All Forum Posts by: Scott Meyers

Lukas, 

Self Storage is King! It Continues to outperform all other asset Classes.  Last year, the industry as a whole posted 483% Gains - Topping Cemeteries, Parking lots, offices, and Of course, ANYTHING with a tenant or Toilet.  

Bloomberg Tracks these closely, see here:   http://finance.yahoo.com/news/the-number-one-alter...

Cheers, 

Hi P. Martin,

Yes to all of the above, and don't forget to look on Small Business Sites like BizBuySell.com, and the 30 or so other Small Biz Listing Sites.   You can also buy a national mailing list and send mailers to them - this is where we have had the most luck. 

You'll find more tips in this free video series by going here:  www.SelfStorageInvesting.com

Keep us posted....

Cheers, 

Hi Kelsy,

I have a been in Self-Storage for 10 years and have bought/developed a fair share in my day.  The first step for a project like this is to hire a Self Storage consultant to perform a feasibility study to determine if the site can be rezoned and redeveloped for Self Storage.  He or she will also answer the questions regarding conversion costs, market supply indexes,  time to lease up, 5 year projections....etc.  

This is information you need to have before making a decision on whether to do it yourself, or to wholesale it to a Self - Storage Developer.  

Just because the owner said a facility nearby sold for $2.5 Million means that you can simply "wing it" and make some $. 

I had the opportunity to buy a 120,000 sf vacant wal-mart on 13 acres for $600,000 to convert to storage, and I passed because the market was bad. 

This  10,000 sf building on 9 acres would seem over priced if we were comparing apples to apples.  but some markets command $1,000,000 per acre, and many Self storage Developers will snatch them up and do quite well. 

You don't know until you get some industry experts involved to get you the correct Data. 

My $.02 

Hey Jason,

Welcome to Bigger pockets!  I'm a fellow Hoosier (Fishers, IN) and I have bought, sold, developed... over 2,500 units in the Midwest.  There are several threads about Self-Storage here on Bigger Pockets and people who have purchased them.   

In addition, you can go here to grab some free videos:  www.SelfStorageInvesting.com. 

You can also attend a seminar on how to buy them in Cincinnati coming up on April 23-25.  Check out www.SelfStorageAcademy.com for details. 

It's a great Biz, and strongly recommend you get in. 

To your success, 

James,

PLEASE heed the advice of myself and others on this thread - until you have a thorough understanding of how to correctly underwrite a Self Storage facility, coupled with a thorough market analysis - Putting an offer on this property could be a mistake.   I only saw 2 numbers - Gross, and expenses, and already it tells me that the expenses are understated and are way out of line with national averages = overpriced. 

I don't coach for free, but it you want to at least get a basic understanding of Self Storage, and how to value a property, watch these 6 free videos here:  www.SelfStorageInvesting.com before you get pregnant in this deal. 

Please look at your own words stated above: "I don't think there's anywhere to take this property. No empty land, units are full, and there's even a waiting list to get in. Best I could do is raise rents as I think they are a bit low. That's part of the reason I like it for a first property though, it looks like it's setup to make money and allow me to gain some experience."  

Now, put yourself in our shoes here on Bigger Pockets - would YOU advise YOU to go forward with this approach to a $325,000 investment.  I believe the answer would be a big fat NO.  

I suggest reaching out for some help on this one. 

I've coached Hundreds of people from making a mistake on a property that would have been a disaster, and I don't ever want to hear of or see someone needlessly do it again.  

Please let us know your course of action as this unfolds.  

Sincerely, 

Hi Gabe, 

Welcome to Bigger Pockets. 

I'm in Self Storage as well - Where are your Facilities located?

Talk soon, 

yeah, Sorry about that Mike - go to www.storageriches.com/cincinnati  - that will get you there.  

We Do, and We're Killing it! 

From Jon Klaus: 

"However, the rents we generate are in the $1-$1.20/sf/month range". This is better than a lot of apartments.

Yes John, the National Average rental rate per sf for apartments in the United States is $1.02/sf/mo (National Apartment Association) 

The National Average rental rate per sf for Self Storage in the United States is $1.12/sf/mo (National Self Storage Association). 

Simply Beautiful.............

Joshua my Dear Boy! 

 That's no hang up....  

One trip to the county website will tell you the zoning on any parcel, and it's permitted use. 

Once we have the zoning designation on the subject parcel, we will then place a call, as a matter of protocol, to the zoning/assessor's office and let them know what our plans are, to further clarify.  

Don't let a simple piece of public information stop you from moving forward. 

To you success,