About 6 months ago I attended at 3 day work shop on Self Storage.
Now I have nothing against self-storage. I f you can find a good facility for sale at a reasonable price then go for it.
The income is steady and you can do well. My issue was with the premise postulated by many in the industry. Self storage is supposed to be this hassle free investment , while people investing in residential real-estate spend their time cleaning out toilets.
Repeatedly I heard the lecturer of the group I attended as well as the attendees quoting the same Mantra. “ I am tired of stuffed toilets and clogged drains”.
Let me give a good analogy. When was the last time you heard a restaurant owner say he was tired of cleaning dishes? Probably never.
Restaurant owners don’t do their own dishes, so why would any intelligent landlord be unclogging his own toilets? If are unclogging drains you are not going about real estate investing in the right way.
If you want to be successful in real-estate you MUST ASSEMBLE A GOOD TEAM. In my opinion the foundation of your team is a good property manager. A good property manager will know a good real-estate broker, a good lawyer, etc.
He will take care of the clogged toilets and stuffed drains for you so that you can be out looking for good deals.
Sometimes people can be penny wise and pound foolish. Do not use you time trying to manage your properties, use it doing the one thing no-one else can do for you. FIND GREAT DEALS!!!!
Your comments are welcome.
