when looking for self storages

Question

I am learning about self storage units. Seen some for sale, seen some land that would work great to built a unit. When going through this process are you joining big companies (Lifestorage, U-HAUL, etc), or creating your own and managing yourself usually. Any recommendations on consultants for this matters. Thanks to you all! Let’s have a great week!

Henry Clark · Answer

You need to educate yourself.

Watch the podcasts.  Posts.  Books.  etc.

Use the lookup and read any post with my name and self storage.

Ronald Rohde · Answer

whats a suburban area that has no self storage? I thought they move in right after houses and before McDonalds!

Andres M Reyes · Answer

@Lilly Shamam thanks much

Andres M Reyes · Answer

@Ronald Rohde learning about it. Exploring all options. You have a very good point. Thanks much

Lilly Shamam · Answer

@Andres M Reyes Give Tony from Stonewall Associates a call at 914-774-9342. Good luck!

Lilly Shamam · Answer

@Andres M Reyes There are many suburban and rural areas that have no storage facilities  and would require you to find a large lot and build. That's a very good reason to build and not buy existing. In the last few years many people are downsizing and need the storage option so demand is there.

I know a great lender who just funded one for a client of mine in Fishkill, NY which just broke ground. Let me know if you need his assistance and I'll send it over.

Andres M Reyes · Answer

@Henry Clark thanks

Andres M Reyes · Answer

@Lilly Shamam I will get any contact info that can help me and learn from. Please send. Thanks so much

Ronald Rohde · Answer

I've heard a rough rule of thumb that first or second loans will not exceed your paper net worth regardless of DSCR.

Henry Clark · Answer

What range of investment are you looking at?

Example:   If you have $300,000 at 25% down on a conventional loan this is a $1,200,000 deal.  Do that and it will narrow down your search and discussion.  If you have no background or similar experience it will be harder to get a commercial loan.

when looking for self storages

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