All Forum Posts by: Scott Meyers

Hey Angel!

Self Storage has been very good to me and my family.  We've been teaching folks new to the Self Storage business for many years now.

Self Storage is a great business in which to build generational wealth. The low-hanging fruit is gone, but if you're willing to work hard by getting off the beaten path and overturning a lot of rocks, you can be quite successful.

And there are several resources - quite a few folks here on Bigger Pockets and the many specific BP posts and forums from those knowledgeable Investors & Owners, your State Self Storage Association, podcasts, You Tube Videos, and some of us even have written books and/or have meetings and trainings too.

In other words, there's quite a bit at your disposal.  It's not about the information anymore, but the execution and accountability in order to bring that goal to fruition. 

Good luck and please let me know if we can be of any help.

Scott 

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Hey Brandon!

Yes, both Boxwell & Janus will sell and/or erect pre-fabricated Self Storage units.  You can also use Shipping Containers.

I would use ~$25/SQ FT for the pre-fabs (I am NOT quoting you their price, just throwing out a ballpark figure for estimating.)  And pre-fab units come on a pallet, so many per truckload.

The Shipping Containers is going to depend where you are in relation to the ports.  You can go online at Craigslist and see all of the offering for Containers.  One of the bigger expenses is going to be transportation as they need to truck each one individually.  

And obviously you would need to ensure that the land is graded appropriately for either and a foundation exists for the pre-fab units.

Good luck!

Scott 

Hey Trevor!

I know a thing or two.  Course this is a lot to discuss.  Even with your two succinct questions above.

And almost all of the answers are always "it depends".  

However, if you PM, we could go into more detail.

Scott

Hey Kyle!

Whatever became of this?

Based on your brief narrative, there does seem to be quite some Value-Add and you have potential Economies of Scale.  Which means if you purchase and manage it correctly, you can increase the income and substantially increase the 
overall value (even allowing you to borrow against that future equity).

But also, there's enough going on that you want to be sure that you do not misjudge or properly conduct your due diligence.

Please let me know if I can help.

Scott  

Hey Logan!

Whatever became of this?

It sounds like the Million Dollar Idea - portable Self Storage Units on a Brownsfield in an Opportunity Zone.  

(I made the last part up, but an OZ only sweetens the pot.  It could very well stand on its own as portables on a Brownsfield.)  

Please note that if the soil is too contaminated that you DON'T want to purchase (because then YOU now own the liability and the problem of dirty dirt) but not so contaminated that it can't be used for other uses besides residential), portable Self Storage Units on a very long land lease, might be an ideal scenario.

I've seen this a few times.  Mind you, it has to be clean enough to use, but dirty enough that the current owners can't really find a seller and would be willing to lease it out to you at a substantial discount.

Please keep me posted.

Scott

Hey Jay!

You can build traditional drive-up Units, or shipping containers, or "erector set" units (e.g. Boxwell: https://boxwell.co/, or Janus - Mass Relocatable Storage Units) which brings the units in on a pallet and then get they get assembled either by you or one of their specialists.

If you want true shipping containers, there are many folks out there modifying and supplying these that it's better to search locally.  Check out Craigslist for example and you will probably see scores of them available.  Also, as each of these containers needs to be shipped in individually (one per truck) that unless you're going to a local or regional supplier, the transportation costs will be substantial.

I hope this helps.

Scott  

Hey Xela!

Self Storage has a general guidelines across the nation (you are individually renting units and never take possession of your tenants' treasures, hence the name "Self" Storage), however each state does indeed have its own specific rules so you cannot use a boilerplate template.

Please consult your state's Self Storage Association (and/or website) and they will provide state-specific lease agreements to ensure that you are operating according to the law.

Scott 

Hey Jared!

My partners & I have some knowledge & experience with both Developments & Conversions, as well as Acquisitions of Self Storage.

So, yes, there are certainly quite a few moving parts that could be at first glance, complex and overwhelming, but we can explain it quite simply and even help you with back-of-the-napkin math to see if it all pencils out.  And if so, how you would systematically go about either making that decision to move forward OR, better yet, to actually sally forth, break ground, and get it done.

Please let me know if we can be of any help.

Good luck!

Scott 

Hey Sam!

We have about 6-8 Self Storage Passive Investment opportunities a year that might interest you.

Please let me know if you'd like to discuss by messaging me and we'll give you the general scope of what we're doing & how.

Scott