264. 7 Mistakes to Avoid When Buying a Storage Facility

Self Storage Income

New to self storage investing? Then, at all costs, avoid these seven crucial beginner mistakes. When you’re buying a storage facility, a lot can go right…but a lot can go wrong, too; if you haven’t been in this game for a while, it’s easy to trip up and buy a facility that ends up costing you. So, how do you avoid all the beginner pitfalls that we’ve seen wipe out storage operators before they get their footing? Stick around because we share two decades of mistakes with you, so you DON’T make them.

We’re getting into WHY beginners never buy their first storage facility, the “good” problems you should hunt for when looking for deals, and the WRONG metrics that will throw you off course. We’ll also describe, in detail, how to analyze a market for demand so you don’t buy in an area that DOESN’T need more self storage. Plus, how getting unit sizes right can help you beat the competition and fill up your facility fast.

We’re also highlighting due diligence errors and how to fact-check what the seller reports so you don’t buy a facility different from the one you thought you were getting. And stick around for the end—we’re taking your questions from past episodes and answering them on today’s show!
What you’ll learn in today’s show:

• The seven biggest mistakes you must avoid when buying your first (or next) self storage facility
• Why you DON’T need “everything” to get started and how to get in the game NOW
• The reason we hunt for “good” problems that we can fix (these make the BEST facilities)
• Self storage “rules” you should ignore that could cost you a solid deal
• How to project future demand and confirm that your facility will have high occupancy
• Getting your unit sizes right and how to know you’ll be vacant/occupied after you buy

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