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Updated almost 2 years ago,
Wanting to get into self storage/RV-Boat business
My first post here. This forum is awesome and to thank everyone ahead of time.
Ok so i have always had a dream to own my business. Always want to provide for my family way more than i do already. My wife and I have a 3yr old and now a 5 week old. It crushed me when my 3 yr old was born and watching my wife cry wanting to just be home with our baby instead of going to work. She is on maternity leave trying to maybe find a stay at home job like mine (since COVID). But i know if she doesn't she will go through the same. Kills me. I want more for them.
I thought of RV/Boat storage.. Well because i can literally drive around my city and see that all storage places are packed/full of vehicles. And with what i read/listen about them and only hear of great things of being in this business.
Here is my problem. [Honestly] I know nothing of the business. I know I would be amazing at it and have the biggest drive to do so. But I just don't know anything of it. I constantly try to listen to podcasts about people who start in the business but pretty much everyone i hear start off by saying "well i was in real estate and decided to get into self stor...." or "So i got into the business because my parents were in the business...". I haven't heard of someone saying "I was working 9-5 at office depot and one day i said I don't want this and went into self storage".
For example, for a 16 yr old who is wanting a car but knows nothing, I can literally tell them step by step from riding a bicycle to having a car lol.
I just want this and i don't know where to go. I'm not saying i want a hand out but i just really want this and have no clue where to start and what exactly I need to learn.
I am looking at properties around my area, dreaming, but have no clue what to do and even if the price is good or crazy.
I found an running storage facility that is for sale. Indoor AC/outdoor, 15,950 SF, 122 units, 60 parking spots, 96% average occupancy, fenced with 24/7 security, 35 yrs left in land lease. Asking $1.8. Even shows expenses and profit. Its 10 mins down the road and the only one being sold that's around me. I have no clue if this is gold or bust. I'm sitting here saying if I had some-what knowledge to start and this is a good deal I could run this for my family.
Sigh, sorry if this all sounds pre-mature. But I'm 37 and just getting older. Tired of working paycheck to paycheck.
Like I had mentioned ... I want this bad but no clue what to do.
Any advice or information would be greatly appreciated! Sorry for the long post.