After selling his real estate company for $15 billion, the founder of Dallas-based CyrusOne, Gary Wojtaszek, predicts his next venture could be even more significant.
After selling his real estate company for $15 billion, the founder of Dallas-based CyrusOne,Shifts in today's marketplace, a competitive advantage by being first to market, the right capital partner and an executive team with a track record of successfully working together – these are the ingredients that could help RecNation quintuple its business in the next five years, according to Wojtaszek.
RecNation Rental's premise is to allow its RV storage customers to rent out their RVs, giving the owners an additional way to earn money. Wojtaszek spoke more about the details of RecNation Rental, its growth plans and more in the interview that follows.The average income of the residents we serve is roughly $100,000 per year. They are generally upper middle income with some extra disposable cash that they've invested in an RV.
You need to check only a few things from a systems perspective – just some of the plumbing and electricity. Then we'll have to launder and wash them to ensure they look suitable for the next customer. We're only going to do this at one or two of our RecNation Storage locations to increase volume to get economies of scale. For instance, we're targeting about 50 monthly rentals in the DFW area. We have 13 locations in the DFW area with a couple of thousand units.
They have a lot of institutional knowledge about this leisure storage area, which benefited us. It's been a great partnership with them. They want to invest more money and continue to grow it.
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