. I accepted a middle office role, supporting traders who liked to fling bottle caps at my head. I pivoted to working as a credit analyst, underwriting loans for
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Cory Sylvester ๐Ÿ“ฆ
1 year
My mentor at J.P. Morgan ripped me apart for giving him 100% certainty answers when I was only 80% sure. I worked w/ him for 2 years and this lesson still sticks with me: If you know something 100%, say it w/ 100% confidence. If you don't know something 100%, say you don't
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Cory Sylvester ๐Ÿ“ฆ
1 year
Take your kids on 1x1 trips. I brought my 7 year old on a same-day work trip today to Miami. We went to the site then to the science museum. I was a different dad and he was a different son. We both loved every second of it. Iโ€™m documenting this not to boast, but to remind
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Cory Sylvester ๐Ÿ“ฆ
1 year
5 years ago my watch thought I was having a heart attack. I had been sitting still for 10 minutes, but my heart rate was 120 bpm. I was about to go on stage and give a presentation to all the CEOs of the REITs and largest developers after just starting Radius+. No real lesson
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Cory Sylvester ๐Ÿ“ฆ
11 months
My mentor at J.P. Morgan ripped me apart for giving him 100% certainty answers when I was only 80% sure. I worked w/ him for 2 years and this lesson still sticks with me: If you know something 100%, say it w/ 100% confidence. If you don't know something 100%, say you don't
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Cory Sylvester ๐Ÿ“ฆ
1 year
We bought this piece of land in November of 2020 for $1,250,000 and built a self storage facility When stabilized it will be worth between $26,000,000 - $29,000,000 Here's what went into this deal:
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Cory Sylvester ๐Ÿ“ฆ
11 months
I worked with a Sr. Banker at J.P. Morgan when I graduated from college. He covered big-headline clients. I loved him because he had no ego and we became fast friends. We kept in touch even after I left the firm, just an occasional conversation every 6 months or so. When I
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Cory Sylvester ๐Ÿ“ฆ
1 year
We bought this piece of land in Nov 2020 for $1,250,000 and built a self storage facility. When it stabilizes, it'll be worth $26,000,000 - $29,000,000. Here's what went into this deal:
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Cory Sylvester ๐Ÿ“ฆ
1 year
@sweatystartup substitute a graph of scrolling Twitter and you can push the same tweet there are two paths, either remove all the temptations from your kid's path or teach them how to maintain balance with everything that's out there One of my lax teammates in college was completely drug-free
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Cory Sylvester ๐Ÿ“ฆ
1 year
A few years ago: Self storage data was impossible to find. You had to manually research every facility and call them up to get rates. So we built Radius+. Letโ€™s you see everything you need to know for every self storage facility in the country
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Cory Sylvester ๐Ÿ“ฆ
1 year
Red is an existing self storage facility, blue is planned/permitted What do you notice about Florida?
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Cory Sylvester ๐Ÿ“ฆ
1 year
@sweatystartup @thesamparr Now add in the math around how you invest the capital that would have otherwise gone in as a down payment Iโ€™ve invested every dollar in my companies and have been renting my whole life I guess I could have just bought a house instead of starting dxd or radius
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Cory Sylvester ๐Ÿ“ฆ
9 months
I negotiated a $10,000 discount on a new truck last week. Hereโ€™s the story, tactics, and why you are missing out if you arenโ€™t studying how to properly negotiate. The truck is a Chevy 2500 HD ZR2; not many of them are available, so I was already starting at a disadvantage. It
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Cory Sylvester ๐Ÿ“ฆ
2 years
My software businesses will generate over $4 million in 2023. I have no idea how to write code. My private equity company is building $400 million in storage. I'd never built a building before. You don't need to be an expert. ๐Ÿงต
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Cory Sylvester ๐Ÿ“ฆ
11 months
My Tahoeโ€™s engine auto stop feature saves no gas - its only purpose is to wear out my starter 2x as fast. Is there any way to permanently disable it?
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Cory Sylvester ๐Ÿ“ฆ
1 year
I was lucky enough to get screwed out of a $500,000 consulting fee by a hedge fund. They hired me to research the self storage industry in 2016. It turned out ok. I co-founded a company providing data to the storage industry. We will do $4mm+ this year. Iโ€™m also building
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Cory Sylvester ๐Ÿ“ฆ
1 year
One of the biggest acquirers of self storage over the last 3 years just had to make a capital call to refi their debt This is only the beginning
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Cory Sylvester ๐Ÿ“ฆ
2 years
@roshanpateI don't leave us hanging, did they go through with the investment?
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Cory Sylvester ๐Ÿ“ฆ
6 months
My mentor at J.P. Morgan ripped me apart for giving him 100% certainty answers when I was only 80% sure. I worked w/ him for 2 years and this lesson still sticks with me: If you know something 100%, say it w/ 100% confidence. If you don't know something 100%, say you don't
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Cory Sylvester ๐Ÿ“ฆ
1 year
How some real estate investors analyze market data: "This area has a huge lack of supply. Going to develop several properties here!"
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Cory Sylvester ๐Ÿ“ฆ
1 year
Bought this piece of land for $1.25m in 2020 After $13m in construction costs, it's a self storage facility worth $26m to $29m
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Cory Sylvester ๐Ÿ“ฆ
1 year
Office building converted into self storage in Virginia
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Cory Sylvester ๐Ÿ“ฆ
1 year
I was lucky enough to get screwed out of a $500,000 consulting fee by a hedge fund. They hired me to research the self storage industry (which I knew nothing about at the time). It turned out ok. I started a company proving data to the storage industry. We will do $4mm+ this
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Cory Sylvester ๐Ÿ“ฆ
9 months
I've raised $150 million for my self-storage & storage businesses. Needless to say, Iโ€™ve pitched dozens of potential investors. I've learned a thing or two about what works & what doesn't...
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Cory Sylvester ๐Ÿ“ฆ
1 year
My software businesses will generate over $4 million in 2023. I have no idea how to write code. My private equity company is building $500 million in storage. I'd never built a building before. You don't need to be an expert. The biggest lie out there: You have to be an
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Cory Sylvester ๐Ÿ“ฆ
2 years
I got into self storage by advising some of the most sophisticated investors in the world to short it. 7 years and 3 businesses later, my life is still consumed by it. Here's the story of how I fell into being an entrepreneur.
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Cory Sylvester ๐Ÿ“ฆ
1 year
Iโ€™m celebrating my 40th birthday in the ER Itโ€™s just a stitch on her eye, but 3 months ago I sat in the same ER after she was unloaded from an ambulance after a seizure that left her lifeless for 8 agonizing minutes. I havenโ€™t had the will to discuss seeing my little girl like
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Cory Sylvester ๐Ÿ“ฆ
1 year
Self-storage is a $43 billion industry w/ 55,000 units in the U.S. We built the Bloomberg for Self-Storage. It's called Radius+. It's the go-to data platform for self-storage investors, brokers, and developers. Ask me anything about the industry ๐Ÿ‘‡
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Cory Sylvester ๐Ÿ“ฆ
10 months
The worst time to look at your phone is during your kid's sports practice. I was guilty of catching up on my email during my son's practice, but I started putting my phone away completely. Here's what I've noticed: He's enjoying practice more and he's working harder. After
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Cory Sylvester ๐Ÿ“ฆ
1 year
@DanHightowerJr meh - once you are in the military it doesn't guarantee that this behavior doesn't exist. I'd caution against the idea that you can bypass this by just hiring a vet. That being said - I haven't served and am thankful for all that have (including my brother) ๐Ÿ‡บ๐Ÿ‡ธ๐Ÿ‡บ๐Ÿ‡ธ๐Ÿ‡บ๐Ÿ‡ธ
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Cory Sylvester ๐Ÿ“ฆ
2 years
We just started construction on this....self storage facility It doesn't look like a storage facility, but it is What's unusual, besides the design, is we are building a daycare as well. Here's a quick story ๐Ÿงต๐Ÿ‘‡
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Cory Sylvester ๐Ÿ“ฆ
11 months
@shawngorham ๐Ÿค @sweatystartup The best thing to come out of @REconveneLA
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Cory Sylvester ๐Ÿ“ฆ
2 years
Total Cost: 14.7m Opening Date: 11/1/2022 Current Occupancy: 30%
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Cory Sylvester ๐Ÿ“ฆ
1 year
This message is for accounts with 43 followers who are busy grinding but with little to show for it yet. Thereโ€™s a lot of hype around power users on twitter getting together, exclusive meetups and the value thatโ€™s created from being a part of those clubs. Itโ€™s true, there is
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Cory Sylvester ๐Ÿ“ฆ
2 years
In 2020 when we started DXD Capital we had one goal: raise $50 million & build 10 projects. By 2022 we had raised over $100 million and had 25 under development. Business plans change.
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Cory Sylvester ๐Ÿ“ฆ
1 year
I made $1mm in 10 days in self storage. How? - Woke up at 3am - Drank 1 gallon of Athletic Greens - 30-minute cold plunge - 5,000 cold calls before 7am - LOI signed by 8am - Construction started on day 2 - Leaseup completed on day 6 - Marketed for sale on day 7 - Offer
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Cory Sylvester ๐Ÿ“ฆ
1 year
So that's how you turn $15mm into an asset worth $26 million + some monthly cash flow 2.5 years of navigating the construction process, eating the carrying costs, and managing rising interest rates Not for the faint of heart, but there are huge opportunities in development
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Cory Sylvester ๐Ÿ“ฆ
9 months
In the last 8 weeks, my team has seen their inbox light up from inbound biz dev emails from GCs. Contractors are seeing work dry up everywhere, and they are starting to bid down prices. A brand-name storage door supplier just came in 25% below our go-to vendor. 2024 is the
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@StorageDataDev
Cory Sylvester ๐Ÿ“ฆ
1 year
This message is for accounts with 43 followers who are busy grinding but with little to show for it yet. Thereโ€™s a lot of hype around power users on X getting together, exclusive meetups, and the value created by joining those clubs. Itโ€™s true, there is, and Iโ€™m not hating
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Cory Sylvester ๐Ÿ“ฆ
1 year
@TripleNetInvest I bet he takes care of a lot of odd ball requests and wire transfers along the way
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Cory Sylvester ๐Ÿ“ฆ
1 year
Opening day at our flamingo site. I found this location in June of 2020. People told me Vegas was a horrible market. Data told me something different. In the coming months we will see who was right.
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Cory Sylvester ๐Ÿ“ฆ
1 year
Building our first storage facility in Hawaii. Specs: Sq Ft: 104,000 gross Rates: $340/month # of Units: 1,079 1 month into construction, 11 months to go. No area is more supply constrained than a small island.
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Cory Sylvester ๐Ÿ“ฆ
1 year
Groundbreaking has begun Unlevered Yield on Cost estimated at 8.8% Project should cost just over $15 million West Palm Beach, FL
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Cory Sylvester ๐Ÿ“ฆ
1 year
๐ŸŽ‰๐ŸŽ‰Opening Day๐ŸŽ‰๐ŸŽ‰ Total cost: just under $14 million This project has been fraught with delays. Some were our own fault, but we learned from them and improved our process as a result. Most were from this beautiful little thing we like to call, the government.
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Cory Sylvester ๐Ÿ“ฆ
1 year
If you read this far and want to learn more about my journey building value in self storage, sign up for my newsletter here๐Ÿ‘‡
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Cory Sylvester ๐Ÿ“ฆ
11 months
Due Diligence Underway
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Cory Sylvester ๐Ÿ“ฆ
1 year
Commercial real estate is booming. I've been active on Twitter for 4 months, and the brainpower from this community is massive. Here are 9 must-follow rising stars (and current kings) in CRE:
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@StorageDataDev
Cory Sylvester ๐Ÿ“ฆ
1 year
I've just obtained an exclusive look at Silicon Valley Bank's system for matching up bond maturities with customer withdrawals
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Cory Sylvester ๐Ÿ“ฆ
1 year
Random Twitter user after being on RETwit for 3 days
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Cory Sylvester ๐Ÿ“ฆ
11 months
We bought this parcel of land in June of this year for $5,500,000 to build a self storage facility that will 1.9x our investment. Here's what went into the deal:
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Cory Sylvester ๐Ÿ“ฆ
1 year
Graduated Harvard University: 2006 Goldman, Sachs & Co, Investment Banking Program Analyst: 2008 - 2010 The Carlyle Group, Private Equity Associate: 2010 - 2012 Blackstone, Managing Director: 2012 - Current This was NOT my path But for years I was convinced it was what
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Cory Sylvester ๐Ÿ“ฆ
1 year
Uncommon success requires an unbalanced life. Iโ€™m turning 40 and Iโ€™ve been unbalanced for the last 20 years. If youโ€™re young and have wild ambitions, embrace the unbalance, trust your gut, and donโ€™t let family or friends take you off your path.
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Cory Sylvester ๐Ÿ“ฆ
11 months
5 years ago, my watch thought I was having a heart attack. I had been sitting still for 10 minutes, but my heart rate was 120 bpm. I was about to go on stage and give a presentation to all the CEOs of the REITs and largest developers after just starting @radius_plus . No
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Cory Sylvester ๐Ÿ“ฆ
1 year
Let's assume the government just starts guaranteeing all bank deposits. What happens next? No one cares where they put their money and deposits flow to the riskiest institutions that offer crazy deposit rates and take an absurd risk on how they invest that cash. Is that a more
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Cory Sylvester ๐Ÿ“ฆ
1 year
@DanHightowerJr Sounds like you are 100% confident that this behavior doesnโ€™t exist in the military ๐Ÿ˜Ž
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Cory Sylvester ๐Ÿ“ฆ
2 years
Found this site by reverse engineering for the highest rental rates Cost shy of $15mm to build In 4-7 years the asset could be worth $24 - 27 million
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Cory Sylvester ๐Ÿ“ฆ
1 year
7 years ago: We looked at every single address in the U.S. to figure out if it was a self storage facility. From there we dug further and now have data around estimated units, size, facility condition, and detailed daily pricing. Today:
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Cory Sylvester ๐Ÿ“ฆ
1 year
Here are the numbers of how cost segregation saved me ๐Ÿ’ฐ Built an asset for $11,500,000 Depreciated $2,231,000 in our first year Without cost seg, the 1st year depreciation would have been ~$383,333 That means I have a tax shield (aka I can make without paying taxes on)
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Cory Sylvester ๐Ÿ“ฆ
1 year
Update on our Miami, FL property: Land acquired, starting construction this summer. Net Rentable Sq Ft: 74,388 Total Units: 774 10x10 Rate: $230 86,500 people in the trade area. MHHI is $82,000. Undersupplied market w/ only 2 facilities in a 3-mile radius.
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Cory Sylvester ๐Ÿ“ฆ
1 year
Multi-family developers: So proud of our beautiful new product! Luxury finishes, stainless steel appliances, and we brought in a local artist for $50k to create a custom piece for the lobby that ties everything together. Self storage developers:
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Cory Sylvester ๐Ÿ“ฆ
1 year
The Phoenix market currently has 35.7 million square feet of self storage And there's 6.7 million sq ft in development Those new facilities will increase the supply in the market by 19% ๐Ÿคฏ
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Cory Sylvester ๐Ÿ“ฆ
1 year
Does it make sense to: -Acquire land for $20 per rentable square ft -Build storage on that land for $117 per sq ft -And rent it out for $2 per month per square ft? That's the math behind building self storage right now
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Cory Sylvester ๐Ÿ“ฆ
1 year
@EmpoweredCFO What he was teaching me was trust. Even if you are right 95% of the time, that 5% kills your ability to be trusted.
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Cory Sylvester ๐Ÿ“ฆ
4 months
When Iโ€™m gone I hope my kids always remember me as someone who sent it. Tried the things that sounded crazy to most. I hope they are inspired by my pursuit. I hope that whatever they decide to do in life, they push the limits. 100 miles, 14,000 feet of elevation, in under 36
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Cory Sylvester ๐Ÿ“ฆ
1 year
Where real wealth is made: Identifying an asset class and investing in it JUST BEFORE institutions start piling in
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Cory Sylvester ๐Ÿ“ฆ
1 year
I've done 25 self storage developments so far Here's a typical timeline for each... Research & analysis: ~24-36 hours Initial offer: ~24 hours LOI โ†’ Purchase Agreement: 2-4 weeks Due Diligence: 60-90 days Entitlement: 30 days - 3 years Closing: 30-60 days Construction:
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Cory Sylvester ๐Ÿ“ฆ
1 year
Sam Zell just died his first death The second will be when his name is spoken for the last time Just a reminder we will be forgotten By everyone
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Cory Sylvester ๐Ÿ“ฆ
1 year
@texasrunnerDFW Your husband is spot on
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Cory Sylvester ๐Ÿ“ฆ
1 year
@seanmcginnis sometimes people are just insecure about not knowing the answer - making sure you let them know that not only is it ok to say I don't know, but expected, can lead to better outcomes with their responses
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Cory Sylvester ๐Ÿ“ฆ
1 year
A REIT is pivoting all of its 6.8 million sqft of office, retail, and light industrial assets 100% into self storage. Oh, and the CEO resigned and they are brand new to storage. Sounds like everything is 100% under control. ๐Ÿ”ฅ๐Ÿ”ฅ๐Ÿ”ฅ๐Ÿ”ฅ๐Ÿ”ฅ
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Cory Sylvester ๐Ÿ“ฆ
1 year
Update on our Flamingo property: Net Rentable Sq Ft: 103,000 Total Units: 1,152 10x10 Rate: $160 Took 21 months to build after closing on the land, expect to open July 6th. In 4-7 years it could be worth $22-$28 million.
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Cory Sylvester ๐Ÿ“ฆ
1 year
Want to be a real estate developer? Here's what you'll have to stomach: Putting millions of dollars in investor capital and borrowed funds on the line for 2 to 3 years of construction, while dealing with fluctuating interest rates and costs. All before you see a single penny.
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Cory Sylvester ๐Ÿ“ฆ
11 months
How some real estate investors analyze market data: "This area has a huge lack of supply. Going to develop several properties here!"
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Cory Sylvester ๐Ÿ“ฆ
11 months
In 2006 when I started on Wall Street, the consensus was the housing market might be dead, forever. In 2020, everyone said COVID would kill New York. In 2023, everyone is saying โ€œInterest rates are going to be high forever!โ€ Hereโ€™s what Iโ€™ve learned from more than 15 years in
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Cory Sylvester ๐Ÿ“ฆ
1 year
I attended a self storage conference in Vegas last week. Here are my takeaways:
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Cory Sylvester ๐Ÿ“ฆ
11 months
Iโ€™m currently developing 14 self storage facilities for $500 million. Here are 5 things you must know to get a deal done:
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Cory Sylvester ๐Ÿ“ฆ
1 year
Residential rents lag market conditions by 12 months Commercial rents lag market conditions by 2 to 3 years But self storage rents adjust every single month Maybe storage is the best real-time indicator for how the CRE market is doing
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Cory Sylvester ๐Ÿ“ฆ
2 years
Three years ago Iโ€™d never raised $ for real estate Today, we are building $371 million in self storage Here are 3 lessons Iโ€™ve learned over the last 36 months ๐Ÿงต๐Ÿ‘‡
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Cory Sylvester ๐Ÿ“ฆ
10 months
Our Atlanta site is coming to life!
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Cory Sylvester ๐Ÿ“ฆ
1 year
Self storage acquisition process: Check the average price/sq ft for self storage facilities in your market Then look through all the independent facilities and find ones with pricing below the average Could signal a mismanaged facility, and the owner may be open to
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Cory Sylvester ๐Ÿ“ฆ
2 years
February Performance Report Move-Ins: 77 Move-Outs: 14 Net Rentals: 63 eRentals: 36 (47%) Walk-Ins: 22 (29%) Other: 19 (25%) Occupancy Stats Opening Date: 10/1/2022 Proforma Modeled (underwritten) Occupancy: 16% Actual Ending Occupancy: 35.4%
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Cory Sylvester ๐Ÿ“ฆ
5 months
I've invested over $1mm to build the data and technology needed to know which parcels are zoned for storage and which are not. Zoning is the biggest black hole for most developers. While pricing data is important for determining generally where to build, without equally
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Cory Sylvester ๐Ÿ“ฆ
10 months
This parcel of land cost us $1,270,000 in October 2021. Weโ€™ll use it to build a self storage facility that will 3.23x our investment. Here's the deal breakdown:
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Cory Sylvester ๐Ÿ“ฆ
10 months
Iโ€™ve hired a lot of people over the last 8 years. Hereโ€™s the common trait I've found with the most successful employees: A spouse that is all in on the big picture. Some spouses canโ€™t stomach to give up the country club membership or the three vacations a year. Some just were
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Cory Sylvester ๐Ÿ“ฆ
1 year
@SahilBloom @sweatystartup ๐Ÿ”ฅ๐Ÿ”ฅ screw Zuck and Elon I want to see Huber and Bloom We could literally raise millions of views for charity
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Cory Sylvester ๐Ÿ“ฆ
9 months
I've always wanted to turn a blank warehouse into a custom office. The time has come. My current must-haves I'm designing in: - massive American flag flying from the ceiling ๐Ÿ‡บ๐Ÿ‡ธ - Gym - Shower - Kitchen - Plenty of office space We have been playing around with converting
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Cory Sylvester ๐Ÿ“ฆ
2 years
We obtained $100+ million in construction debt from regional banks...all without providing personal guarantees. Here's how it worked. ๐Ÿงต
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Cory Sylvester ๐Ÿ“ฆ
1 year
Self storage is a commodity. Customers just want a clean storage space less than 15 minutes from them. They donโ€™t care about brand. So how do you get a competitive advantage? Data. Find the areas with the greatest mismatch between supply & demand.
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Cory Sylvester ๐Ÿ“ฆ
1 year
Price per square foot for self storage in the Tampa market This trend is roughly what we're seeing in most markets in the US
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@StorageDataDev
Cory Sylvester ๐Ÿ“ฆ
1 year
@sweatystartup @thesamparr Seems like the comparison would be $420 mortgage against the $10mm in revenue my companies produce 8 years in I pay $5k in rent today, probably wouldโ€™ve been much lower if I had bought a house 8 years ago instead of starting Radius, but Iโ€™ll gladly pay the higher rent Youโ€™re
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@StorageDataDev
Cory Sylvester ๐Ÿ“ฆ
2 years
U-Hauls self storage platform is probably the biggest value add opportunity in all of real estate If the family either loses majority control or decides to be taken out, it will be the most aggressive cap rate on in place NOI youโ€™ll ever see in storage
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@StorageDataDev
Cory Sylvester ๐Ÿ“ฆ
1 year
@realEstateTrent when you start competing against yourself instead of others
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@StorageDataDev
Cory Sylvester ๐Ÿ“ฆ
1 year
I've never written a line of code. Yet my software companies will generate over $4 million this year. I'd never built a self storage facility before. But my private equity company is building $500 million in storage. You don't need to be an expert.
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@StorageDataDev
Cory Sylvester ๐Ÿ“ฆ
1 year
Self storage is a commodity. All customers want is a clean storage space less than 15 mins away. They donโ€™t care about brand. They don't care about amenities. So how do you win? Data. Find the areas with the greatest mismatch between supply & demand.
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@StorageDataDev
Cory Sylvester ๐Ÿ“ฆ
1 year
Update on our West Palm Beach, FL property (under construction): Net Rentable Sq Ft: 77,150 Total Units: 738 10x10 Rate: $200 It's our first facility built using tilt wall construction. The site sits in an area w/ 90k+ people. In 4-7 years it could be worth $27-$31 million
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@StorageDataDev
Cory Sylvester ๐Ÿ“ฆ
1 year
Want to be a developer? We spent millions to acquire this land and build a self storage property on it 30 months later, we are just now starting to see some revenue come in
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@StorageDataDev
Cory Sylvester ๐Ÿ“ฆ
1 year
We raised $53 million with a completely unique fee structure While these fees add up, our payroll is $3.8 million I'm 3 years into running DXD, and my (small) salary has turned on and (mostly) off many times. Here's some detail on we generate fees๐Ÿ‘‡
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