Storage unit investors.. where do you find your deals? What states are best? What do you look for? What is your checklist when looking at a deal? I am interested in learning more about this type of investing and any information you can share with me would be greatlyyy appreciated!
@Michael wagner has a blog post on his all things self storage blog that addresses yo ur question. @Scott Meyers also has posted a lot on this topic.
It really depends on what you are looking for. As a lot of loopnet and Argus listings in major metros are listing hundreds of units properties for 5 or 6 cap rates. But these properties may or may not have potential for value add. I've run across some very small properties with local RE agents that are priced better, but not deal wort by for me.
@Zach Quick thank you for the resources I will look into them to get a better idea of self storage investing vs multi fam. Thanks also for answering future questions hope I can make a better informed decision with these readings 馃憤
Storage unit investors.. where do you find your deals? What states are best? What do you look for? What is your checklist when looking at a deal? I am interested in learning more about this type of investing and any information you can share with me would be greatlyyy appreciated!
Hi Christina,
You've gotten some good direction above. BP has tons of info on self storage. I'd suggest you set "self storage" as a keyword alert so that you get notified anytime it gets mentioned here in the forums. Also, search old threads to get answers to specific questions. I'd recommend being very specific with your search query (self storage unlisted deals instead of just self storage). Lastly, you might find some value in my little blog here on BP.
Hi Christina - I'm flattered to be referenced in this post, but the truth is, there are loads of places and ways to educate yourself in the self storage industry and your individual market. Yes, markets (collectively) change and morph, but in many cases, the real deals to be found in any market depend on your ability to find potential properties and then vet them to understand the value add and the potential for NOI in your investment.
I'd absolutely research BP - especially the newer posts - and use that knowledge to help you learn the landscape. From there, you can begin to make the right moves and see what systems you feel most comfortable using in your own strategies.