The Motley Fool Discussion Boards

Previous Page

Investing/Strategies / Real Estate Investing

URL:  https://boards.fool.com/ill-comment-on-self-storage-since-ive-owned-one-34302082.aspx

Subject:  Re: SBA loan for self storage Date:  9/24/2019  7:13 PM
Author:  JLC Number:  14282 of 14302

I’ll comment on self storage since I’ve owned one for about 20 years.

Like anything real estate, location, location, location. Mine happens to be on a busy highway, so get lots of independent contractors storing stuff there that they can’t keep at job sites. It also feeds off the trailer park next door. This is an older facility built back in the 70s so there have been maintenance issues over the years. Mostly roofing and security fences/cameras.

If starting from scratch, I’d do gross majority climate control especially if you’re in a very humid environment. I currently have none and not too feasible to build at my site. Go for larger storage rooms, 10x10 as smallest. I currently go up to 10x30. First thing I did was convert 5x10s into bigger places. Have as much automation as possible: security gates, indoor access, collections/payments, etc.

Biggest thing is location. If not easy to access not going to attract people.

JLC
Copyright 1996-2020 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us