Self Storage safeguards
7 Replies
Chip Stroz
Investor from Parker, CO
posted 15 days ago
I am just getting started in researching self storage, but I wanted to know if there are any safeguards a self storage owner/operator can have to protect them in case a tenant stores anything illegal in their storage unit (explosives, drugs, dead bodies, etc.). I mean, you aren't allowed to go in their units, so how would you know even if they did?
Chip Stroz
Investor from Parker, CO
replied 14 days ago
Any of you self storage owners out there have any thoughts on this? Are you protected by having them sign a form acknowledging that they can't store any illegal items?
Taylor L.
Real Estate Syndicator from Richmond, VA
replied 14 days ago
What in particular are you concerned with @Chip Stroz ? Incurring potential legal liability if they're found to be breaking the law? Something else?
Zach Quick
Investor from Rogers, AR
replied 13 days ago
Your typical self storage lease will have them acknowledge that they can't do illegal activity or keep illegal items, but obviously you can't 100% prevent that.
Michael Wagner
Specialist from Victor, NY
replied 13 days ago
Your lease is what protects you from liability. Your fears are understandable but not well founded here @Chip Stroz ! Proceed into this awesome industry without worry!
Chip Stroz
Investor from Parker, CO
replied 12 days ago
@Michael Wagner @Zach Quick Thanks for your information. I have been through a lot of training thus far, and nobody has ever mentioned anything like that. So obviously, there haven't been a lot of issues concerning that. Appreciate the help.
Paul Moore
Investor from Lynchburg, VA
replied 9 days ago
Hi @Chip Stroz . I think @Michael Wagner is correct, as usual! But I would add that if you are really concerned, check with an attorney that is really familiar with the industry. And you can check out StoreLocal, which is a co-op that helps members with marketing, legal, etc. Good luck!
Chip Stroz
Investor from Parker, CO
replied 7 days ago
@Paul Moore Thank You! I will be attending Scott Meyers Self Storage Academy in Orlando next month, and I am very excited to learn more, and then implement what I've learned!