Storage Unit Business Questions

[David W.]

Hello! My question is: What if you bought land, construction on basic storage units (the tin ones you see). I am in Los Angeles and would like to learn about what options I might have. Buying an existing vs building my own (buy land value etc) 

Would love to hear from anyone having experience in this world? 

My thoughts would be to combine the traditional business of storage or mixed use storage and business or traditional storage with creating a delivery service similar to Clutter (less advanced of course). 

Just want to poke and prod this idea so anyone that is in the biz or knows it would be greatly appreciated !!

[Scott Meyers]

Originally posted by @Michael Wagner:

Generally speaking I prefer buying and expanding rather than ground up development.  But that's because its what best meets my own personal investing objectives.  Both strategies have their pros and cons.  A lot of it will come down to project size and risk tolerances.  I kind of view development as a home run swing while investing in existing facilities is more like swinging for a base hit.

As for combining with other revenue streams, I love the idea from a diversification standpoint but I'm not sure I would want to simultaneously learn two new businesses.  Storage is not rocket science by any stretch but if you are new to this, it might be advisable to master that before adding to the complexity.

@Scott Meyers has done really well combining storage with other offerings (like co-working space/office space) but unless I'm mistaken, he was already an expert in storage before adding these extra elements...

Just some things to think about!

 HAHA! I definitely had some experience under my belt.