We have taken the past 10 blogs to discuss various reasons why investing in self storage is a “dime”, or in other words, a great investment sector. Let’s take this final article in the series to recap what we learned.
Penny #1 – “No trash, no toilets” – This, I think, is one of my favorite points! With self storage , you don’t have to be concerned with many of the typical hassles that residential rental bring. You don’t have to worry about a child backing up the plumbing or appliances breaking down.
Penny #2 – The Terminator – Do you have an unruly tenant? One who won’t pay their fees? Evicting a unit tenant sure is a lot easier than evicting a residential tenant. And it the fail to cooperate and you gain ownership of their unit, you can recoup some of your looses by selling the contents. If you have an unruly residential tenant who destroys the home or doesn’t pay their rent, you are not only out the rent owed, you also have to pay to have the place cleaned up and repaired.
Penny #3 – Attractive without the frills – When you are building a new facility or revamping an already existing one, you don’t have to worry about the finer details like what color the crown molding will be or if you should have granite or marble counter tops….that you know will only be disrespected by the incoming tenants. This doesn’t mean that you don’t need your facility to look good! You can just rest easy knowing it won’t have to be done as often as residential and that something as simple as lawn care will go a long way.
Penny #4 – Endless growth – You don’t have to start out big to be successful! If you have a modest facility, you can grow that as your success grows. Have just the standard units? Great! Fill them up with tenants and add buildings as the demand grows. You also have the capability to add on boat and rv storage if the market you are in calls for it.
Penny #5 – Drive ups – One of the most common facilities. These are great for those who are desiring household storage or need to have the capability to drive up to the unit directly to load and unload their things. These are simple to maintain and are usually don’t require as much hands on customer service.
Penny #6 – Inside access – These are great for those who are looking to store collectibles or antiques. They are typically temperature controlled. They usually have a higher price point and are good for those who don’t have a lot to store.
Penny #7 – Seasonal upkeep – Once you have identified what needs to be done seasonally and have made a plan of action, this will come quite naturally. Ie. Lawn needs to be mowed weekly, leaves raked seasonally, snow moved as needed. Once you have a schedule and routine down, the upkeep is pretty simple.
Penny #8 – College students – This is a market that is sometimes missed in marketing. If done properly, students who are away for school can really drive your business. Be sure to do you research and not miss this gold mine!
Penny #9 – Easy-ish management – Okay, we established that it isn’t EASY, but it sure is easier than lots of other things once you get into the swing of it and have a rhythm and routine down. It definitely takes the right kind of person because having good management can make or break your business.
Penny # 10 – Reliable – This business has been around since Ancient China. Do you really think something that has become so established is suddenly going to disappear overnight? Absolutely not! Self storage is no longer viewed as a luxury, but rather as a necessity. During hard times people are still going to need it. This makes it a safe investment!
There you have it. 10 ‘pennies’ to get your ‘dime’! Self storage has been a game changer for my family and I. It really is not going anywhere and is something that I love sharing with others. If you want to explore this line of investing further, don’t hesitate to reach out!