Has anyone bought a lot to turn into RV/boat storage? Or bought an existing storage business?
Are they profitable? What kind of rent is charged two store large items?
I’ve been thinking about it but I know nothing about it. Thoughts?
@Daniel Townsend we nearly opened one 2 years ago based in the fact we store our 5th wheel in a covered back in metal building. Our lot rent is 150 a month without power. The facility is fenced with key code, but a turd broke in a few months ago and go into the campers including mine. To erect a 10slot metal building was going to be about 60k. So time you factored in land acq, paving, engineering, etc, we elected to go a different route. 3 or 4 more were built in 6 months so we felt market was a little saturated. I believe they are viable, especially if you offer pull out and back in service and a place to dump water after a trip.
@Clint Shelley that’s interesting. In my area in Cincinnati, I see mainly not sheltered storage. There’s like 40 or 50 RVs on a fenced lot. That method seems pretty lucrative if someone’s paying even $30 or $50 a month. But I have no idea what that looks like financially.
There was a bigger pockets podcast that talked about storage units and was very convincing. I think it may have been show #333.
@Hillary Fox thanks for the tip. I’ll check that out!