El Paso, TX · Member since 2021 · 3 posts · 0 votes
I am a newbie trying to learn as much as I can about RE investing. My partners and I just purchased an industrial warehouse on 4 acres. We have a tenant that will be moving in next July. Along with the property came an additional 3 acres of vacant land. We need to start generating revenue and I was thinking of clearing the vacant 3 acres and renting it out for storage for RV/vehicles. Does anyone have any recommendation where I can get some information to get this started? Any other advise to generate income would be welcomed? Books, podcasts, PM's that do this? TIA
My two cents are the following: you would want to check with the local jurisdiction's planning department to make sure they are okay with that type of use...even if the zoning technically allows it, sometimes, from an environmental perspective, they have concerns about oil and other contaminants seeping into the ground. So they may require that it's paved. But after you figure that part out, sometimes it's good to just find a good local commercial broker who commonly leases out yard space for storage, etc. A good one can be worth their weight in gold.
Join the local chapter of the self storage association. You can learn a lot, and the dues are usually inexpensive. There is a California Self Storage Association at CaliforniaSelfStorage.org, but there might be more local organizations also.