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Of all the investments to own, Self-Storage Facilities probably should be the one new investors should opt for first.
Self-Storage Facilities are a CASH cow!
There are other reasons, other than cash flow why this investment should be your first choice, and that is the lack of typical tenant, calls in the middle of the night, broken toilets, smashed in walls, eviction issues, and the list is seemingly endless.
The only issue is the occupant pays or they don't pay. If they don't pay you place a lock on the unit until they do pay. If they walk, you sell their items in a sale to recoup some of your loss.
Most Places of Business will require a manager there, or at least someone to monitor the traffic at the facility. Facilities that do not have automatic entrance will need a person stationed at the gate to let tenants in and out.
What are the different types of Facilities?
The category of Self-Storage Facilities usually encompass three distinct types of places.
Mini-Storage, used by homeowners or business owners to contain excess items from their homes or business. An example can be a place to store files that do not need to be used on a daily basis.
Climate Controlled, Here we have the area of items that need to be maintained at a specific climate so they are not damaged. A furrier storage and safe would fit this arrangement.
Other Self Storage, Can be a place where someone might store an extra car, boat or RV. Small businesses can also store their equipment or even run their business from a self-storage unit, providing it is not against the local municipal code or local ordinances.
For complete underwriting requirements for Self-Storage Facilities please click here
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