What are your opinion on self storage units ?

Question

Looking at a 92 unit self storage buildings, they are not heated or cooled. Looking for ideas on payment options for the customer. No on sight office, what’s your thoughts on them in general? Etc etc....

Kyle Zaylor · Answer

There's a wealth of resources on BP if you're jumping into self storage for the first time.  I'd start with @Michael Wagner's blog and video tutorials, @Scott Myers' website, and @kris bennett's YouTube content.

Michael Wagner · Answer

This Industry has been awesome to me! Absolutely love it. Actually sitting in the airport after having checked out 5-6 properties down here in Alabama. Check into Easy Storage Solutions. They have been an essential part of the remote management strategy that has allowed us to buy and remotely manage 10+ properties in the last 18 months.

Kris Bennett · Answer

Thanks for the recommendation, Kyle! Happy to help anyone however I can, by phone or in-person.

Paul Moore · Answer

Hi @Eric Smith. After almost a few decades in real estate investing, I made a major move into self-storage. We love it and have invested heavily there the past few years. But beware... certain markets are over-crowded. You have to know how to evaluate the location.

I wrote a book on self-storage and it will be published by BP in 2020. In the meantime, you can reach out to me and I can get you a special report that summarizes the book if that would be helpful to you.

Mark Byrge · Answer

You can also check out Mark Helm on YouTube, he has 200+ videos on all things self storage.

Also came across this podcast a few weeks ago. Really good info!

https://podcasts.apple.com/us/podcast/self-storage-income/id1482663918

Good luck!

Scott Meyers · Answer

@Kyle Zaylor, thank you for the mention!  We do have a lot of tools out there and BP and the team of experts already assembled in this post have a lot of the ones you can use right away.

@Paul Moore, I'm so happy you've seen the light and I'm looking forward to seeing the book when it's done.  I know your outlook has changed a lot in the last few years, so your expertise and experience, along with your new strategies, will be great to have in the BP world!

Michael Wagner · Answer

Yes, $30k is more than enough to get started in this industry! That's easily enough to get you into a small/medium sized property. As for evaluating, take a look at my your tube channel (@storage rebellion) as well as the other resources mentioned by others above!

Ashley Zhang · Answer

Hi Michael, i was searching self storage units topic and came across your replies. My situation is that i dont have lots of start up funds, about 30k now. Will this be enough to entering storage units? Also donyou have any suggestions on  how to analyze deal? Thank you so much ang have a great Thanksgiving!

Ashley

Eric Smith · Answer

@Michael Wagner, thank you I will definitely check it out!!

What are your opinion on self storage units ?

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