Were you aware that investing in a secure self-storage facility is one of the best ways to earn passive income?
A self-storage facility allows people to store things whenever they’d like. This is a convenient option when one is moving or doesn’t have much space.
When investing in one, you’ll generate passive income by charging customers to use it. You can decide how to charge them, though monthly payments are common.
Before investing in a secure self-storage facility, you should know how simple it is to do so. Fortunately, Kingdom Storage Partners has all the info you need to know.
Read on to learn how to invest in a secure self-storage facility!
Decide Whether You’ll Purchase an Existing Facility
When it comes to investing in a secure self-storage facility, one of the main things you should think about is whether you’ll buy an existing facility. Doing this prevents you from having to spend more funds building a property, though you’ll have limited customization options.
If you’d like to buy an existing facility, you’ll need to search online for available ones, like you would with any other property. From there, you can meet with sellers and browse different facilities to decide which one suits you best.
Research the Local Market
Self-storage investing requires a lot of research if you want to get the most for your money. Because of this, you should find out whether this type of facility is popular in an area that interests you. While investing in a self-storage facility doesn’t require being near it, it’d help if you decide to manage it.
You can learn more about what the market is like by reviewing profit and loss statements from sellers. Keep in mind that some facilities will generate more money than others, so research various to find out what the averages are.
Consider Hiring a Property Manager
Earning passive income with a self-storage facility is made simple when you hire a property manager to handle everything for you. Property managers generally work for apartment and condo owners, though you can find ones that’ll help you manage your facility in the same way.
When hiring a property manager, you’ll essentially be getting someone that’ll oversee the entire facility. Not only will they work with customers, but they’ll also deal with maintenance. This would give you more time to focus on other investments, making it easier to expand your portfolio.
Start Looking for a Secure Self-Storage Facility
Now that you have a better idea of how to invest in a secure self-storage facility, you’ll realize that investing is one is like other types of properties. Whether you decide to build one or buy an existing facility, ensure that you do your due diligence to maximize profits.
Here at Kingdom Storage Partners, we regularly work with both new and experienced investors to help them find the right properties. With our help, you’ll have an easier time deciding which route is best for you.
Contact us now to learn about our self-storage investment options.