@Vivek Kumar I ask for proof of liquidity, whether it’s a balance in the bank or a shoe box of cash.

Market OverviewThe Los Angeles self-storage market showed signs of stabilization in Q1 2024 after experiencing some softening in 2023.

The original Idea was to convert the storage unit into a J-ADU, but since we don’t plan on being here after the garage conversions are done, the owner occupancy requirement for JADU will not be satisfied.

. - Are their ways to add other income streams to the building such as: washer dryers, parking, storage units, etc... - Also, spend some time before/after to drive by comparable properties in the neighborhood to understand your competition and the rents they are asking. 

To provide some background here, my wife and i recently purchased a triplex that has an existing 500 sq.ft attached storage unit (conditioned space) and a detached 5-car garage.

Looking to get into the field of RV Storage.

No new clothes or shoes and learn to cook.

So we went into the commercial space and pivoted to self-storage.

I know there is a company that is working to use AI to streamline self-storage revenue, though I cannot recall the name right now.

In my case, I have residential rentals in one LLC, commercial properties in another, self storage in a third, and my real estate company operates in a fourth.