Why buy a self-storage property
Self-storage facilities that are properly located and managed can be a continual source of income for their owners. Taking the time to find the right self-storage property for your needs will help ensure your success.
Things to consider before buying
- Are you new to the business?
If this is your first venture into self storage ownership, have you been to a state or national convention yet? Understanding more about the industry you are considering investing in will help you make an educated decision.
- What is your price range?
Narrowing your search to only those properties that fit your financial capabilities will save you both time and money.
- Do you plan to manage the property yourself?
If you are considering hiring a third party management company, make sure the property is large enough and generates enough revenue to take full advantage of the management company’s capabilities.
- Are you looking in a specific area or for a specific size property?
Understanding your geographic preferences is key to acquiring the best property for you.
- Are you looking to buy an existing property or would you want to develop one yourself?
Speak to industry professionals to understand the positives and negatives of each.