Why Self Storage?
There are many reasons why investing in self storage units is always a good idea. They seem to be recession proof – how’s that for those naysayers out there who think that this is the worst time to invest?
Self storage units generally have low building costs (if you’re thinking of building, not buying from another investor), low management costs, low maintainence costs, and a low amount of risk because a single move out will not hugely affect cash flow.
It’s a fact that Americans own a lot of “stuff”. What do people do with all that “stuff” when they don’t have room for it anymore, are forced to downsize, or are going through foreclosure? They use storage facilities! That’s right, the current economic downturn has made self storage investing even more appealing.
According to the Self Storage Association (SSA), self storage has been the fastest-growing sector of the U.S. commercial real estate market for the last 30 years, growing into a $220 billion industry.
Also, individuals are not the only ones using them to store personal property. Businesses account for 30-35% of the self storage clientele, storing vehicles, merchandise displays, paperwork, office furniture, and overstock just to name a few.
What if a tenant doesn’t pay? Auction off their property and recoup expenses!
No tenants and no toilets!
Sell merchandise like locks, boxes, moving supplies…etc and make even more money!
These are just a few reasons why self storage investing is going to be a part of my arsenal.
Make it happen.
The King of The City