Use land for storage units

[Gabriel Petsios]

I currently own about 2 acres of property in upstate NY. I am trying to sell my restaurant that sits on that property. Since I am having difficulty selling it, I thought I would get creative. I thought about utilizing that property for storage space. If feasible, I would knock down the restaurant and produce storage units for the members in that community. The biggest question I have is 1.91 acres of land big enough to build storage units on the property? Please share your thoughts!

Thank you,

[Scott Meyers]

Hey Gabriel!

1) I recommend contacting Bob Copper with Storage 101.  But you should try and determine as much as possible on your own first so you have a pretty good idea as to what'll come back.

2) I recommend you reach out to @Terry Campbell at Live Oak Bank.  Please note that I believe that money flows to deals - always has, always will, and it doesn't matter if it's Self Storage investing, residential real estate, stocks & bonds, etc. - if it's a "deal" the money will come.

I say that because in commercial finance, yes, you as the borrower (credit, character, collateral, etc.) certainly plays a part but so does the project itself.  So while obtaining the money to move forward may seem the most daunting to you, it's hard to get a committal without the scope of your project (aka Feasibility) being mapped out with what exactly you're doing.

So you've got your steps numbered correctly, first do #1, then #2.

I hope this helps!