Newbie in Vegas wants to invest in Storage business

[Jim Roth]

Hello, I’ve always wanted to have a storage business. Recently I was going to buy a trailer and needed to store it. After hearing about rv rental rates I thought of opening a lot for rv storage. I’m interested in both regular storage and rv. I don’t know how to get the ball rolling. I need info on starting this type of business. Thank you for any information.

[Scott Meyers]

Hello Jim!

I'm glad to read that you're wanting to get into the Self Storage business - whether that's individual units for storing one's treasures, or lots in order to park ones RV or boat - I highly recommend it. Many years ago I liquidated my entire portfolio of SFH just to concentrate on this niche in commercial Real Estate and it's served me & my family very well.

Please note that you can either purchase an existing Facility/RV Storage lot - which is fairly simple & straightforward method of doing so.  Or you can build your own.  Again fairly straightforward, but quite a few more moving parts, e.g. Feasibility Studies, ensuring proper Zoning ins in place, Market Equilibrium Study, & so forth.

The former consists of you buying an immediate income stream and the latter having to build that income stream.  Which also means a larger outflow of cash and a longer time frame before you start generating income.  There's pros & cons to each, and certainly viable reasons as to which one you should pursue.

Anyhow, (this comment is after the fact) but hopefully you were able to attend the inside Self Storage Expo which took place in Las Vegas @ The Paris Hotel at the beginning of April as there were several thousand Self Storage investors, owners, vendors, & professionals in your hometown.  Doesn't get closer or easier than that!

Also please note that I've been teaching people the Self Storage business for almost a decade now, so if you're seriously considering moving in this direction - either Private Message me or google me on the internet to see what other are saying.

(Please note that the last comment is not meant to be prideful, but rather I've been conducting myself in a certain manner in hopes that I would win the trust of others and that, I believe, is the best barometer of my efforts.  If people besides myself or my Team have complimentary things to say about our education then we must be doing something right.)

I'd like to see more people turn their attention to Self Storage, so if I can be of any assistance to you, please reach out.

Thanks!

Scott