Are storage units profitable? Are storage units a good investment? The answer is yes! If you are looking for how to start a storage business, I can help.
I’ve devoted the last several years of my career to the art of putting together my storage unit business and the deals involved with remotely operating facilities. As of May 2021, my self storage business Bolt Storage owns and operates 20 facilities, 4,154 units and 536,300 rentable square feet of self storage in Ohio, New York and Pennsylvania. We cut costs by removing the on-site manager and instead wrapping the business in technology.
For more in depth of my most recent endeavors, listen to Episode 236 in The Sweaty Startup Podcast.
If you are not located in the northeastern USA, that’s okay because I do business within and outside the States!
How it works (video overview)
Consulting Package* – $2,500
There is a lot involved when starting a storage business, but before we start, the following documentation will be sent by email:
- My monthly cash flow projection model (this is the key aspect of analyzing new deals)
- A list of items you need to get from the listing agent or owner in order to analyze a deal
- My Due Diligence list (after you’re under contract)
- My list of software and tools I use to do a market study and operate a facility
- My prospectus that I send to potential investors (if you plan to raise money)
- My LOI template you can use to put an offer on a property
Next we have our phone call, but prior to our conversation, have the necessary information ready to go:
- Information from the listing agent
- A brief market study
- And fill out the unit mix section of the facility model.
In our One Hour Call, this will be a basic walk through of the underwriting process of a new facility: estimating costs, projecting revenue, and figuring out what the facility is worth to you. This will also be a conversation where you can ask questions and learn about what it takes when owning a storage facility.
One hour is included in this package, but additional time is available: $500 per 1/2 hour.
For more details or questions, please reach out:
* This consulting is for folks with at least $500k net worth (or has access to potential partners) and who plan to purchase a $500k+ self storage facility. Buying any real estate asset is risky and it’s critical you do additional research beyond our call.