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Updated about 8 years ago,
Storage Units/Self Storage as first time investment?
Hello BP!
I am currently in school working on my undergrad (22 yrs old) and plan to begin investing in land/property as soon as possible after I walk the stage. I live and go to school here in San Marcos, Tx and this area is growing very rapidly as a lot of you know. Austin/San Antonio is about to be the next Fort Worth/Dallas I just know it. With that being said, I have sold homes with Keller Williams this past year but am now currently apartment locating due to the amount of less stress and knowing so many people my age who need an apartment. I will have somewhere around $30K in student loans when I graduate also. I have heard through the grapevine plans of new housing developments before they are even hitting the press and have been researching a good location for building storage units near these developments. I know location is everything when it comes to self-storage and I know there will be a lot of competition too.
With that also being said here is the advice I am seeking:
***HERE'S THE BIG ONE*** Should I wait to start any investments until after I pay off student loan debt?
1) Are storage units a good idea for a first time investor?
2) Would going into a partnership with someone make this easier since I have no experience and little finances? I do not want to spend more than what I can afford to lose. (Yes, I have read Dave Ramsey's 'Total Money Makeover')
3) What are the pros and cons of self-storage and are they even worth investing in?
4) If this is not a good investment for a first-timer then what is?
All opinions are considered. There is no wrong answer for me.
I know this is a long post but for those of you who have time I would really appreciate some feedback!
-Tyler Sample