Anonymous

Spam prevention
Rainmaker
687,245
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

1. Does your area have a demand for self-storage?

2. What's the quality of property management in your area? Would you self-manage (time and labor intensive with a lot of units!) or would you turn that over to management company? Budget for that.

3. What are typical vacancy rates in your area for that type of property? Budget for that!

4. Look into INSURANCE sooner than later. Big budget item.

5. Consult with a RE attorney regarding rental agreements/bylaws/CCRs/operating documents.

What I have always told clients re self storage is, the smaller and cheaper the units, the more trouble you will have relative to profitability. People ISO cheap units have cheap stuff they will be happy to leave behind when they default and then it's your problem.

So just like anything else, do a lot of research and due diligence and you need a discounted cash flow analysis with every penny spent and coming in to see what your yield is.

Jul 08, 2019 02:46 PM
Ambassador
3,226,460
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I haven't a clue but, it looks like Candice does! 

I do know that we have a significant need for it in the Charlotte Metro area.

Jul 08, 2019 09:12 PM
Rainmaker
1,577,297
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

They made people rich here during the oil boom because they were scarce before the boom. My advice would be to be sure you know what the current vacancy rate of the existing units is before you jump in.

Jul 08, 2019 05:24 PM
Rainer
141,547
Byron K . Jones
Coatesville, PA
List Today - Sold Tomorrow!

See Candice A. Donofrio Answer above...look no further

Jul 08, 2019 03:58 PM
Rainmaker
1,218,737
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Candice A. Donofrio has a great answer for you.  I've know of some people who enjoyed owning storage facilities, but have no experience in it myself.

 

I guess the pro could be getting your unit featured on "Storage Wars" if it's in an area they cover and you have auctions to do for non-payment.

Jul 08, 2019 03:05 PM
Rainmaker
728,325
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

Decent business with a decent ROI, when done right. Still, I would prefer an alternative investment option.

Jul 08, 2019 02:57 PM
Rainmaker
1,039,495
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Candice A. Donofrio has your answer.

Jul 08, 2019 08:24 PM
Rainmaker
2,725,267
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Many good responses.

Jul 08, 2019 08:10 PM
Rainmaker
659,756
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Great input from Candice A. Donofrio 

There are lots of self-storage companies in our area. Major names for the most.

Jul 08, 2019 04:40 PM
Rainmaker
4,903,539
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

whatever Candice A. Donofrio gives you for advice, follow it..... you're lucky it's free!!!

Jul 08, 2019 03:52 PM
Rainmaker
4,350,946
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Candice A. Donofrio has you covered.

Jul 08, 2019 03:06 PM
Ambassador
4,103,883
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Americans do seem to collect a lot of stuff, and it seems to be a growing industry.

Jul 08, 2019 03:03 PM
Rainmaker
746,023
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Like any investment go in with your eyes wide open. For some public storage units have been very successful

Jul 09, 2019 07:11 AM
Rainmaker
3,009,660
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I don't provide business investment advice, much less to someone I don't know. Know little about storage units, but they are popping up every where... always wonder at what point the market will be over saturated with them. Candice A. Donofrio has provided some great food for thought to get you started.

Jul 09, 2019 04:34 AM
Rainmaker
2,929,988
Richard Weeks
Dallas, TX
REALTOR®, Broker

Like everything else it depends on location.  I have a client who bought 2, and they are very profitable.

Jul 09, 2019 03:17 AM
Rainmaker
1,413,765
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

I'm using one now as a consumer. If you do wind up investing, the marketing plan should include movers. People planning to move from their home in a few months need space to put items they want to keep but are cluttering up the house. People moving INTO an area, especially those building a new house, need them for temporary storage space. Good luck!

Jul 09, 2019 03:02 AM
Rainmaker
1,487,313
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

No, no idea...

Jul 08, 2019 09:02 PM
Rainmaker
5,303,720
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

No experience.

Jul 08, 2019 04:29 PM
Rainmaker
1,515,751
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

What about them?

Using them? Buying the property? You're not clear as to what you want to do.

Jul 08, 2019 04:21 PM
Rainmaker
1,060,386
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty

Candice A. Donofrio has you covered.

Jul 08, 2019 03:11 PM
Rainmaker
3,196,675
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Never considered one from scratch. Extablished ones in good areas can be money makers if managed correctly. Do your hoework!

Jul 08, 2019 02:46 PM
Rainmaker
915,832
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Do your due diligence, typically awesome, pending buy in.

Jul 08, 2019 05:52 PM
Rainmaker
1,528,157
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Wow; that Mohave Witch is on top of her game...as usual!

Jul 09, 2019 07:02 AM
Rainmaker
993,247
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

There are just a few of them in most states for sale. The better deals builders and developers are banging on owners doors daily. Before you get started have your preapproval ready as sellers do not disclose their financials unless they see good offers.

Jul 09, 2019 06:43 AM
Rainmaker
2,956,844
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Depends on the area population, apartments, condos and saturation. Here in my area we are packed with storage units yet they keep building more. 

Jul 09, 2019 05:11 AM
Ambassador
1,621,742
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

If you have millions to invest then great.

Jul 09, 2019 11:54 AM
Rainmaker
2,771,844
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

I do not. 

Jul 09, 2019 11:34 AM
Rainmaker
749,557
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Houses with one car garages will need storage, even after parking on the drive.

Most two car garages have cars parked on the drive.

And now with scooters and golf carts showing up everywhere, they will take the space formerly occupied by Halloween and Christmas decorations.

Entering a market where there is exceptional consumer demand is always a good thing. And here in Florida, climate controlled attracts the best customers.

Jul 10, 2019 01:10 PM