Ask Scott: Interested in a MHP or Self Storage

“My business partner and I have been purchasing residential rental properties in Topeka, KS for the last 13 years.  We are very interested in purchasing a smaller MHP +/- 30 pads in the KS or MO area.  We are also interested in self-storage in the same area.  These feel like the new rage now days so wonder if we are entering late in the game and how these types of properties are found, in general.”

Welcome to the wonderful world of Self Storage.  I ,too, was in residential Real Estate about 15+ years ago and made the switch to only Self Storage about 10 years ago.  It has been good to me & my family.

Please note that this country (including Kansas & Missouri) is STILL the Land of Opportunity for most things (including Self Storage too).  Yes, Self Storage is indeed a hot asset class and there is a lot of eyes on it, but your market is really only 5 miles around the subject property so there’s plenty of 5 mile markets scattered (aka “under served”) throughout KS & MO.

And in all things, remember: You are NOT a lotto ticket.  Do not let statistics of others determine your success in anything.  This is not a passive venture if you’re seeking to be an Owner/Operator.  If you have the desire, get the knowledge & training you need, then you out hustle & out work everyone else.  You will be successful.

Best of luck to you.  Please let me know if I can be of any help.

Scott

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