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Any of you ever owned a self storage complex?
Posted on 4/21/23 at 8:36 am
Posted on 4/21/23 at 8:36 am
Is that a good investment? I see so many of them in BR and more bring built now. It just amazes me there is a market for that many.
9
Posted on 4/21/23 at 8:58 am to bdavids09
quote:
I see so many of them in BR and more bring built now. It just amazes me there is a market for that many.
Never underestimate the power of Baby Boomers deep desire to hoard everything they've ever purchased. My in laws are moving some of their old clothes, like, 20 years ago clothes into one. Insanity.
Posted on 4/21/23 at 9:02 am to Billy Blanks
quote:
Never underestimate the power of Baby Boomers deep desire to hoard everything they've ever purchased. My in laws are moving some of their old clothes, like, 20 years ago clothes into one. Insanity.
Well you know, the boomers grew up in the Great Depression and learned how to get by with nothing so they’re very frugal
Posted on 4/21/23 at 9:02 am to bdavids09
Like printing money. I hear. My wife rented a storage unit for a $150 bicycle and an old coffee table when we moved. We paid 4x the cost of those things in storage fees.
Genius business model.
Genius business model.
Posted on 4/21/23 at 9:07 am to el Gaucho
Posted on 4/21/23 at 9:31 am to bdavids09
Yes they make very good money although the market is oversaturated the key is finding location in growing area
Posted on 4/21/23 at 9:47 am to Billy Blanks
quote:
Never underestimate the power of Baby Boomers deep desire to hoard everything they've ever purchased. My in laws are moving some of their old clothes, like, 20 years ago clothes into one. Insanity.
I’ve only had to use one while selling and buying a new house.
Relator wanted to de clutter the house so we paid for a storage unit for a year. After the year half the shite went to goodwill
Posted on 4/21/23 at 9:52 am to bdavids09
quote:
It just amazes me there is a market for that many.
100%. I truly don't understand the need for them and I have lived in some ridiculously tiny NYC/Chicago apartments.
I will add that I know people that have plenty of space and still shell out money month after month for a storage unit .
Posted on 4/21/23 at 9:55 am to bdavids09
It is amazing there is so many people out there with horrible money sense to support all these storage units. There's very few scenarios where it makes any sense at all.
Probably also related to why our country is drowning in credit card debt.
Probably also related to why our country is drowning in credit card debt.
Posted on 4/21/23 at 10:06 am to tigersmanager
quote:
the key is finding location
I recently spent a couple days going through a climate controlled storage unit for a deceased relative in Gulf Shores.The majority of people in and out of there were business owners. Lots of condo cleaning ladies with units full of linens, towels, and cleaning supplies. A coffee shop owner storing restaurant supplies. Talked to one guy that said he kept his boat docked at a marina in Orange Beach. His unit was full of fishing equipment and boat stuff.
The people like me moving furniture and crap were few and far between
Posted on 4/21/23 at 10:23 am to bdavids09
Huge up front investment for infrastructure. Need to race to a break even occupancy rate.
It’s all about location and accessibility
It’s all about location and accessibility
Posted on 4/21/23 at 10:26 am to bdavids09
quote:Like literally every other investment, it depends on the price and downside protection. In many areas, no, they're not good investments at these prices. The general rule of thumb is over/under 6sqft/capita of storage in the area you are covering. Above is relatively over-supplied, below is under-supplied.
Is that a good investment?
The attractive thing about SS is the ability to push rents. Let's say you are paying $100/month and it was a pain in the arse to get the stuff in there. When the landlord announces it's going up to $105, there's almost literally 0% chance that will affect your consumption. Every year. Over and over.
Posted on 4/21/23 at 10:34 am to Rize
quote:
Never underestimate the power of Baby Boomers deep desire to hoard everything they've ever purchased. My in laws are moving some of their old clothes, like, 20 years ago clothes into one. Insanity.
I’ve only had to use one while selling and buying a new house.
That's why they are doing it. They claim they will "go through" them after the move.
Looks like a task my wife and I will get to do here in 10-15 years when they pass away instead.
Posted on 4/21/23 at 10:38 am to el Gaucho
quote:
Well you know, the boomers grew up in the Great Depression and learned how to get by with nothing so they’re very frugal
oof wrong generation
Posted on 4/21/23 at 11:00 am to theRealJesseD
The boomers also won ww2
Posted on 4/21/23 at 11:18 am to el Gaucho
I heard the boomers created the greatest economy the world has ever seen
Posted on 4/21/23 at 11:22 am to Upperdecker
The boomers good custodianship of the stock market made the Dow go up like 30000% from 1970-2007
And then the millenials crashed it with their occupy Wall Street and covid and electing aoc
And then the millenials crashed it with their occupy Wall Street and covid and electing aoc
This post was edited on 4/21/23 at 11:23 am
Posted on 4/21/23 at 10:11 pm to bdavids09
What many don’t know about the self storage market is that you need to be very aggressive with marketing and discounts/promotions. It’s very saturated and competitive, so you need to be ready to play ball with the competing providers in your area.
Posted on 4/22/23 at 9:18 am to bdavids09
My uncle owns one as his retirement business. Seems to do well with it since he has had if for probably 15+ years.
Also uses it as a small used car lot.
Biggest issue as with everything you rent is dealing with people that don't pay. But he just has a yard sell when they don't.
Also uses it as a small used car lot.
Biggest issue as with everything you rent is dealing with people that don't pay. But he just has a yard sell when they don't.
Posted on 4/24/23 at 11:58 am to NATidefan
quote:
Biggest issue as with everything you rent is dealing with people that don't pay. But he just has a yard sell when they don't.
Hell I bet thats not even a problem anymore for most storage owners with that damned storage wars show. I am sure there are a million copycats out there sifting through locker auctions every weekend.
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