Profit Off of America's Terrible Spending Habits

Save it for later, you’ll never know when we might need that _____. You can probably fill in this blank with hundreds of items. We all collect stuff and lots of it for that matter. Americans love to buy and keep possessions throughout their lifetime. Our houses are filled with items we rarely if ever use and a lot of the time we want somewhere else to store our stuff. I recently just finished reading Paul Moore’s book on self-storage investing and it sparked some interest in me. In this post, I’d like to share some information on self-storage and some ways that you might be able to benefit from it.

The need for self-storage units is on the rise as more and more Americans continue to buy items. Basements and attics are filling up and people want somewhere safe to store their personal belongings. It is a great time to purchase a storage facility but how do you go about doing it?

One tactic for purchasing a storage facility is to find a mom and pop owned facility. These facilities may be slightly run down and only have a few modern amenities that some of the newer facilities have. Hopefully, you can purchase one of these facilities below market value and add value to increase the return on this investment.

How to add value

The first thing you will want to do is to do some basic maintenance and updating. You will want to make any necessary repairs to the structures to ensure their reliability. Next, you will want to paint, and add LED lighting to allow users to feel safer when at the facility. You will want to add a gate and fence if the property does not have one for security. During this time you will also want to get all delinquent users up to date on their payments and raise rents if they are below market value.

Next, you will want to add an office for new and existing customers to go to at the facility. You will want to make this office nice and inviting to get more people in the door. Here you will sell scissors, tape, boxes, and other items for another source of income.

Another great way to increase revenue is to add U-Haul rentals to the facility. For little cost out of your own pocket, you will have a steady source of income coming in each month. People who are moving their stuff into your facility will likely need a big vehicle and they can rent it right from your facility.

Another thing to add is some climate controlled units. These are typically in high demand because people want to make sure their stuff will not be damaged by the elements. Adding climate controlled units will be an excellent way to increase your return.

These are just a few ways to add value to a storage facility and the great thing about this type of investing is there are numerous other ways to bring in more of a profit. Self Storage investing is expensive and can be a challenge to get into. That being said, there are high rewards for the hard work you put into it. Self-storage is definitely something I will look into in the future and encourage you to do the same!