Self Storage Millionaire

If you decide to build your self storage facility in phases, it is important to track your occupancy rates.  We made the decision to begin construction on a new building when we reach 80% occupied on the last building.  However, as time went on, we realized this was not an effective way to make our decision.  Why?

It is not effective because it does not take unit mix into consideration.

Not only do you want to know your overall vacancy rate, but you will want to know the vacancy rate on each unit size.  You may find that your 10×10 units are filling up quickly, but your 10×20’s are sitting vacant.   If this is the case, you may decide to go ahead and build (more 10 x 10 units) even if your overall numbers are not yet at 80%.

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Well, we have decided to bring UHaul into one of our facilities.

One facility has no full time manager onsite. We use the insomniac kiosk – and have a part time manager that goes out to the business when duty calls. The other facility, does however have an employee on site. This employee doubles as our personal assistant, but we figure – since she is there, we might as well make the additional revenue that UHaul could bring us.

Here are the benefits of adding UHaul to our facility:

• Commission on Truck Rentals
• Retail sales of boxes, tape, etc.
• Commission on dolly, blanket and other non-truck rentals
• Extra exposure to our self storage units. We may increase the rate of our lease up phase move-ins. We will be listed in the UHaul network of storage facilities. Some people that are moving to the area may decide to store their possessions with us, since they have to have the truck there anyway!
• They pay the yellowpages ad!

We signed the contract today, and the area rep will be back in one week to get us trained up. I’m looking forward to doing something “new.”

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When you are planning your buildings, remember to think about the size of your doors. If you will be offering boat storage, vehicle storage, and/or RV storage, the height and width of your doors will be really important. A 10 foot wide door will give your customers plenty of space to park these toys inside the unit.

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Security Self Storage in North Carolina is using solar panels to help reduce their footprint upon the earth.

Check it Out!

What do you get when you cross a vacant school building with an innovative company?

A new Self Storage Business, of course!

A Self Storage Business opens it’s doors in Grand Rapids.

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With rising fuel costs, an growing concern about the health of the environment, and tighter family budgets, more people are eliminating a car, and turning to a car share service instead.

More and more companies, such as ZipCar are popping up to fill a need in this growing trend.  When you start a self storage business, it is tempting, of course, to look for additional sources of revenue.  Why not look for a Car Share Program?

• You have space
• Uh…. You would need the staff.  More on that here.

Why not?

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This is the Part V of the Series: Why Invest in Self Storage?

MINIMAL REQUIREMENTS: If you want to invest in self storage, you don’t need a Bachelor’s Degree or a high balance in your bank account. You don’t need to have 40 hours a week available to commit to the investment. You don’t need skills in managing a multi-million dollar company or access to the president. All you need is the willingness to learn, the dedication to achieve your goal, and the resources to find the information you need. Topics you want to consider when thinking of starting a self storage business are:

• Self Storage Investment Strategies
• Financial Analysis
• Market Analysis
• Picking a Location
• Construction of a New Facility
• Management

Stay tuned on this site, or get the book for more information on all of these topics!

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If the customers are finding you on the internet, you might as well get your self storage business into the internet too!

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This is part IV in the series, Why Invest In Self Storage?

The Self Storage Business is a SIMPLE Business!:

We have owned several different types of businesses over the years. We have had a construction business, a motel, several single family rentals, and a customer service business. I am here to tell you that a self storage business is relatively simple. There are no plumbing issues to deal with, no sob stories about the kids going without Christmas (and other excuses given when rent is late), no subdivision process to navigate, and very minimal (or no) employees to manage. When a self storage tenant is late, you simply lock them out. They will either pay the bill to get access to their possessions or you will eventually sell their possessions through an auction. Once they do move out, there are no carpets to clean (or replace), no appliances to fix, no applications to review in order to fill the space again.

The Self Storage Business is a Simple Business. Investing in self storage allows you to get on with the business of living your life!

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In my little corner of the world, I rarely hear about self storage businesses in other parts of the world. A few days ago, this story came out about a self storage business in the UK.

Looks like they are doing well dispite their housing downturn. According to the article revenue is up 7%!

Self Storge REIT Big Yellow Group Refinances

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