Where to purchase storage units

Most facility owners try to avoid the lien process as much as possible because of it's litigious nature. A tenant can sue you even if you've followed your state's rules regarding the lien and auction process, potentially leading to expensive legal fees and unwanted headaches.

Oversupply is another concern for self-storage investors, especially lately. This has led to flatlining rental rates and increased vacancy rates for the industry, especially in large metro markets where development is the highest.

Luckily the market seems to be slowing, with less than 60 million square feet expected to be produced in This means choosing the right market is more important than ever and to keep expectations for cap rates, NOIs, and vacancy rates relative to the local market standards. This article is by no means everything you need to know about investing in self-storage.

It's simply a resource to help you understand how you can begin investing in self-storage and how this industry works in general. If you're looking for additional resources, a great place to start is your state's local Self-Storage Association SSA. Continue reading about self-storage investing, and begin searching websites for current facilities for sale to get a feel for the local market and buying process.

This industry can be extremely lucrative and a great, low-maintenance way to invest in CRE, but it is not without risk. Make sure it's the right business for you before investing.

Our team of analysts agrees. These 10 real estate plays are the best ways to invest in real estate right now. Find out how you can get started with Real Estate Winners by clicking here. Liz Brumer-Smith is a real estate investor and Millionacres contributor.

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Local Real Estate News. Research Real Estate Glossary. Podcasts Webinars Videos. View Memberships. Search For. Why invest in self-storage?

In summary, self-storage is an appealing asset for several reasons, including: Cash flow with large income potential. Low construction and building costs. Low overhead and expenses. Facilities can be self-sufficient, requiring only part-time management depending on size. Month-to-month tenancy allows for rental rate increases sooner. How to invest in self-storage If you want to invest in self-storage, the first decision you will need to make is deciding how you want to invest.

Active Participation in Self-Storage However, if you would prefer to actively participate in self-storage, you can invest in your own self-storage facility. There are two options when it comes to actively investing in self-storage : Developing a self-storage facility from the ground up.

Purchasing an existing facility. Developing a self-storage facility This is the most cost- and labor-intensive method for investing in this industry; however, it can be extremely lucrative if done properly.

Purchasing an existing self-storage facility If you choose to take the alternative route and purchase an existing facility, the first step will be finding a self-storage facility to purchase.

Do a cash flow analysis , looking at all expenses relating to operating the self-storage business, including: Real estate taxes. Property insurance. Advertising or marketing. View OM. A-Key Storage Portfolio. Fully stabilized value add portfolio. Offers due: 5 d 15 h 8 m. See New Listings First! Save your filters and get alerts when new properties hit the market. Money Saver Self Storage. Greenwood Indoor Storage. MnM Self Storage and Rentals. View Flyer. If you have a large number of items, rent a moving truck to take your new items.

Be sure to sweep and clean the unit before returning it to the facility so that you can get your cleaning deposit back. When it comes to larger storage units, it is common practice for the winning bidder to rent the storage unit they bought for 1 month to give themselves time to find storage space or unload some of the goods.

Method 4. Sort through the goods after you purchase the unit. Start by going through every box, purse, and container to see if there are items inside.

Then, if you want to keep anything, set it aside. Have a place to store your goods while you work to sell them. Many people that buy abandoned units for a living rent a warehouse or large storage unit to store their goods. For your first couple of buys, feel free to store the goods in your home, basement, or garage while you work out where to sell the items.

Host a garage sale to get rid of a lot of everyday items. One of the easiest ways to get rid of your things is to host a garage sale. Wash the clothes, wipe down furniture, and clean other objects. Set signs out all over your neighborhood listing the date and location of the sale. Post this information on social media as well. On the day of the sale, set your goods out in front of your home or open the garage door and sell to the people that show up.

This includes clothing, kitchenware, exercise equipment, and holiday decorations. List larger items in decent condition for sale online. Selling online is the best way to make money on items that may fetch a higher price, like power tools, cameras, furniture, and sporting equipment. Take high-quality photos of your goods and list them on eBay, Craigslist, and Facebook Marketplace. Wait for interested parties to contact you and meet with them to sell them your goods.

Take specialty items and collectibles to shops that buy them. If you have unique items, collectibles, or jewelry, take them to a shop that specializes in these goods and sell them. For example, if you have a box of vinyl records, take them to a music shop. Video games can be taken to a game store, and comic books can be sold to comic shops.

You never know if you have something truly special on your hands! Sell broken or worthless items to scrap yards or throw them out. Anything that can be turned into scrap metal, like broken washing machines or bed frames, can be sold for scrap at a scrap yard for a small profit. Find a scrap yard near you and haul your things over to sell them for a few bucks.

Any other broken or worthless items are simply going to take up space. Donate what you can to local charities, and throw the rest of it out. Include your email address to get a message when this question is answered. Submit a Tip All tip submissions are carefully reviewed before being published. Keep records of how many units you buy and what you make off of them when it comes time to pay your taxes.

Helpful 6 Not Helpful 0. StorageAuctions allows customers and self storage unit buyers to purchase and bid on online storage unit auctions. This real-time, updated sale allows for constant bidding throughout the entire process. With over 15 years of experience in storage facility ownership and auctioneering, we know what our customers want and expect.

You can look forward to buying and selling storage units and lockers of all shapes and sizes listed in your area. We have listened to your feedback, and you can expect to see the following: Improved image quality, to better zoom in to and view a unit's contents Better search feature to find the units that you want Have auctions sooner, no need to wait for multiple units to draw a crowd Bid anytime, anywhere regardless of the weather Whether you are a regular buyer or new to the market, our bidding platform is second to none.