Owning a Storage Facility Pros & Cons

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Owning a Storage Facility Pros & Cons

Рет қаралды 38,084

Күн бұрын

Owning a storage facility has a lot of pros and cons. Hopefully this video will help you understand more of the behind the scenes of investing in storage facilities.

Пікірлер: 78

@jpm3251 9 ай бұрын

Thanks for sharing! I recent purchased my first storage unit about 2 months ago. It's small 60 units, it was not getting the proper care by the previous owners. So it only had 4 tenants. Now with new management signs new name and marketing physical and online. We have 10 extra tenants in 2 months of operation. Loving the challenge.

@jackdfowler 8 ай бұрын

Hello, I'm very interested in possibly investing in a few ventures. I'm in Georgia, so the possibility of working with someone remotely would be perfect. If interested in some type of business venture please let me know. Thanks

@hawsllc8187 8 ай бұрын

How much did it cost for you?

@RBZ06LT6 6 ай бұрын

Awesome and very encouraging!

@xeroranger 5 ай бұрын

This is really encouraging! Please do provide us with your progress when you can. Congrats again🎉

@codygocam 4 ай бұрын

So basically mega cash flow income and minimal headaches! I'm all in on this early retirement idea 🇺🇸

@thewobblywelder8362 Күн бұрын

I’m looking to diversify my father’s business. This might be one way to make that happen! Thanks for the video!

@matthewtuxhorn9117 Жыл бұрын

Great video. We own several mobile home parks where we have built storage facilities within the properties. It adds additional revenue and gives the tenants space to store things so they are not around their homes. I am in the process of looking for my first stand alone storage facility.

@kylegrimm Жыл бұрын

I had a mobile home park that would have been perfect to put up storage on but I recently sold it. I’m second guessing selling all of my parks already.

@steppingstone803 9 ай бұрын

Smart

@jackdfowler 8 ай бұрын

@mtmg3648 9 күн бұрын

My husband's parents have land they are sitting on outside of Raleigh. I am trying to pitch this idea to them to generate much needed $$. Makes sense to me.

@bettergoodhealth 19 күн бұрын

Great video Kyle. Thanks

@QualeHouse 7 ай бұрын

Great video! Thanks for the helpful info!

@minutemanprep 8 ай бұрын

Are there any major reason not to use shipping containers for units? I own a piece of land in town and am looking at putting units on it and it seems way more affordable and then I can always sell them if I decide to sell the property and it can still be used for other things

@laprepper 13 күн бұрын

that's a fascinating idea. Maybe weld them together to make theft more difficult? Welds can be easily ground if you need to sell them.

@fynix. 4 сағат бұрын

did u end up doing it?

@joshmclanahan5628 19 күн бұрын

Thank you, purchasing something similar soon. Looking for 120+ units

@dd___dc Ай бұрын

Do you ever have ppl living in the unit?if so do you let them? how do you go about it?

@sethdieker4461 Жыл бұрын

We drill our cylinder locks out with a hole saw and have the tenant pay us for the lock. We do have a full time person though.

@laprepper 13 күн бұрын

Hi sir, a few questions. 1) How did you fund this purchase? Cash or are loans available? 2) Doesn't look like units have climate control (maybe I'm wrong) What are you thoughts on climate control? 3) Since you have no exterior fencing, are you ever worried about security issues? 4) Do you have extensive security cameras installed? 5) What do you think about buying units that you can't personally visit, like out of state? 6) Do you require tenants to have renters insurance and/or do you offer such insurance as an option? I'm really looking to get into this and have some funds saved up...

@justins1917 5 ай бұрын

What software do you use to rent the info?

@joevarga5982 8 ай бұрын

What if you want to see the unit before you rent it?

@rawyatt83 7 ай бұрын

Good video! Can you break down costs and pricing?

@AndyRodriguez-q4l Ай бұрын

How do you get the software to manage the storage unit?

@mitchellwhitney839 Жыл бұрын

Great video. What software do you use to manage tenants?

@djwashx 8 ай бұрын

Great info do you sell after a certain time 3 years 5 years

@Word4WordwithMichelle 6 ай бұрын

love love your videos - i’m looking to dive into the storage business - I know timeshare sales - what do you think i should focus on first

@cremls 9 ай бұрын

This is great, I've been looking and trying to connect with other investors on this. This is a beautiful property. I didn't see a sign on the highway... 🙂 What would be your recommended course or education system if you have one?

@Life_With_Rico 17 күн бұрын

how did you come up with the capital to buy your first one. If someone this was going to be someone's first business venture, what advice would you give them to come up with capital?

@antonioselman 4 ай бұрын

Thank you!

@megagerald777 8 ай бұрын

It doesn't look very secure

@codypomeroy9040 5 ай бұрын

I hope he updates security soon.

@haroldgarling1063 4 ай бұрын

In a White town it will be fine

@Joeybeautiful_ 3 ай бұрын

@@haroldgarling1063😂🤦‍♂️

@mp-xt2rg 2 ай бұрын

A little racist but also super true

@user2144 Ай бұрын

Yep, first thing I thought when video started. In Australia, no storage facility would operate without a 6 foot high spiked aluminium fence around the entire perimeter.

@TemperrQuake 3 ай бұрын

How much is reasonable to pay for a storage facility? I feel a lot of them are asking over what it should be.

@tristanmalone8601 Ай бұрын

Once they are paid off they are a huge profit.

@mr.medina4967 9 ай бұрын

How do you value your facilities when buying one? Is there a formula you use?

@agraham916 7 ай бұрын

Kyle - Thanks for the video and really appreciate the info. Im new to this investment. I have a few residentials but really want to get into self storage. I'm exploring a few markets and had some questions: (1) Minimum down payment required. I want the skin in the game, have good credit, and Im thinking about SBA. Whats the lowest down i could get away with? (2) What is your recommendation for finding off market properties. Loopnet seems like trash right now, lol. Everything appears over priced and nothing for the startup. Ever cold call from a county assessor info and not get hung up on, lol. (3) Financing first or target property first (if you are looking for opportunities to invest, did you need to find the target property BEFORE getting financing or can you secure financing options before your collateral is confirmed as a first time investor?)... any help would be welcome...

@Mr.nofiction 9 ай бұрын

How much do they cost on average?

@joevarga5982 8 ай бұрын

How much does a car cost on average?

@Mr.nofiction 8 ай бұрын

@@joevarga5982 average msrp for a common car $21-36k thanks for the sarcasm

@jeffbailey7328 8 ай бұрын

What did you tell the client with the bullet holes in the side of their unit? I'm assuming you need to get in there to fix it and I'm assuming you would want the client to know that their stuff might be damaged. Of course they have their own insurance but just wondering what you would say. For me as a client I probably would want to leave because I don't want my stuff being shot at again.

@mclome22 7 ай бұрын

😂

@jeffbailey7328 7 ай бұрын

@@mclome22 Why is this funny? I'm hear to learn the operation of a storage facility. If you guys just don't say anything and hope they never find out, then that's fine. What do you guys do. I don't understand why you people laugh at serious questions. Most likely mclome22 doesn't have a clue. Like wtf is the point of your comment?

@mclome22 7 ай бұрын

@@jeffbailey7328because of economic difficulties, criminals are drawn to rent storage units because its cheaper than having a home or apartment while they sleep at their baby momma’s apartment paying child support, those clients that are in economic difficulties cannot afford a house to put their belongings, that’s why they rent a storage and it’s those same poor people that resort to crimes and damages like that

@tristanmalone8601 Ай бұрын

@@jeffbailey7328Yeah. You would want to notify the tenant to come look at the space and check for personal item damage and preferably let the manager look inside to see if there was further damage to other units. As far as fixing it. Maybe patch it so it isn't easy to look into. I've never encountered a bullet hole so idk.

@madrush24 3 ай бұрын

Those look so easy to rob with nobody around and no fence or gate. Yikes!

@joshmclanahan5628 19 күн бұрын

What’s the management software? Or is it a custom website? Thank you

@kylegrimm 19 күн бұрын

I use easy storage solutions for my software

@reesewheeler510 Жыл бұрын

I have been wanting to get into a storage unit mainly because of the low overhead. How much did you buy the property for to begin with?

@joevarga5982 8 ай бұрын

What's the difference? Do you think they all cost the same?

@mtmg3648 9 күн бұрын

Can you give us a sense of annual revenue? Thank you.

@kylegrimm 9 күн бұрын

@@mtmg3648 right now it’s doing around 110-115k gross a year. I’d subtract about 30% out of that for expenses not counting debt payments.

@user-dq5jm8xs7j 4 ай бұрын

What software are you using for management?

@brentpommerening7949 9 ай бұрын

Do you have issues with non-renters taking open units and using them w/o paying with remote operations?

@wackerman7259 5 ай бұрын

The ones I've been to, they use company locks on them when not in use.

@jeffkung5088 Жыл бұрын

Do you think storage units are a better investment than campgrounds?

@kylegrimm Жыл бұрын

It’s hard to answer that because they are so different to operate. Campgrounds need 10x more attention to operate but can also be more lucrative. But let me put it this way.. I would prefer own a large portfolio of storage facilities than I would campgrounds because they are easier to operate and systematize.

@smillysbikes 8 ай бұрын

My family runs our campground 6 months out of the year. Hardest part is start and end of the season, as we have to blow out our water lines for winter, and of course fill them in the spring. We do pizzas and ice cream as well, so you need the office occupied at all times. (As well as food licencing, etc). All that aside, keeping the property nice and affordable spaces is the average task each season, and it's relatively laid back as a business. My goal is to build storage units in the next 10 years somewhere