Updated almost 7 years ago on . Most recent reply
Beginner interested in self-storage
Hi everyone,
Hoping to crowd-source some ideas on how to get started. I listened to a few BP podcasts yesterday on self-storage, launromats, RV parks, etc. but was hoping to get a bit more granular on specific steps one should take in order to:
- explore the market (resources for this - where to look, etc.)
- find prospective properties (on-market and off-market)
- valuation methods to gauge the potential profitability
- understand the expectation of costs - aside from buying the property, what other things should I be thinking about?
These are just to name a few. Aside from basic investing knowledge and the podcasts I've listened to, consider my a clean slate with no habits. Any guidance will be helpful and valuable. I do have a family friend in Washington State who owns a few units in a small town that I can tap into for knowledge, and will certainly do so in parallel to this.
Many thanks in advance.