5 Top Tips for Making a Self Storage Investment
If you’re considering putting money into a self storage investment, you’ll need to plan ahead. Here are some top tips to get you started.
Is earning a passive income something that sounds interesting to you? If so, you may want to think about getting into self storage investment. Self storage investing represents an amazing passive investment opportunity that allows you to make money in an easy way.
This article will take you through the most important points to know about self storage investing and how you can get started today. Read on to find out more.
Why Self-Storage Investing?
More and more people are recognizing the amazing business opportunity that investing in self storage represents. But what makes it such an attractive option?
For one, it’s a lucrative industry that’s projected to only go from strength to strength. It’s also a recession-proof industry—people will always need somewhere to store things. All of these facts make it a safe investment.
As well as this, it allows for passive investing, an option that is attractive to many. The opportunity to earn money without so much as lifting a finger is an appealing prospect.
1. Do Plenty of Research
Whenever you’re going to invest money—no matter how much or little it is—in something, it’s important to do your due diligence. You should find out about the advantages as well as the possible disadvantages of this type of investment. You should also make sure to consider all of your options in terms of which facility you invest in or which investment company you work with.
2. Know How Much of Your Income to Invest
One of the biggest decisions you’ll need to make is the size of the investment you want to make. How much you are able to invest will, of course, depend on your financial situation and the financing options available to you. In general, around 10-15% of your income is a good jumping-off point.
3. Have a Plan in Place
Make sure you have a sound plan about when, how, and with whom you are investing your hard-earned money. If you’re seeking financing from a bank, a business plan will be a requirement. But it’s a sound idea to have a plan for your own peace of mind and financial security as well.
4. Choose Your Investment Type
There are different ways you can invest in self-storage. You can choose the passive investment route or, if you prefer, you can purchase your own self-storage facility. Both options have their own pros and cons, so this is important to research thoroughly.
5. Find Your Financing
How are you going to fund your investment? This is something you’ll need to decide before you make any other business decisions. Will you be using a portion of your own income, seeking help from investors, or taking a loan from a financial institution?
Self Storage Investment: an Amazing Business Opportunity
Self storage investment can be a lucrative business opportunity when done right. Follow the above tips to make the soundest investment you possibly can. If you’d like to discuss getting started in self storage investing, get in touch today.