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When is a good time to invest in self-storage?
Right now is a great time to invest! Growing demand for self-storage has been and is projected to continue (with the average person in need of 7sqft. of additional storage space). Current interest rates are perfect for investing, combine that borrowing power with high cash-on-cash returns; you will find there are few types of investment with such high profitability.
How do I know self-storage is a good fit for me?
Self-storage is a great fit for most anyone. Due to its low overhead and little maintenance costs owning/operating is nearly hassle-free. While dealing with tenants can be an intimidating step for some, there is no lengthy eviction process and little risk of costly damage from an irresponsible tenant(s). These factors make owning/operating a self-storage facility easier than other tenant/customer businesses.
What hurdles will a self-storage investor face?
There are two main factors to take into account; location and honest staff.
Location for a facility is paramount and is best determined by the balance of visibility and demand. Finding a reputable real estate agent, who is an expert in self-storage, will help you find the right facility.
Hiring a great staff to manage a facility, responsibly and ethically can be a task but, is easily remedied by completing proper background checks on both current and new employees. Keep in mind; these “hurdles” are no different from any other business; therefore, there are no added concerns when considering investing in the self-storage industry.
After reading this, are you interested in investing in self-storage? Do you want to learn more? If so, Danny Heidle is our expert; he has been involved in self-storage for ten years and personally operates a self-storage facility. Danny has experience from site research, acquisition, planning, construction, operation and beyond. Contact him with any questions you have or to better understand investment opportunities in self-storage.
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