Owning Storage Units

[Codie]

Does anyone here own storage units? Interested in hearing the pros/cons from someone with first hand experience of owning them.

[3DW5]

My uncle owns a bunch in Leon Co and they are constantly full, he has expanded three times and now owns two different unites across town. If you can monitor them and insure that people wont steal stuff they can be a good money making machine. He has had to instal cameras everywhere because of break inns. Over all he told me it is amazing how easy it was to get going...

[Texastaxi]

The ones around here are ALL full. I've been renting a 13x50, and using it as my wood shop. Rent goes up, every year. If I had the capital, I think it'd be a good investment.

My units also have office/warehouse units, those are full too.

[HELLRAZOR]

Do it buddy I was gonna do it here in my home town and they beat me to it and place is full all the time I know cuz I rent one lol

[Charles]

The biggest hurdle is the up front cost. Over come this hurdle and you're sitting on a cash cow.

[Billy Shipp]

I first built 16 - 10x10 units. The building was paid for in 5 years, so I built another unit of 8 - 10x12's. Three years that was paid for. In the fall of 2013 I built another unit....12 - 10x10's and 2 - 10x20 units. Everything is full so going to build another building this spring. It's rental property so you will have trouble collecting rent at times from the slackers.
All in all it's the easiest money I've ever made. Everything is built out of steel and metal, so it's very little maintenance. The only thing to do maintenance wise is mow and weed-eat and keep a little trash picked up from time to time.
It's unreal how much building materials have gone up.
The second building, half the size of the first building cost the same amount of money. The last building in 2013 cost over double what the first and second building cost combined.

[Landrover]

I am an investor in one of the Community Self Storage units in Houston...........have gotten my investment money back plus some profit in 3 years! (-;

[Codie]

I am an investor in one of the Community Self Storage units in Houston...........have gotten my investment money back plus some profit in 3 years! (-;

that is a quick ROI

[perfectstorm]

Do yall think it needs to be more of a city situation? How do you think they would do in a rural situation? (Like 30 minutes from a Walmart situation)

[bowhuntertx]

Codie-
I have a good friend here in Aledo that has a few. Fortunately for him, they are about 10 years old. He and I have discussed it numerous times. The issue for me is the building costs have skyrocketed as well as the property values in my area.

[Codie]

Codie-
I have a good friend here in Aledo that has a few. Fortunately for him, they are about 10 years old. He and I have discussed it numerous times. The issue for me is the building costs have skyrocketed as well as the property values in my area.

In this case, these are estabalished units that are already full of renters so building cost won't be a problem. The inflated purchase price due to them being existing units that are full of renters is what might end up being the problem

[kfd82]

Do yall think it needs to be more of a city situation? How do you think they would do in a rural situation? (Like 30 minutes from a Walmart situation)

Madisonville is pretty rural. A guy built a 20 or so unit building about 5 years ago, and he has already built 3 more buildings since then.

[Charles]

Here's some info that might be useful

http://www.nuwireinvestor.com/howtos/how-to-buy-a-self-storage-facility-properly-54564.aspx

[Atfulldraw]

Do yall think it needs to be more of a city situation? How do you think they would do in a rural situation? (Like 30 minutes from a Walmart situation)

They do fine in a rural situation - in our closest town, six storage units (only one is fenced and gated

The rest are all full.

Boat storage/rv storage is also full - with people on a waiting list for the covered spots.

[TWOHunter]

I recently bought a boat and wanted contacted several storage facilities around the lake. 99% full !!
My plan is t build a facility in the next 12 months.