In this video, Paul Moore will show you all the details about self storage rentals, and what it really is.
In the beginning of the video he is explaining of self-storage rentals are a big benefit, especially in times of crisis like the pandemic. He explains that people are moving to small houses and they need spaces to store their belongings.
Moreover, people are doing business and they need storage space. So, starting a business around self storage rentals is a very good idea.
Purchase shares in a self-storage real estate investment trust (REIT) (REIT). This is the most passive investing choice, requiring the least time and yielding the highest dividend returns.
If you like to be more involved with self-storage, you might invest in your own facility. This involves the most labor and cost-intensive manner of investing, but it can be incredibly profitable. It takes a lot of expertise, knowledge, and resources to make this work. Class A self-storage facilities are the most valuable in the storage industry.
Check with the local towns to ensure the facility can be built as planned and that zoning, permits, and development procedures are understood. The better the return, the more vital it is to select the perfect place at the right price.
A good development project keeps building costs and schedules to a minimum. Most investors hire a project manager to help with day-to-day operations and construction.
Once finished, the property will be in ‘lease-up’ mode, actively seeking new tenants and leasing apartments at market prices. Depending on the facility’s size, this might take months or years. A good marketing strategy, well-priced products, and quality management will assist speed up this process.
To find out more about self-storage rentals, watch the full video.