A number of people are downsizing these days. Whether it be due to financial reasons or to move to a hip city apartment; there is a lot of relocating going on. After deciding to forego their square footage, many are faced with parting with their possessions. Not wanting to lose everything they have acquired over the years, countless people are putting their goods in self-storage.
Even businesses are getting in on the game. Some places have trimmed their budgets and don’t require such large facilities, and others are looking to decrease their carbon footprint by making efforts to streamline or go paperless in the future. But what do they do with the several years of documentation they are required to hold on to? Self-storage seems to be the answer.
As this trend continues—buying into the self-storage business is definitely an investment worth looking into. This is a business with small upkeep, low overhead, and a minimal need for staffing. There is usually one person at the desk, maybe a maintenance person, and a need for basic utility services and security systems. If the tenant wants a climate controlled unit—charge them for it!
One of the best things about it is— it is low risk—the tenants are responsible for providing their own insurance, either through their existing home owners or rental coverage or by purchasing separate storage insurance. Some facilities even require the renter to provide their own lock. Housing goods is also a lot easier (and more peaceful) than leasing to rowdy tenants or people who continuously can’t come up with the rent. In addition, it is a much quicker process to evict items from a unit, than tenants from a home.
How easy can it get? Making your investment niche in self-storage units would be ideal, provided you find the right locations. Like everything in real estate, location is key, and you want to be sure to attract people to your business. There isn’t even a need for building a facility, as there are plenty of existing properties for sale. You can start making money today!
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