3 Ways to Find Self-Storage Opportunities

Now that you have decided that you want to invest in self-storage, the first thing to do is to start looking for self-storage properties. There are a lot of properties out there. There are some that are in turn-key condition. These properties are waiting for someone to come in and pay top dollar and then sit back and wait for the property to generate cash. There are the properties that are o.k. They could improve a little, but there isn’t room for much growth. Then there are the properties that need help. These are the properties that need repairs, have limited occupancy, and usually not very good management. These are the properties that you want to find. These properties have the most profit potential. So how do you find them? Here are 3 ways.

1. You need to start a mailing campaign. This is not a one and done mailing campaign. This is going to be something that you nurture over time. You are going to reach out to current self-storage owners. You are going to let them know that if the time ever comes when they want to sell their property, you are interested in purchasing it. You can’t send this letter once. They may not be in the market to sell this week. However, in a few months or years, they may decide that they want to retire. This is when your name will come up if you have consistently reached out to them and networked.
2. You can ask a commercial Real Estate Agent to start looking for properties for you. You need to make sure that you tell them exactly what you are looking for. You need to let them know that you are looking for dumpster fires. The properties that no one else wants. You need to let them know that you don’t want that perfect turn-key property, you want something with upside potential.
3. You can use advertising. Whether you are looking at all the advertising that is out there or you are placing ads yourself, you should stay on top of what is on the market. You need to let people know that you are in the market to purchase a self-storage facility if they are willing to sell on your terms. Make sure that you are advertising in the right places.

This is not an exhaustive list of ways to find properties, but it is a starting point. The most important thing to remember is to start. Whether you decide that you are going to do direct mail, advertising, or let an agent find a property for you, you need to start looking. If you never start looking, then you won’t ever find the perfect property. As always, happy investing.