Networking to Find Opportunities First

Whenever you can, you want to let people know what you do. If everyone you know and everyone you meet is aware that you are interested in purchasing self-storage properties, you are more likely to hear about properties before they come on the market.

I talked about connecting with Realtors in the last blog, but you should also connect with Economic Development, people who work in the Zoning Department, your local Real Estate Investment Association, and any Self-Storage Groups that might be in your area.

When you are working with the zoning department to find out what you can do with a property that you are interested in, ask them what areas they would like to see self-storage developed in. If you know where they want to see self-storage, then you know it will be easy to get those approvals or variances. In addition, it lets you know what landowners you should be talking to about potentially purchasing their property.

You should also check small business websites. Often owners of self-storage properties consider themselves to be small businesses rather than property owners. Because of this, they may put their property on a small business website or list with a small business broker rather than with a Realtor. This means that you will be able to find potential opportunities if you are willing to put in the time.

Another thing to look for when searching small business websites is the size of their property. They may have a big vacant warehouse on three to four acres of land. That is a perfect opportunity to convert the property into self-storage if the zoning will allow it.

Be creative. You know so many people who know people in Real Estate. Whether they are in the title business, the lending business or some other aspect of Real Estate. Let people know what you do so that they can refer you to other people who do what you do. This way you can hear about self-storage opportunities before other investors do. As always, happy investing.