How do You Evaluate a Self-Storage Property to Make Sure You Want It?
Monday, June 20
You can’t really compare self-storage properties to one another. They have different locations, different numbers of units and different amenities. As a result, you need a way to boil them down to one thing that you can compare. The best way to do that is the cap rate. You can take the net o...
A Feasibility Study Helps Determine If This Lot Is In A Good Location
Friday, June 17
When you have a feasibility study done, they will review the location that you have chosen for your self-storage project. You want a location that is easy to see and easy to find and easy to access. These three things are critical to your success. Google is very good at helping you end up on ...
How Does a Feasibility Study Work? Why do I need one?
Wednesday, June 15
A feasibility study does several things. It starts by verifying that your location is good. It will grade your site and as usual you want an A+. Self-storage is all about location and if you are in an average or below average location, you may find that you have a below average rental rate. S...
What is a Feasibility Study? Why do I care?
Monday, June 13
After you have done your preliminary research, you need to have someone back up what you have found. This backup, or proof, is something that you can give to your investors and to the bank that is lending you money. This verification helps to prove that what you are doing is going to be profita...
Don’t focus on just one factor when deciding on a Self-storage Site!
Friday, June 10
Don’t focus on just one factor when deciding on a Self-storage Site When you are deciding on a site for a self-storage facility, you don’t want to rely on just one statistic. You might find that one statistic looks great while 4 others are telling you not to do it. You need to make sure that yo...
3 Reasons That you Shouldn’t Invest in a Self-Storage Site
Wednesday, June 08
There are 3 reasons that a site won’t work for self-storage. Low rental rates are the number one reason and there is nothing that you can do to change that. You cannot force your competition to raise their rates. Demand is number two and location is number three. Sometimes you can get caught ...