Are you looking to invest in something? If so, then consider investing in storage units. You’re probably asking yourself if storage units is a good investment and the answer is yes, they are. Here are a few benefits and reasons why you should invest in storage units from someone who has built his own facility and now running them very profitably.
1. Easy Management- Perhaps the main benefit of investing in storage units is you don’t have to spend a lot of time managing them. In fact, when you own a storage unit facility, you won’t have to worry about tenants, plumbing leaks, toilets and other types of maintenance issues associated with managing other types of properties. The truth is you don’t have to be there to keep an eye on the property because you can install security cameras, alarms and other types of security tools. If you want to invest in property, but you don’t want to spend too much time managing it, then consider investing in storage units.
2. Virtually Recession Proof- Not many investments are recession proof, but storage units are virtually recession proof. Think about it, when a recession occurs, one of the first things people do is downsize their home so they can move into a smaller one. If they can’t fit their belongings in their new home, then they tend to rent a storage unit. Unfortunately, recessions can hit people hard and this results in them needing to sell their homes.
Those who rent a home are more likely to use storage units than those who own a home. This is because renters tend to move around more frequently. If you own a storage facility, then you can be there for those who need to store their things when life gets tough.
3. No Evicting Tenants- If you own a residential property or commercial properties that you rent out, then you always risk the chance of having to evict a tenant. Nobody enjoys the eviction process because there are a lot of headaches involved and you have to do everything according to law. Not only that, but it’s stressful for the landlord because most landlords don’t want to or enjoy evicting tenants. With storage units, you don’t have to evict anyone and if someone doesn’t pay you for the unit, then you can cancel their agreement and rent the unit to another person.
4. Return On Investment– Many types of investments take a long time before they return profits, but storage units are in a class of their own. There are many ways to increase their value, thus increasing your profit potential. For example, you can upgrade your units and allow people to store large vehicles and you can add solar panels and things of that nature. The bottom line is the return on investment is potentially huge with storage units, and they can pay for themselves within a very short period of time.
5. Less Competition- One of the best things about storage unit investments is the lack of competition, and this is a good thing for those who invest in storage unit properties. A lot of people think of storage units as being boring investments and if you buy a storage facility, the chances are you won’t have much competition. If you want to get involved with an investment that doesn’t have a lot of competition, then do yourself a favor and invest in storage units.
6. Growth Potential- There is a lot of potential for growth. When you buy a storage unit property and it starts to do very well, you might be interested in investing in another one and the chances of being able to afford to do so will be high. What you can do is wait until your first investment has paid off and then you can buy another storage facility and when that starts doing good, then you’ll be making even more money.
The time to start investing in the storage unit industry is now. The chances are it will continue to grow and there will likely always be a need for them. If you want to experience the above benefits of investing in storage units, then start doing it soon, but do your research on different storage units in the area.