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Updated over 5 years ago on . Most recent reply

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Tucker Olen
  • Boston, MA
0
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5
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Adding Self Storage to 3 Unit Building

Tucker Olen
  • Boston, MA
Posted

Hi all, 

New to Bigger Pockets!! I'm seeking advice on adding self storage space to an existing 3 unit building. The property has an empty garage and basement that could help add cash flow to the bottom line... 

What are the major things I need to turn this into proper self storage units? Do I need security cameras? Insurance against theft? What kind of leases? And should I rent them at below market rate in a crowded market? Any basics and systems would be a great help!

Please bear with me I'm 19 and still working to stabilize my first property. It's been a much bigger task than expected but oh so worth it!


Thanks,

Tucker O. 

Most Popular Reply

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2,086
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Andrew B.
  • Rockaway, NJ
2,139
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Andrew B.
  • Rockaway, NJ
Replied

Be cautious if you plan on allowing outsiders to utilize this self storage space. Its likely this is considered commercial activity, and may not be allowed with your current zoning.

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