1,057,554
1. Does your area have a demand for self-storage?
2. What's the quality of property management in your area? Would you self-manage (time and labor intensive with a lot of units!) or would you turn that over to management company? Budget for that.
3. What are typical vacancy rates in your area for that type of property? Budget for that!
4. Look into INSURANCE sooner than later. Big budget item.
5. Consult with a RE attorney regarding rental agreements/bylaws/CCRs/operating documents.
What I have always told clients re self storage is, the smaller and cheaper the units, the more trouble you will have relative to profitability. People ISO cheap units have cheap stuff they will be happy to leave behind when they default and then it's your problem.
So just like anything else, do a lot of research and due diligence and you need a discounted cash flow analysis with every penny spent and coming in to see what your yield is.
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Peter Testa
Danbury, CT
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Doug Dawes
Topsfield, MA
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Sandy Padula & Norm Pa...
, CA
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Sam Shueh
San Jose, CA
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Carol Williams
Wenatchee, WA
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Nina Hollander, Broker
Charlotte, NC
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Richard Weeks
Dallas, TX
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Kat Palmiotti
Kalispell, MT
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
-
John Juarez
Fremont, CA
-
Lyn Sims
Schaumburg, IL
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Byron K . Jones
Coatesville, PA
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Barbara Todaro
Franklin, MA
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Kris Collis, Associate...
East Stroudsburg, PA
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Valeria Mola
Sunny Isles Beach, FL
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Ron and Alexandra Seigel
Carpinteria, CA
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Pete Xavier
Pacific Palisades, CA
5,258,256
I haven't a clue but, it looks like Candice does!
I do know that we have a significant need for it in the Charlotte Metro area.
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John Pusa
Glendale, CA
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Kathleen Daniels, Prob...
San Jose, CA
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Pete Xavier
Pacific Palisades, CA
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Doug Dawes
Topsfield, MA
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Candice A. Donofrio
Fort Mohave, AZ
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Bob "RealMan" Timm
Minot, ND
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Nina Hollander, Broker
Charlotte, NC
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Richard Weeks
Dallas, TX
2,402,938
They made people rich here during the oil boom because they were scarce before the boom. My advice would be to be sure you know what the current vacancy rate of the existing units is before you jump in.
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John Pusa
Glendale, CA
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Pete Xavier
Pacific Palisades, CA
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Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
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Richard Weeks
Dallas, TX
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Debe Maxwell, CRS
Charlotte, NC
291,407
See Candice A. Donofrio Answer above...look no further
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Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Barbara Todaro
Franklin, MA
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Candice A. Donofrio
Fort Mohave, AZ
1,506,953
Candice A. Donofrio has a great answer for you. I've know of some people who enjoyed owning storage facilities, but have no experience in it myself.
I guess the pro could be getting your unit featured on "Storage Wars" if it's in an area they cover and you have auctions to do for non-payment.
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Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Candice A. Donofrio
Fort Mohave, AZ
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Kris Collis, Associate...
East Stroudsburg, PA
6,425,063
Americans do seem to collect a lot of stuff, and it seems to be a growing industry.
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Bob Crane
Stevens Point, WI
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Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Candice A. Donofrio
Fort Mohave, AZ
957,192
Decent business with a decent ROI, when done right. Still, I would prefer an alternative investment option.
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John Pusa
Glendale, CA
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Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Candice A. Donofrio
Fort Mohave, AZ
2,222,281
Candice A. Donofrio has your answer.
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Doug Dawes
Topsfield, MA
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Candice A. Donofrio
Fort Mohave, AZ
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Bob "RealMan" Timm
Minot, ND
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Nina Hollander, Broker
Charlotte, NC
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Debe Maxwell, CRS
Charlotte, NC
4,181,959
Many good responses.
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Pete Xavier
Pacific Palisades, CA
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Nina Hollander, Broker
Charlotte, NC
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Debe Maxwell, CRS
Charlotte, NC
1,326,194
Great input from Candice A. Donofrio
There are lots of self-storage companies in our area. Major names for the most.
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Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
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Debe Maxwell, CRS
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
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Bob "RealMan" Timm
Minot, ND
5,583,328
whatever Candice A. Donofrio gives you for advice, follow it..... you're lucky it's free!!!
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Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
-
Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Candice A. Donofrio
Fort Mohave, AZ
5,773,261
Candice A. Donofrio has you covered.
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Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Candice A. Donofrio
Fort Mohave, AZ
1,202,672
Like any investment go in with your eyes wide open. For some public storage units have been very successful
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John Pusa
Glendale, CA
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Bob "RealMan" Timm
Minot, ND
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Pete Xavier
Pacific Palisades, CA
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Doug Dawes
Topsfield, MA
5,116,803
I don't provide business investment advice, much less to someone I don't know. Know little about storage units, but they are popping up every where... always wonder at what point the market will be over saturated with them. Candice A. Donofrio has provided some great food for thought to get you started.
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John Pusa
Glendale, CA
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Pete Xavier
Pacific Palisades, CA
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
4,907,535
Like everything else it depends on location. I have a client who bought 2, and they are very profitable.
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Doug Dawes
Topsfield, MA
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Candice A. Donofrio
Fort Mohave, AZ
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Bob "RealMan" Timm
Minot, ND
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Nina Hollander, Broker
Charlotte, NC
2,459,343
I'm using one now as a consumer. If you do wind up investing, the marketing plan should include movers. People planning to move from their home in a few months need space to put items they want to keep but are cluttering up the house. People moving INTO an area, especially those building a new house, need them for temporary storage space. Good luck!
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Doug Dawes
Topsfield, MA
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Candice A. Donofrio
Fort Mohave, AZ
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Bob "RealMan" Timm
Minot, ND
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Nina Hollander, Broker
Charlotte, NC
2,071,025
No, no idea...
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Nina Hollander, Broker
Charlotte, NC
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Debe Maxwell, CRS
Charlotte, NC
7,871,050
No experience.
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Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
1,847,771
What about them?
Using them? Buying the property? You're not clear as to what you want to do.
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Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
1,598,452
Candice A. Donofrio has you covered.
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Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Candice A. Donofrio
Fort Mohave, AZ
5,245,601
Never considered one from scratch. Extablished ones in good areas can be money makers if managed correctly. Do your hoework!
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Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Candice A. Donofrio
Fort Mohave, AZ
1,554,939
Do your due diligence, typically awesome, pending buy in.
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Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
1,728,767
Wow; that Mohave Witch is on top of her game...as usual!
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
1,242,204
There are just a few of them in most states for sale. The better deals builders and developers are banging on owners doors daily. Before you get started have your preapproval ready as sellers do not disclose their financials unless they see good offers.
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
3,416,038
Depends on the area population, apartments, condos and saturation. Here in my area we are packed with storage units yet they keep building more.
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
1,712,876
If you have millions to invest then great.
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Bob "RealMan" Timm
Minot, ND
3,350,589
5,879,696
921,504
Houses with one car garages will need storage, even after parking on the drive.
Most two car garages have cars parked on the drive.
And now with scooters and golf carts showing up everywhere, they will take the space formerly occupied by Halloween and Christmas decorations.
Entering a market where there is exceptional consumer demand is always a good thing. And here in Florida, climate controlled attracts the best customers.