In addition to having to not deal with the “repair” of a residential rental, self-storage ownership has another great bonus! The ease of eviction. There are moments in the self-storage business that we all hate. But, I can GUARANTEE you one thing. Compared to the hassle of evicting a residential tenant, terminating the lease of
Welcome to our first article addressing why self-storage investing is a “dime”! To start out, I cannot even begin to tell you how life changing it is to not have to deal with just those two things. When I first began investing in real estate, I thought rental properties were the best! I bought houses
Picture this. You are walking down the street and you see a dirty penny on the ground. Trampled on by hundreds of other pedestrians. Is it going to stop you in your tracks? Will you go out of your way to go pick up that single penny? Probably not. What if it were a 1874
Wouldn’t it help to know what your customers were thinking? If you could know what they were thinking, then you would know what they wanted and you could be at the top of your marketing game for your facility. What if I told you that I know what your customer was looking for? That there
In part 1 of this blog, we talked about some “writing on the wall” that you should be looking for before entering into business at a new facility. There were a few more on that list that we wanted you to be on the lookout for! Check them out: Recent Rent Increase If the seller
When you have finally made a self storage facility purchase, it is without a doubt an exciting time! How can you ensure though, that when you look in retrospect, that you don’t have any regrets? Keep on the watch for the “writing on the wall”! Check out these following things that you should be on
Buy real estate without entering into one form of negotiation or another is virtually unheard of. Sellers want more and the buyers want to pay less. Check out the top five lessons we have learned in the art of negotiation. Don’t be difficult to sell to. Without even knowing it, many buyers are their own
Since roadways became a “thing”, multitudes of materials have been used to create them. Sometimes they were just beaten down paths, other times granite paving stones were used. Some materials wore better than others. When it comes to your self storage facility, it will benefit you to take some time to consider what road materials
When something works, why change it? In the world of self storage facilities, there is an obvious formula that works. Consider these reasons as to why you should avoid trying to “fix” something that is not broken. Stick with the basic You will find that most people have made the biggest amount of money have
Grandma’s china. Grandpa’s gun collection. Uncle Gary’s collection of rusty nails in coffee tins. Every American wants to have something to pass down to future generations. Will what they are leaving behind be something that is treasured? Or something that is just tossed aside? Let me tell you why a self storage facility makes a
“Hey Scott! When elevating Storage Units what rule of thumb do we use for estimated expenses? 50% rule? 60% rule because it is commercial? When calculating vacancy and bad debt, do these have rule of thumb too? Thanks!” Hello! An existing Facility that’s being properly managed should have an expense ratio of 32 – 35%, that is
Barbara Streisand once said “people who need people, are the luckiest people in the world.” Do you agree that this is necessarily the case? Or do you think that in real estate people tend to only cause more problems? Your real estate build doesn’t NEED people to exist, but without people inside, you don’t get
“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
Just like in football, there is one member of your team that is going to carry the game. Do you know who this is? Your manager! They are absolutely vital to the success of your facility and not having the right one can be detrimental. The importance of having a good manager cannot be overlooked!
One of the most unique attributes of a self storage facility is that a large majority of them are all-metal constructions. Think about it, are there any other real estate asset class that shares this trait? Can you think of any advantages of an all metal structure? This isn’t a commonly discussed topic, but it
I currently own about 2 acres of property in upstate NY. I am trying to sell my restaurant that sits on that property. Since I am having difficulty selling it, I thought I would get creative. I thought about utilizing that property for storage space. If feasible, I would knock down the restaurant and produce
“Hey Scott- Here is the skinny on what we have in front of us. There is a 42-unit self storage facility listed on MLS with average rent of $65/unit; Built in 1998; located in TX. This is a mom-and-pop operation. The area is blue-collar and 3mi off a busy interstate. Annual expenses about $5-$6k. Asking
We have previously discussed 7 important was to make your self storage facility more environmentally friendly. If you haven’t seen those previous articles, be sure to go check them out! Let’s chat about the final 4 ways you can do this to save yourself some money and to attract eco-conscious customers. 1.Weatherproof the facility! I
“What would you do in this market with $1 ml cash? We are at the top of the cycle and every asset seems a bubble close to bust? Sit tight and wait for another down turn, or find off market deals and flip? Living in Chicago , with high taxes and rising even more” What
In a previous article we talked about how going paperless, working with a LEER-contractor, and adding landscaping can go a long way in making your facility more eco-friendly, which in turn will bring in more customers. Let’s touch on a few more ways you can do this! 1.Make Use of Energy Star Products These cover
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