My first self storage deal

[Account Closed]

Hello BP, I am a beginner real estate investor down in Florida. I am currently running a STR that has been cash flowing very well and i am looking into expanding my portfolio. One of the asset classes that i have always been drawn into is Self Storage. Near the area i live, traditionally you will see big self storage companies, or local companies that have been around for a while. I am looking to get involved in this market, but im not sure where to start. Any advice? Thanks for any help!

[Michael Wagner]

@Account Closed,

Storage is an awesome asset class.  Being a business, there are some nuances that you have to be aware of but its not rocket science and I've found storage to be far "easier" than residential rentals.  And the "mom and pop" shops you allude to in your post represent a HUGE opportunity! We specialize in buying under performing properties from those folks and turning them around.  There is an incredible amount of equity to be created as well as some very good cash flow during ownership. I would echo the advice of those above, GET SMART first!  Here's a couple ideas:

1) search the forums here on BP for Self Storage, there are a bunch of us who converse regularly around the topic and there's some good info to be had for free!

2) Set self storage as a "keyword alert" here on BP so you get notified anytime someone mentions it

3) You might find some entry level value in my blog here on BP:  

https://www.biggerpockets.com/member-blogs/3915-all-things-self-storage

I Hope that helps some!