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Old 08-22-2019, 11:45 AM
 
8 posts, read 5,295 times
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Does anyone on CD have experience with developing, buying and/or managing a self storage facility? I'm a member of the Texas Self Storage Association and have been interested in potentially getting into the business and wanted to ask a few basic questions to someone in the industry.

Thank you!

JVC
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Old 08-22-2019, 01:27 PM
 
6,836 posts, read 8,182,476 times
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Isn't there someone that you could consult with in the Texas Self Storage Association? It seems that that could be a starting point. My cousin runs a storage business but I have no personal experience to share.
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Old 08-22-2019, 03:22 PM
 
Location: Raleigh NC
9,760 posts, read 7,386,615 times
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RV Park's a no-go?

Have you bought your first home (that you occupy)? Your first rental?

Just how much cash are you needing to diversify from other well-vetted investments, like stocks?
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Old 08-22-2019, 08:39 PM
 
8 posts, read 5,295 times
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@bobromhal. I'm going back and forth on going hard after a RV Park or a Self Storage deal. Just trying to see if either of these two businesses (if any) is something I might want to dive into. Unfortunately I don't have a ton of experience in either. I did a pretty large project in grad school for building a self storage business from scratch, but planning vs. actually implementing are two completely different things.

To answer your question, yes. I own my own home and have three SFH rental properties. The three investment properties are all cash flowing. As of right now, I see them as a long term hold.
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Old Today, 02:13 PM
 
Location: Moku Nui, Hawaii
9,815 posts, read 19,032,547 times
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A self-storage would require on site employees? Which would be different than SFH rentals. Since you've already got the three SFH rentals, expanding those may be a better ROI since you've obviously already got the infrastructure in place to maintain them.
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Old Today, 05:03 PM
 
Location: Gainesville, FL
294 posts, read 63,439 times
Reputation: 387
I always think of RV parks and self storage places as businesses versus real estate investments. While there is obviously real estate involved, site improvement, etc., they are more a business than a passive-ish investment. Sort of like short term rentals - not a passive RE investment unless you’re paying massive sums to a STR PM.

I think you should go ahead and ask your questions. Someone might have answers or been in a similar scenario.
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