The Third Rule of Thumb and Determining Demand!
Monday, February 06
The last thing that you want to do is buy a property in an oversaturated market. If a market has more supply than the current area can handle, every self-storage facility is going to have lower occupancy rates. If they don’t have lower occupancy rates, then they have lower rental rates. You do...
The Third Rule of Thumb and Your Competition! Who are they?
Friday, February 03
Who is your target audience? Where are they located? Now that you know who you are going to be renting to, you need to know who your competition is. How many other self-storage facilities are located within three miles of your location? How many of them are between you and your potential rente...
The Third Rule of Thumb and Height Requirements & Setbacks!
Wednesday, February 01
When you are trying to buy a self-storage facility, you may find that it is very difficult to buy an existing facility. Self-storage facilities are a great investment, and a lot of people are trying to buy them. This can push the price up to where it may not make sense for you to buy it with yo...
The Third Rule of Thumb and the Flood Zone!
Monday, January 30
When you are investigating a property to see if you can change the zoning or get a variance for the property to use it as a self-storage facility, one of the things that you need to check is whether or not the property is in a flood zone. You don’t want to close on a property only to discover th...
The Third Rule of Thumb and Noise & Light Ordinances & Landscaping!
Friday, January 27
While it may not seem like it has anything to do with you, your lighting, the amount of noise that your tenants might make, and your landscaping are all make or break items when it comes to the city and the neighbors and getting your project approved. Each one of these can stop your project befo...
The Third Rule of Thumb and the Fire Code
Wednesday, January 25
Due diligence is the time period that helps you determine if you found a great property or a dud. There are so many things that you need to look at during your due diligence. One of the little things that you may not think of is the fire code. There are a lot of factors to take into considerat...