Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago,

User Stats

3
Posts
3
Votes
Charles Foriest
3
Votes |
3
Posts

Investing in storage unit

Charles Foriest
Posted

I have raw land - 1.5 acres (commercial lot) in Houston, TX and I am considering what to build on it. I'm leaning towards storage units, however, I do not know much about this and will welcome suggestions on how to go about funding, construction from ground up for single or multi story units and systems to have in place for successful operation. I'm also thinking about partnerships such as equity partner or JVs.

Any thoughts and ideas are welcome!

User Stats

349
Posts
79
Votes
Dennis Muno
  • Lender
  • Denton, TX
79
Votes |
349
Posts
Dennis Muno
  • Lender
  • Denton, TX
Replied
Quote from @Charles Foriest:

I have raw land - 1.5 acres (commercial lot) in Houston, TX and I am considering what to build on it. I'm leaning towards storage units, however, I do not know much about this and will welcome suggestions on how to go about funding, construction from ground up for single or multi story units and systems to have in place for successful operation. I'm also thinking about partnerships such as equity partner or JVs.

Any thoughts and ideas are welcome!


 To do that, you'll need to have a plan of what to do/build. An overly simplified way(not as simple; will take months and money) is to: Get a general contractor to create a budget and building plan; work on getting permits; get environmental done, re-zone if need be/possible; feasibility study; see how much cash you will have to deploy and then seek lenders for lending offers.

There are way more steps but at a minimum these are some .

Since you are looking to build,A bridge loan(interest only)/private money loan for a storage unit or a ground up construction project. This will help you get an interest only loan that will give you money for your construction. It's usually 12-18 months. By the end of the term, you will need to refinance your bridge interest only loan into a long term loan .