Interest in purchasing Storage Units

[Taylor Morris]

Hey folks, 

First post here. I am a recent college graduate with a net income of 40k, and I am eager to get started on acquiring properties. I have heard a great place to start is with self storage units. Easy to manage, easy to contract, like the baby version of residential/commercial RE.

Since my current capital is laughable due to my limited time in the "real world", I am not opposed to the idea of finding a hard money lender to help with the process, but I am struggling to educate myself on the ins and outs of the purchasing market. It seems the internet is saturated with only renting options, which is obviously not my intention. I know I am on the starting steps, but any advice would be highly appreciated.

Thank you in advance. 

[Matt Faix]

Start talking to local owners in your area, especially the smaller mom/pop places. You’ll find that a lot are willing to share info and talk with you. You’ll also want to have a good handle on the market you pick and what the demand for storage is. That will have a big impact on your success. 

Also, check out AJ Osborne - He has a book and a podcast (Self storage income) that are really helpful. We’re under contract for our first facility, hopefully closing the next few weeks, and it’s been quite a learning experience.