Considering getting into self-storage
Category: Self-storage
6 replies
Original post
I want to learn as much as possible about self-storage. I'm looking at a new investment. Anyone with experience on here? What are the major pitfalls? What should i look out for? Is it worth it typically?
Reply by Nathaniel Callahan
I will be interested in your journey. I am also wanting to invest in self-storage.
Reply by Bryon Stout
I think you missed the main boat on this asset class by about 5-10 years. That doesnt meant there arent good deals out there but the gold rush on self storage has passed.
Reply by Nathaniel Callahan
We have new storage units going up what seems like every month at this point. I don't think this is a boat that was missed. It's still very much an active investment strategy.
Reply by Bryon Stout
and watch that asset class crash. The gold rush time passed. Everyone is selling shovels now. Rates are already historically low.
Reply by Nathaniel Callahan
Ummm. Okay.
Reply by Shawna Wilkes
I have an RV Park and we offer long term living in our Park. Hence the need for additional storage came into play. We purchased a Sea Container and modified it to have roll up doors. We chose a 40' container and put in walls giving us 7 individual 4x8 storage units. I had all units occupied just by my tenants within 3 months. We spent overboard on this one - opted for the best of the best and it will take a very long time to pay of the initial investment. So we did it differently the second time. We purchased a sea container that already had 4 doors on the side and built walls to give us 4 8x10 units. The investment was much better. I have 3 units occupied and 1 vacant in 1 months time. It will take a couple years to pay off the investment but the monthly cashflow is nice. Our storage units are onsite. Prep was minimal - simply graded an area and layed down some road base. Set the container and rented out units. No electricity but I will be installing solar street lights. There are options for you. Good luck