Questions to Ask Before Acquiring a Self-Storage Facility
When considering acquiring a new facility as an investment option, there are some important questions you should ask yourself and your self storage facility:
What are the current rental rates that similar places are charging around here? We need to know this to figure out if the property can make us enough money.
What type of security measures are in place at the facility? Like, do they have good locks, cameras, and alarms? We want to make sure our investment is protected from theft and damage.
What are the terms of lease for tenants? Understanding how leases are structured will provide clarity on how much money can be made from renting out units and help you determine if this type of investment.
Do they offer any extra services, like climate control, packing stuff, or truck rentals? If they do, it might attract more customers and increase potential returns.
Is there a possibility of expansion in the future? If there's a chance it could grow, it might be a really good investment for us.
Are there any other associated costs to consider, such as insurance or taxes? We need to be sure we're considering all the possible expenses before we decide to invest in this self storage place.
By taking the time to ask these questions, we can be sure that we have all the information necessary to make an informed decision about acquiring in a self storage facility. Investing in self storage can be highly profitable and rewarding if done correctly.
Reach out to Greenwood Self-Storage Funds here for more information and investment opportunities in the self-storage insdutry.
