What are the best ways/ sites to find self storage units?

[Nick Troutman]

So I am quite interested in buying my first sect storage units. What are the best steps? Is it like SFH, you first find a market, then a team and then a deal?

I’m having a hard time finding any self storages for sale yet alone in a market I like. Am I just looking in the wrong places? Where should I look online?

As for building out a team, can you do Self Storage out of state the same as SFH? Is the list of team the same or are there team members in Self Storage that I would need that differ from SFH or small multi family?

Thanks for all the help BP community.

Nick

[Scott Meyers]

Hey Nick!  I like to say that there are 11 Ways to fill your funnel, because, well, it's true, but in the end all those strategies really boil down to two: On-Market or Off-Market.  There's pros & cons to each method, certainly.

Typically, we also recommend starting with a 3-hour drive radius around your hometown as the market you should start with for a variety of reasons.  When you do find a prospective Facility, you're going to want to conduct a 3-Mile market Study & Competition Analysis.  3 Miles (5 if it's rural) because that is typically the maximum distance folks are willing to travel to store their treasures.

I'm sure you did the math, which means that there are A LOT of 3-mile markets in a 3-hour drive radius from your hometown.

After working that strategy for awhile you determine that you are truly in a bad market, then I'd go about looking for another state.  But work that first, and I think you'll be surprised at what's available.

I hope this helps.  Good luck!

(@Ronak Shah - thank you for the shout-out!)

Scott