Listen Date: 11/2020, Source
- Ryan Gibson of Spartan Investment Group
- “Self storage is great because it revolves around life events and life never stops occurring – whenever life changes, you need a place to store your stuff”
- Part of the agreement of using storage is that the operator gets a first position lien on your stuff so if you don’t pay then they can just sell your things for a profit
- Ability and ease of building will differ city-by-city – some cities have moratoriums on self-storage
- Viability of the business plan is based on demand so your market study is very important
- Austin is not a good city for self-storage
- What is the population within 4 minutes and 8 minutes of your property?
- What are comparable rents?
- They only develop in the state they live in – Washington & Colorado
- There are only 50,000 total self-storage properties in the USA so competition is intense
- Target customer is 70-year old woman so need to make the property feel safe – cameras, new fence, fresh paint
- Make it convenient – notary service, ice vending machines, car wash
- Self-storage auctions – www.storageauctions.net
- If tenants haven’t paid in 5 days they get a late fee and unit is locked automatically
- The gate code that let’s that late tenant into the property will automatically turn off also