Storage Building Owners?

[Statton48]

Any of you guys own storage buildings? Are they worth it? Did you build new or buy existing? Thinking of jump in out and building a few units (50-100). Pros and cons?

[Artemiz]

Following. I'm in the CRE industry and am curious about this asset class.

[redfishted]

Pm sent

[mchunter67]

I have been thinking about this also have some funds that either need to be invested or build something that will make income any info would be helpful Thanks

[TexasTealHunter]

I work for a bank that has financed many of these, our experience they are easy approvals in committee and are cash cows assuming good location as thats always key in RE.

[Stolle]

We bought existing and are about to break ground on additional units on the same property. The income on the original units cover the monthly note and expenses. The units should be paid off by the time we are retired and will be mailbox money then.

[chase15]

We bought existing and are about to break ground on additional units on the same property. The income on the original units cover the monthly note and expenses. The units should be paid off by the time we are retired and will be mailbox money then.

You self manage or hire it out?

[Stolle]

You self manage or hire it out?

We hire it out. They were already managing it when we purchased it and do a great job.

[TexasWicked1]

I work for a bank that has financed many of these, our experience they are easy approvals in committee and are cash cows assuming good location as thats always key in RE.

I always thought they were. I have to rent four when we sold out house. Those units were more than my mortgage and after searching for a new home for seven months, I was ecstatic to get out of them.

[Dirtymike]

plus you get to go thru the units that cant pay the bill and sell everything after you keep what you want

[2B4Him]

plus you get to go thru the units that cant pay the bill and sell everything after you keep what you want

Only if you like to do things illegally.



Anyone interested in self-storage should join and attend the annual conference of the Texas Self Storage Association. One of the best trade organizations and the conferences are great places to learn and make contacts.

[Statton48]

Thanks guys, any major downfalls toward them? Glad to see some help here

[redfishted]

Only if you like to do things illegally.



Anyone interested in self-storage should join and attend the annual conference of the Texas Self Storage Association. One of the best trade organizations and the conferences are great places to learn and make contacts.

Correct on the TSSA their show is coming up first week or so in October in Dallas this year. If you want the National SSA show is in Vegas in a couple of weeks

[aguinn84]

I worked for a PE firm for 5 years that owned about 50 stores. Moved over to a smaller family office group more focused on development (we own about 20 stores) about 2 years ago. Happy to help out where I can. Feel free to PM me with any questions.

[Throwin Darts]

I work for a bank that has financed many of these, our experience they are easy approvals in committee and are cash cows assuming good location as thats always key in RE.

What bank do you work for? I'm a banker in Dallas too at American National Bank of Texas