Owning a Storage Facility Pros & Cons

Рет қаралды 52,869

Күн бұрын

Пікірлер: 103

@jpm3251 Жыл бұрын

Thanks for sharing! I recent purchased my first storage unit about 2 months ago. It's small 60 units, it was not getting the proper care by the previous owners. So it only had 4 tenants. Now with new management signs new name and marketing physical and online. We have 10 extra tenants in 2 months of operation. Loving the challenge.

@jackdfowler Жыл бұрын

Hello, I'm very interested in possibly investing in a few ventures. I'm in Georgia, so the possibility of working with someone remotely would be perfect. If interested in some type of business venture please let me know. Thanks

@hawsllc8187 Жыл бұрын

How much did it cost for you?

@RBZ06LT6 10 ай бұрын

Awesome and very encouraging!

@xeroranger 9 ай бұрын

This is really encouraging! Please do provide us with your progress when you can. Congrats again🎉

@moose5.9 3 ай бұрын

Looking to buy a 48 unit soon🤞🏼

@codygocam 9 ай бұрын

So basically mega cash flow income and minimal headaches! I'm all in on this early retirement idea 🇺🇸

@cmoore421 11 күн бұрын

if you have good employees like my boss has with me and my buddy you pretty much don't have to do anything but collect paperwork for accountants and what not.

@minutemanprep Жыл бұрын

Are there any major reason not to use shipping containers for units? I own a piece of land in town and am looking at putting units on it and it seems way more affordable and then I can always sell them if I decide to sell the property and it can still be used for other things

@laprepper 4 ай бұрын

that's a fascinating idea. Maybe weld them together to make theft more difficult? Welds can be easily ground if you need to sell them.

@fynix. 4 ай бұрын

did u end up doing it?

@thewobblywelder8362 4 ай бұрын

I’m looking to diversify my father’s business. This might be one way to make that happen! Thanks for the video!

@matthewtuxhorn9117 Жыл бұрын

Great video. We own several mobile home parks where we have built storage facilities within the properties. It adds additional revenue and gives the tenants space to store things so they are not around their homes. I am in the process of looking for my first stand alone storage facility.

@kylegrimm Жыл бұрын

I had a mobile home park that would have been perfect to put up storage on but I recently sold it. I’m second guessing selling all of my parks already.

@steppingstone803 Жыл бұрын

Smart

@jackdfowler Жыл бұрын

@Rpalacios29623 6 күн бұрын

@@kylegrimmKyle, what system are you using to handle credit card numbers and monthly automated payments? And how much do they charge monthly to handle your billing?

@kylegrimm 6 күн бұрын

@ I use Easy Storage Solutions. It handles pretty much everything other than your back end accounting. It gives tenants a front end website to go to when they want to rent a unit or pay rent. It keeps track of occupied/vacant units, tracks leases, etc. Not sure exactly what I’m charged when they pay via credit card. Likely under 3%

@mtmg3648 4 ай бұрын

My husband's parents have land they are sitting on outside of Raleigh. I am trying to pitch this idea to them to generate much needed $$. Makes sense to me.

@QualeHouse 11 ай бұрын

Great video! Thanks for the helpful info!

@laprepper 4 ай бұрын

Hi sir, a few questions. 1) How did you fund this purchase? Cash or are loans available? 2) Doesn't look like units have climate control (maybe I'm wrong) What are you thoughts on climate control? 3) Since you have no exterior fencing, are you ever worried about security issues? 4) Do you have extensive security cameras installed? 5) What do you think about buying units that you can't personally visit, like out of state? 6) Do you require tenants to have renters insurance and/or do you offer such insurance as an option? I'm really looking to get into this and have some funds saved up...

@mitchellwhitney839 Жыл бұрын

Great video. What software do you use to manage tenants?

@rawyatt83 11 ай бұрын

Good video! Can you break down costs and pricing?

@joevarga5982 Жыл бұрын

What if you want to see the unit before you rent it?

@Life_With_Rico 4 ай бұрын

how did you come up with the capital to buy your first one. If someone this was going to be someone's first business venture, what advice would you give them to come up with capital?

@Word4WordwithMichelle 10 ай бұрын

love love your videos - i’m looking to dive into the storage business - I know timeshare sales - what do you think i should focus on first

@TemperrQuake 7 ай бұрын

How much is reasonable to pay for a storage facility? I feel a lot of them are asking over what it should be.

@tristanmalone8601 5 ай бұрын

Once they are paid off they are a huge profit.

@joshmclanahan5628 4 ай бұрын

Thank you, purchasing something similar soon. Looking for 120+ units

@AndyRodriguez-q4l 5 ай бұрын

How do you get the software to manage the storage unit?

@jeffbailey7328 Жыл бұрын

What did you tell the client with the bullet holes in the side of their unit? I'm assuming you need to get in there to fix it and I'm assuming you would want the client to know that their stuff might be damaged. Of course they have their own insurance but just wondering what you would say. For me as a client I probably would want to leave because I don't want my stuff being shot at again.

@mclome22 11 ай бұрын

😂

@jeffbailey7328 11 ай бұрын

@@mclome22 Why is this funny? I'm hear to learn the operation of a storage facility. If you guys just don't say anything and hope they never find out, then that's fine. What do you guys do. I don't understand why you people laugh at serious questions. Most likely mclome22 doesn't have a clue. Like wtf is the point of your comment?

@mclome22 11 ай бұрын

@@jeffbailey7328because of economic difficulties, criminals are drawn to rent storage units because its cheaper than having a home or apartment while they sleep at their baby momma’s apartment paying child support, those clients that are in economic difficulties cannot afford a house to put their belongings, that’s why they rent a storage and it’s those same poor people that resort to crimes and damages like that

@tristanmalone8601 5 ай бұрын

@@jeffbailey7328Yeah. You would want to notify the tenant to come look at the space and check for personal item damage and preferably let the manager look inside to see if there was further damage to other units. As far as fixing it. Maybe patch it so it isn't easy to look into. I've never encountered a bullet hole so idk.

@agraham916 11 ай бұрын

Kyle - Thanks for the video and really appreciate the info. Im new to this investment. I have a few residentials but really want to get into self storage. I'm exploring a few markets and had some questions: (1) Minimum down payment required. I want the skin in the game, have good credit, and Im thinking about SBA. Whats the lowest down i could get away with? (2) What is your recommendation for finding off market properties. Loopnet seems like trash right now, lol. Everything appears over priced and nothing for the startup. Ever cold call from a county assessor info and not get hung up on, lol. (3) Financing first or target property first (if you are looking for opportunities to invest, did you need to find the target property BEFORE getting financing or can you secure financing options before your collateral is confirmed as a first time investor?)... any help would be welcome...

@djwashx Жыл бұрын

Great info do you sell after a certain time 3 years 5 years

@cmoore421 11 күн бұрын

our bosses kept it till they died and passed it down to their children it supplys an income fore like 11 owners and us 2 employees 1 full time 1 part time.

@dd___dc 5 ай бұрын

Do you ever have ppl living in the unit?if so do you let them? how do you go about it?

@cmoore421 11 күн бұрын

i can't tell you for his facility but it is probably similar to the one i work at. you sign a contract saying exactly that you won't live in the unit so if you do, you have violated the contract you signed we will give you up to 30 days to clear your stuff (entirely dependant on out mood and your treatment of us) out and you will be heavily monitored anytime you enter the property, once you're stuff is out you're banned, we wont allow you on the property again if we catch you on the property we call the cops.

@dd___dc 11 күн бұрын

@cmoore421 ok thanks for info.i have questions about why they ask if is for personal use or business?

@bettergoodhealth 4 ай бұрын

Great video Kyle. Thanks

@EthanWadsworth-y1y 8 ай бұрын

What software are you using for management?

@mr.medina4967 Жыл бұрын

How do you value your facilities when buying one? Is there a formula you use?

@Mr.nofiction Жыл бұрын

How much do they cost on average?

@joevarga5982 Жыл бұрын

How much does a car cost on average?

@Mr.nofiction Жыл бұрын

@@joevarga5982 average msrp for a common car $21-36k thanks for the sarcasm

@cremls Жыл бұрын

This is great, I've been looking and trying to connect with other investors on this. This is a beautiful property. I didn't see a sign on the highway... 🙂 What would be your recommended course or education system if you have one?

@reesewheeler510 Жыл бұрын

I have been wanting to get into a storage unit mainly because of the low overhead. How much did you buy the property for to begin with?

@joevarga5982 Жыл бұрын

What's the difference? Do you think they all cost the same?

@PhilipNowak 3 ай бұрын

Great video!

@antonioams95 8 ай бұрын

Thank you!

@bluecavemen Ай бұрын

I wish he have more information about how to create a website ( which i already know to ) for the automation credit card payment process. does anyone know how do to this ? also how do you get it do auction online? there are so many questions that this would be very helpful

@sethdieker4461 Жыл бұрын

We drill our cylinder locks out with a hole saw and have the tenant pay us for the lock. We do have a full time person though.

@michaelminor2722 3 ай бұрын

you can replace the metal panels of the building

@chrisf3600 3 ай бұрын

Hey Kyle, what software do you use for your self storage units

@kylegrimm 3 ай бұрын

I use easy storage solutions but in the figure will probably switch to cubby

@chrisf3600 3 ай бұрын

@@kylegrimm thanks! is there a reason that you are switching to cubby?

@FrederickIngraham-yq4sz 2 ай бұрын

How do I find listings for these

@brentpommerening7949 Жыл бұрын

Do you have issues with non-renters taking open units and using them w/o paying with remote operations?

@wackerman7259 9 ай бұрын

The ones I've been to, they use company locks on them when not in use.

@bsanchez3563 3 ай бұрын

Samesies

@jeffkung5088 Жыл бұрын

Do you think storage units are a better investment than campgrounds?

@kylegrimm Жыл бұрын

It’s hard to answer that because they are so different to operate. Campgrounds need 10x more attention to operate but can also be more lucrative. But let me put it this way.. I would prefer own a large portfolio of storage facilities than I would campgrounds because they are easier to operate and systematize.

@smillysbikes Жыл бұрын

My family runs our campground 6 months out of the year. Hardest part is start and end of the season, as we have to blow out our water lines for winter, and of course fill them in the spring. We do pizzas and ice cream as well, so you need the office occupied at all times. (As well as food licencing, etc). All that aside, keeping the property nice and affordable spaces is the average task each season, and it's relatively laid back as a business. My goal is to build storage units in the next 10 years somewhere

@joshmclanahan5628 4 ай бұрын

What’s the management software? Or is it a custom website? Thank you

@kylegrimm 4 ай бұрын

I use easy storage solutions for my software

@bob1979nw Жыл бұрын

How much does the software cost to use to manage the facility?

@junipersnow1 Жыл бұрын

I heard 600-1500 for small set up... A guy with 2000 units sad it was more like $6000-$10000

@megagerald777 Жыл бұрын

It doesn't look very secure

@codypomeroy9040 9 ай бұрын

I hope he updates security soon.

@haroldgarling1063 8 ай бұрын

In a White town it will be fine

@Joeybeautiful_ 7 ай бұрын

@@haroldgarling1063😂🤦‍♂️

@mp-xt2rg 6 ай бұрын

A little racist but also super true

@user2144 5 ай бұрын

Yep, first thing I thought when video started. In Australia, no storage facility would operate without a 6 foot high spiked aluminium fence around the entire perimeter.

@johnnyappleseed7400 3 ай бұрын

Why don’t you have your property “fenced”?

@kylegrimm 3 ай бұрын

@@johnnyappleseed7400 it’s the way it was when I purchased it

@calvinsc5105 2 ай бұрын

9:48 God bless America!

@peterc8021 2 ай бұрын

Where I live they have storage units Everywhere! And the ones for sale have 40-70% vacant…. And they want a ton of money for them

@mtmg3648 4 ай бұрын

Can you give us a sense of annual revenue? Thank you.

@kylegrimm 4 ай бұрын

@@mtmg3648 right now it’s doing around 110-115k gross a year. I’d subtract about 30% out of that for expenses not counting debt payments.

@SuperCocacolakid 20 күн бұрын

Can’t believe anyone can just roll up & cut these locks. No gate or cameras. Wild

@fernando3061 Жыл бұрын

Is there insurance for people shooting your building?

@MarkLynch-j9e Жыл бұрын

what software do you use?

@kylegrimm Жыл бұрын

Easy storage solutions

@madrush24 7 ай бұрын

Those look so easy to rob with nobody around and no fence or gate. Yikes!

@bsanchez3563 3 ай бұрын

Wait they just let people own without buying the entire franchie out from.. wherever the franchise comes from in order to open a public storage facility?

@kylegrimm 3 ай бұрын

Anyone can own a storage facility. They are not all owned by a franchise.