5 Tips for Building Wealth With Self-Storage Investing
Building wealth can be easy if you know how to invest in self-storage. Click here to learn more about how the storage industry can make you money.
Did you know the storage facility business is worth $39.5 billion per year? This huge sector is forecast for even more growth in the coming years. But do you know the many benefits investing has?
With a low entry cost and little involvement, storage is an investor’s dream.
Read on as we give five ways you can begin building wealth with self-storage investing.
1. Low Overheads
Buying storage space is relatively cheap in comparison to other property investments. You will need an insurance premium, a monthly fee for letting space, plus some security.
You are not running a shop or office, so bills are almost non-existent. You hardly have any staff, and even the security can be leased out to a third-party company.
2. Low Maintenance
The money people pay you for storage rental is paid monthly into your account. You don’t have to chase people down for rent or maintain the property as you do with tenants. In addition to this, you don’t need to be at the storage units that often.
This means once the business is set up, it can almost run itself.
With just a regular look at marketing to ensure the units are filled, you can spend the rest of your time increasing income in other ways. All of this makes it a perfect method of building passive investments.
3. It Is a Safe Investment
Investments in stocks and physical commodities, such as gold, always go up and down. However, self-storage is a way you can be earning passive income in both types of markets.
When the economy is strong and the housing market booms, people want places to store items as they move around. They may also store items if they get temporary jobs in new places.
If the economy takes a turn for the worst, you often find many people selling their houses. This means they need a place to store items as they move into smaller, rented accommodation or downsize their existing home. For you, it means you are earning money whatever the situation.
4. It Is an Easy Entry Method of Building Wealth
You don’t need to understand global economics when building passive investments with storage. All you need to know is how it works. Perhaps you may have to do some marketing to advertise the service, but you certainly are not required to understand finance or business.
In fact, self-storage is a great way to learn how a business works, in the most risk-free way possible. You can do all of this while earning money, which you can put toward more investments.
5. It Is Relatively Stress-Free
All of these factors amount to a relatively stress-free investment. If we have learned anything in the past few years, it is that many things can change quickly.
Instead of growing wealth with volatile methods like cryptocurrency, go for something that is much more stress-free, such as self-storage.
Starting to Invest
Now you know how easy building wealth is with self-storage, it makes sense to begin as soon as you can. You can either consider building your own or buying into existing units.
Your first stop should be Kingdom Storage Partners. With 30 facilities in 9 states, we are the nation’s experts in storage investing. Click here to contact us and see how we can help you on your path to wealth building.