What credentials if any do I need for this project?

[dave1949]

Actually due to foreclosures in this area, some of them have waiting lists.

I am not sure if the getting paid for the storage part is any less difficult than residential rentals either. Although alot of them encourage the use of credit cards for automatic monthly billing.

That's interesting. People losing their homes/storage are looking for a place to keep things they want to hang on to I suppose. Sad times.

Around this area, about 5 years ago, self storage units were popping up like mushrooms. There were also national self-storage investment deals being marketed. That's usually a sign it's a bubble that's about to pop.
Dave.

 

[MikeD74T]

Actually due to foreclosures in this area, some of them have waiting lists.

I am not sure if the getting paid for the storage part is any less difficult than residential rentals either. Although alot of them encourage the use of credit cards for automatic monthly billing.

Keep in mind that 2 months rent is often less than a dumpster rent with disposal. You'd be surprised at what people leave behind for the storage unit owner to deal with. When they don't show up with the next months rent they've often already removed anything valuable & left you with their trash. And you'll loose the next months rent in the court system trying to get rid of it. There's a lot more to self storage than designing & erecting a building. MikeD74T

 

[lilranch2001]

Thank you for your fairly "uneducated" response. I'm sorry my question offended you and your tractor.

you are most welcome
:thumbsup:

 

[ScottAR]

MikeD74T is most correct. The buiding is actually the easiest part
of the business. Finding the market and capturing it, and collecting the money is the real trick.

I investigated this for some land we owned awhile back. In my area, there is plenty of compeitition and I decided not to persue it
at the time. I have an aquaintence in another town with several
units. His occupancy is good but has stated collection of rents can
be problematic. He stated once he had probably $50k in judgments
if they all paid out at once.

There is a self storage association with an online prescence... Would be wise to study from those that are currently doing what you propose. I also purchased a couple books from Amazon that outlined a basic plan of action and potential pitfalls.

Here we are...
"How to invest in self storage" ISBN 0-9771578-0-6
"Market analysis and Valuation of Self Storage Facilities"
ISBN 0922154775

Hope this helps and I wish you well...

 

[bdeboer]

Keep in mind that 2 months rent is often less than a dumpster rent with disposal. You'd be surprised at what people leave behind for the storage unit owner to deal with. When they don't show up with the next months rent they've often already removed anything valuable & left you with their trash. And you'll loose the next months rent in the court system trying to get rid of it. There's a lot more to self storage than designing & erecting a building. MikeD74T

I have some residental rentals and am well aware of the not getting paid part. This is why I brought it up :thumbsup:

I also see the local mini-storage auctions advertised frequently and am just as surprised at what people leave. Having filled the dump trailer with former renters stuff, I am also amazed. They take the light bulbs and curtains that were there when they moved in, but leave you furniture and clothes.