The self storage industry is worth close to 40 billion dollars. If you like money and you want to get yourself a slice of the pie, it may be time to start thinking about investing in self storage.
Investing in self storage units is easy and has the potential to provide you with an abundance of cash. That said, you need to learn how to invest in self storage the right way to avoid losing everything.
These 5 tips will help you get started in self storage investing the right way. That way, you will be sure to see some amazing returns.
1. What Is Self Storage Investing?
Before you start investing in self storage, you should first learn what this process entails. Self storage investing is the process of buying raw land and creating storage units for people to house their extra stuff.
You can also invest in an existing enterprise, or partake in a mentorship program to get your foot in the door of the self storage industry.
2. Look For Storage Hotspots
Some places are more conducive to storage units than others. Large cities will always have a high demand for storage, as people are always coming and going.
Tourist destinations can also be an excellent place to have some storage unit holdings, as people may live there seasonally.
Check out some popular resort towns across the United States to see if there is any cheap land available for purchase. These are the perfect places to build your storage unit empire.
3. Start Small When Investing in Self Storage
You can start with a single storage building and move on from there. That way you can feel out the demand in your chosen area and reinvest your profits. This will help keep you from losing money if things don’t work out as planned.
4. Build Proper Units
When you are ready to build your storage unit building, make sure that they are constructed from the best quality materials and workmanship. You should insulate and climate control your units as well.
The last thing you want is for your unit to fall apart, or for mold or water damage to ruin your client’s items.
5. You Need to Spend Money to Make It
You need to come into the storage business prepared to make a sizable initial investment. Make sure that you have enough capital for your undertaking or secure some good lines of credit.
Even though your storage business will pay for itself once you have secured some clients, initially starting it up will be expensive. You will either need to buy raw land and construct your buildings, or purchase an existing business.
Be prepared to make these expenses in advance to avoid getting surprised or trapped deep in debt.
Invest in Self Storage Today
Why invest in self storage? Investing in self storage will provide you with an excellent source of passive income. Why work and toil your life away when you can set up a system that supports you without any labor?
If you need help investing in self storage or have any questions about it, contact us today. We offer many different guides and programs that can help steer you in the right direction when it comes to your investments.