I was in the storage business for thirty years and you are doing a lot of things right. I would recommend requiring all new tenants to use round "disc" locks. They are much more secure, and although you can have the customer supply their own, selling the locks is an additional small money stream.
@@bobcaygeon975 you can break just about anything if you really wanted to, they are harder to just crack open without picking it open compared to a regular master lock
one thing to consider is close out stores like Ollies, an extra 100 bucks can spruce up a unit. They often sell garage LED screw in bulbs for 10-20 bucks (35-40 at lowes/homedepot) and small box fans for 30 or under. Add some sockets, switches and outlets, one time payment of ~100 can net you an extra 15/month with some folks who enjoy the courtesy of a ceiling light and fan.
Wow, that’s crazy hearing the prices that you rent for in the US. Here in Canada a simple 10 x 10 locker cost around 349$ and some of the biggest units for storage cost upwards of 937$ for a 15x30 Also, there are waiting list to get into them
Thank you for posting your experiences with self-storage. I appreciate your comparisons of pros and cons with other businesses that you have. "Boring" sounds very appealing as an investment class. I look forward to other videos about your self-storage. It was great to meet you on your recent visit to Rockford.
I heard many people advise me to get into the self storage industry. I wish you luck with this venture! Crazy stuff can go down with these things! Stay safe!
I’d love to see a miniseries or just a little bit more information about this. I’ve been interested in buying one for years and now I have cash in hand to buy one.
The problem for my perspective is it's really hard to video because it's a very boring business I can probably do two or three videos. What I would like to do at some point it is a series on building one from scratch
@@InvestmentJoycurrently im a 20 year old zoomer with a somewhat low attention span but somehow always enjoy watching your videos all the way thru! Youre an entertaining person and creator! Would eat up all the advice you give!
I appreciate the comment, ultimately I want to bring value to as many people as I can, especially people that are at the point I was, when I was 20. I had no clue what I wanted to do.
Brandon I've been thinking about building one of these for years. Already own property on a main state road. Just wondering what would you think the minimum number of units to start and what sizes? Most of the facilities in my area recently all changed to the name "Local Storage" not sure if they were all bought out or if this is a big company that comes in to run them.
Yeah I can't give you an advice on the other company but my recommendation is always to go talk to people in your community and see what they want. There's people here in my area that need much larger storage systems, yet the big time investors are only building very small ones
The unit would have been $134/mth. 7×7. But theres alot of gate access , The road in that place is, kind of bad, has laundry mat. Theres a place like that, is a flea market, ive never gone to. But heard about. Good build a larger efficient property. Not bad and clean units.
For what i hear it looks like having different business can be a headache. Dealing with taxes, lawyers, customers, managers, insurance, the city etc. I am glad i have a career where i get paid for my skills with no headaches
More or less you're never going to find a grant to buy a facility like this. But there are a lot of loan programs they can help you get something like this with minimum money down
There’s always someone with capital who’s looking to invest but doesn’t have time to find deals themselves or doesn’t know where to find the deals. I’m not saying it’s easy, but if you’re competent and have a deal that’s truly a good opportunity you’ll eventually find someone that can provide the required capital…
That's interesting I'm not very familiar about it at all in the uk. I know when I had to go to Roofing school though they had a pretty neat segment on Roofing in the UK
@@InvestmentJoy it was amazing to see its go up so quickly most of cost a bomb multi concrete pads and went up in sections on another site it was just outer storage lockers with fencing, oh cool yes I bet american roofing is quite different to uk
American versus British Roofing methods are definitely different but what blew my mind is some of these projects we are doing now are much more similar to what you guys do. We actually just got signed on to a job where the process would be identical. The only difference is we're using Imperial still for some reason and you guys of course would be using metric
So in my comment I'm mostly talking about Commercial Roofing methods. Residential methods absolutely are hugely different but something that I don't think many Europeans would consider is just the types here in the United States we have many areas of the country that use concrete slate and other hard materials for roofs. Then in many others we use shingles, yet many others are rapidly going to all metal roofs. Those of which I'm a huge fan of has my Grandma's old house had a well-maintained metal roof installed in the late 1800s and it's still there
I always wanted to do this, but alot of people already own some in like every town i see. I truly wonder what the vacancy is for them. My dad has been renting a unit for like 10+ years. They def made money off him lol
A meth-lab storage unit provides the most income per sq. ft. It's all about risk/reward tolerance. Considerations include explosion dangers, venting, hazmat disposal and partners potentially turning States evidence. I wouldnt recommend it, but it was prevalent and wildly successful in the M/C club community years ago.
Dang I'm paying $85 for a 5x10! My storage unit I moved out of was a 10x15 and the rent was going to be $130 a month which would put a big dent in my budget.
I personally only store my stuff at storages that have brick walls. The storages in this video are way too easy to break into. The roof is always a weak point no matter what.
There you go. I've been shocked at the people that have come out of the woodwork over the past 3 to 6 months to talk about how bad their trailer park experience has been.
You can double your money investing into sealed pokemon easily. Not a single sealed pokemon box is below msrp.(4 years is max time frame) Base set 1st edition goes for 250,000. 3 year old sets are all double and one is going for 7x. Stop doing business and buy pokemon.
@InvestmentJoy singles prices drop drastically if they aren't in great condition. If they are in good condition the real value comes from grading them. Hope you got some winners. Been watching you a while. I love investing now.
Nothing wrong with speculation in collectables like that, but at the end of the day it is speculation, and you only have an asset you have to sell to make money. The storage facility, and other businesses, make money without ever needing to sell the asset, which over the long term is a safer bet, and considered a real investment rather than speculation. Again, I own and buy and sell lots of collectables, and I think it’s a great way to make money and enjoy the hobby at the same time, but it should be in balance along side owning real businesses, real estate, stocks etc.
It far less risk than a single renter, and SO much easier to kick out tenants who aren’t paying than housing, plus I suspect a small house in that area for what he paid for this place would be lucky to bring in $1500, much less $3500
@@nodsib true, I didn't catch what he paid for it. But dealing with 30 tenants, dealing with the general public, setting up software, bums and vandals, stripe fees, etc etc a pass for me. I'll stick with my rentals where I get my Venmo every month with one family I have well vetted in a A tier area (Arlington, VA),, better financing options and likely far better appreciation and resistance to recessions.
@@InvestmentJoy millennials are different from the boomer generation. we are more minimalist and over the next decade you'll see the need for self storage drying up...
I think that could very well be possible, but there's so much that you could do with a storage facility. I've even run the map on turning them into tiny apartments and it's not terrible
Could you buy a bunch of used shipping containers and put them all in a row and weld them together? Maybe cover the tops with an inch or so of earth to look nice? I see prices of around two thousand for a 40ft container, of course it would cost you to have them shipped to you but it's still cheap. I imagine you could also stack on top a 20ft container to sell at a discounted rate, leaving 10-20 ft for access into it (discount because no direct car access)
@@InvestmentJoy I'd argue there is still a negative bias with regard to customer quality, and customer vetting isn't free. Instead, you could spend the same amount of money with a positive bias. Specifically "prepay 1 year, and get 1 month free".
You could do that but consider it if you're a reasonable person and you have to spend either $1,000 up front for $100 a month for a while you're going to go with $100 a month. The secret is when you go to put somebody's credit card information in you can test that credit card to see if it's good or not. When we talked about a vetting process It could only cost $1
This is a loooooooong way from that train station house. I still liked the festival parking business..too bad some jealous people had to assholes and spoil it.
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I was in the storage business for thirty years and you are doing a lot of things right. I would recommend requiring all new tenants to use round "disc" locks. They are much more secure, and although you can have the customer supply their own, selling the locks is an additional small money stream.
I agree with you, it's a great way to increase security and revenue!
Lockpicking Lawyer has a video to break those in 45 seconds 😢
@@bobcaygeon975 you can break just about anything if you really wanted to, they are harder to just crack open without picking it open compared to a regular master lock
@@bobcaygeon975 he has those sorts of video for basically any lock.. :)
@@bobcaygeon975 They can be beat, but they are still safer than standard padlocks.
one thing to consider is close out stores like Ollies, an extra 100 bucks can spruce up a unit. They often sell garage LED screw in bulbs for 10-20 bucks (35-40 at lowes/homedepot) and small box fans for 30 or under. Add some sockets, switches and outlets, one time payment of ~100 can net you an extra 15/month with some folks who enjoy the courtesy of a ceiling light and fan.
Wow, that’s crazy hearing the prices that you rent for in the US. Here in Canada a simple 10 x 10 locker cost around 349$ and some of the biggest units for storage cost upwards of 937$ for a 15x30
Also, there are waiting list to get into them
It's possible to see high ones here, just not in my small town
Wow, a waiting list? Is self-storage owned by the NHS or something?
@@floydlooney6837probably just a matter of high demand and low supply
It's the same here in New Zealand. Theres often a 6-12 month waiting list in the bigger cities e.g. Auckland
Here in New England $300-900 a month is typical, I have never seen one sub $100.
Thank you for posting your experiences with self-storage. I appreciate your comparisons of pros and cons with other businesses that you have. "Boring" sounds very appealing as an investment class. I look forward to other videos about your self-storage. It was great to meet you on your recent visit to Rockford.
Glad I could help! It's always nice to have some face-to-face time, even in Rockford.
I heard many people advise me to get into the self storage industry. I wish you luck with this venture! Crazy stuff can go down with these things! Stay safe!
From my standpoint ANYTHING can go downhill, there's certainly no guarantees.
I’d love to see a miniseries or just a little bit more information about this. I’ve been interested in buying one for years and now I have cash in hand to buy one.
The problem for my perspective is it's really hard to video because it's a very boring business I can probably do two or three videos. What I would like to do at some point it is a series on building one from scratch
@@InvestmentJoy I’ll take any information I’d figure its a very simple business that would only need two or three videos
Yeah you're about right I've debated I'm taking some of these topics and then just making like a 1-hour mini- documentary on it and calling it a day
@@InvestmentJoycurrently im a 20 year old zoomer with a somewhat low attention span but somehow always enjoy watching your videos all the way thru! Youre an entertaining person and creator! Would eat up all the advice you give!
I appreciate the comment, ultimately I want to bring value to as many people as I can, especially people that are at the point I was, when I was 20. I had no clue what I wanted to do.
I would say get a gate and fence with video coverage 100%.
Love the detail provided!
Keep crushing it brother 💯
Thanks!
Brandon I've been thinking about building one of these for years. Already own property on a main state road. Just wondering what would you think the minimum number of units to start and what sizes? Most of the facilities in my area recently all changed to the name "Local Storage" not sure if they were all bought out or if this is a big company that comes in to run them.
Yeah I can't give you an advice on the other company but my recommendation is always to go talk to people in your community and see what they want. There's people here in my area that need much larger storage systems, yet the big time investors are only building very small ones
I've heard of people using properties like these as something like a Flea Market.
Have you ever looked into the viability of that?
Not yet but it's a fantastic idea
1:41 having a speedway across from it is actually clutch.
Agreed
We need to call this man the guy who owns every Buisneess you can think of.
It’s crazy how parts of the USA differ. Where I am at, that’s a $800k mil facility. Rent can be $180-200 or more per more. Taxes probably 5k a month
Yep, both the blessing and curse of a LCOL area
The unit would have been $134/mth. 7×7. But theres alot of gate access ,
The road in that place is, kind of bad, has laundry mat. Theres a place like that, is a flea market, ive never gone to. But heard about.
Good build a larger efficient property.
Not bad and clean units.
I appreciate this and would love to meet up sometime when you’re in Rockford
Building a website to help get communications out to people whenever I'm in town with a meet-up.
@@InvestmentJoythat be great last meet up was a blessing good networking
Jake you live in Rockford area
How long before you kick out a non-paying tenant? Have you ever consider selling new locks to customers when they sign up?
Usually it's two billing cycles that is missed
I love this!!
Thank you
Sounds like a great job for your roofing group when they don’t have enough work. Building storage units I mean
Would be great
For what i hear it looks like having different business can be a headache. Dealing with taxes, lawyers, customers, managers, insurance, the city etc. I am glad i have a career where i get paid for my skills with no headaches
It's certainly not for everyone
There’s a cheap self storage here in my hometown for sale. I wish I had the capital and it’s super cheap!
Pitch some investors and see if they'll back you.
@ any tips on how to find them and pitch?
If you need a self-storage door lock, please contact me, we have a lot of warehouse door project customers use this lock
@@ItsQuinten find local investment clubs or organizations
WOW! Thanks so much for this video 😃 I been thinking about buying one.
* I wonder if I can got a grant to start
More or less you're never going to find a grant to buy a facility like this. But there are a lot of loan programs they can help you get something like this with minimum money down
There’s always someone with capital who’s looking to invest but doesn’t have time to find deals themselves or doesn’t know where to find the deals. I’m not saying it’s easy, but if you’re competent and have a deal that’s truly a good opportunity you’ll eventually find someone that can provide the required capital…
Yours is the first ive ever seen that doesnt have a fence around it. fenceless doesnt exist in my area
There's three or four facilities that I can think of in my area that do not have fences
Excellent video. Thank you!
You're welcome!
i would never rent one of those looks like a sketch area where sum guy with bolt cutter can just steal my stuff
great video, thanks Brandon
Glad you liked it!
wait did you just say that whole place does 24k top line revenue in a year?
@@ryanwuzer yeah
Do you sale Unite If same one need to buy from you?
We get alot of these internal storage stuff in the uk on industrial estates with containers outside all with fencing and cameras
That's interesting I'm not very familiar about it at all in the uk. I know when I had to go to Roofing school though they had a pretty neat segment on Roofing in the UK
@@InvestmentJoy it was amazing to see its go up so quickly most of cost a bomb multi concrete pads and went up in sections on another site it was just outer storage lockers with fencing, oh cool yes I bet american roofing is quite different to uk
American roofing ’shingles’ is what we use on our wooden garden sheds in the UK. Roofs here use stone slates or concrete roof tiles
American versus British Roofing methods are definitely different but what blew my mind is some of these projects we are doing now are much more similar to what you guys do. We actually just got signed on to a job where the process would be identical. The only difference is we're using Imperial still for some reason and you guys of course would be using metric
So in my comment I'm mostly talking about Commercial Roofing methods. Residential methods absolutely are hugely different but something that I don't think many Europeans would consider is just the types here in the United States we have many areas of the country that use concrete slate and other hard materials for roofs. Then in many others we use shingles, yet many others are rapidly going to all metal roofs. Those of which I'm a huge fan of has my Grandma's old house had a well-maintained metal roof installed in the late 1800s and it's still there
Needing to start one
Self storage is a good safe investment
I think it's good for alot of people.
Are you going to do an update on Jaclyn's laundromat?
I need to last time I checked she was in the process of selling it.
I always wanted to do this, but alot of people already own some in like every town i see. I truly wonder what the vacancy is for them. My dad has been renting a unit for like 10+ years. They def made money off him lol
Call the place and ask how many are open :)
A meth-lab storage unit provides the most income per sq. ft. It's all about risk/reward tolerance. Considerations include explosion dangers, venting, hazmat disposal and partners potentially turning States evidence. I wouldnt recommend it, but it was prevalent and wildly successful in the M/C club community years ago.
Storage unit is the best place to dump your junk instead of paying dump fees.
Yeah okay sure it's definitely much cheaper to get a unit 😉
I've seen people do it, also seen people get felony-level convictions over it too.
Dang I'm paying $85 for a 5x10! My storage unit I moved out of was a 10x15 and the rent was going to be $130 a month which would put a big dent in my budget.
Is it really worth it to store stuff for that $$/month?
@@billjonesnation yes. Valuable stuff you dont have space for if you're inbwtn homes that dont have a big enough garage.
Crazy, but i've seen higher.
The city is going to make him put in a sprinkler system, someday. He has no fire suppression system. Im surprised nobody mentioned it.....
They won't. The benefit of small town ohio.
Thanks!
A lot of people have too much stuff.
Guys off the rails buying everything lol
are the storage units less of a pain in the ass than the trailer park?
Yeah if you watched the entire thing I mentioned that this has to be one of the most boring easy businesses to manage
Don't take offense but that area looks fairly rundown, with such easy access to the storage units - theft must be high right?
Not bad at all. We have a brand new state of the art, gated facility and it's about the same
Insurance and security where I live doesn't make this very viable to be honest.
Not sure about your area but it works here
@@InvestmentJoy In Australia mate. Unfortunately there are some stringent laws on insuring content and liability in some states.
Since you already owned the self storage unit, why don’t you start a moving company and storage? That’s what my boss did.
That would be fun
No security gate is crazy
Self storage is a cash cow with rents on apartments being so high
I personally only store my stuff at storages that have brick walls. The storages in this video are way too easy to break into. The roof is always a weak point no matter what.
So in this case you would not have an eligible facility anywhere in my county.
Ill be there next week buying property and breaking ground on a secure facility
Kthanx
Did you watch storage wars
A little bit, I've rarely had cable TV in my lfoe
He needs to be careful they will come around with the TV crew and start emptying his units
More videos!
I think I'm trying to be you. Lol.
Sold my trailer park to build a self storage facility. Looking to add a car wash and laundry mat.
There you go. I've been shocked at the people that have come out of the woodwork over the past 3 to 6 months to talk about how bad their trailer park experience has been.
Need storage door lock can contact me, there are lock factories, we also have storage project customers
Your videos are super underrated for the amount of views. It's only a matter of time before it blows up. Very entertaining, keep going man.
Appreciate that, thanks for the support!
You need to gate it !!! Or expect more vandalism or security
More security , we now have tracking cameras on-site.
Hey 👋 B
People of the spoon at it again in OH.
Such is life for a lot of people in the United states. At least we don't have too many Florida man up here
Property taxes? Maybe missed that conversation
You can double your money investing into sealed pokemon easily. Not a single sealed pokemon box is below msrp.(4 years is max time frame) Base set 1st edition goes for 250,000. 3 year old sets are all double and one is going for 7x. Stop doing business and buy pokemon.
I have several sitting on my desk right now that I traded into a while back. I need to look at them and see how much they go for
@InvestmentJoy singles prices drop drastically if they aren't in great condition. If they are in good condition the real value comes from grading them. Hope you got some winners. Been watching you a while. I love investing now.
Nothing wrong with speculation in collectables like that, but at the end of the day it is speculation, and you only have an asset you have to sell to make money. The storage facility, and other businesses, make money without ever needing to sell the asset, which over the long term is a safer bet, and considered a real investment rather than speculation. Again, I own and buy and sell lots of collectables, and I think it’s a great way to make money and enjoy the hobby at the same time, but it should be in balance along side owning real businesses, real estate, stocks etc.
The self storage unit i rent is $90 every month.
How big is it?
@InvestmentJoy 10x10. $80 plus the storage charges $11 for renters insurance.
What do you think of these storage auction shows?
Seem interesting but I don't watch often
Looking for someone honest and reliable in Illinois?
Yeah we are planning on actively hiring the first part of next year in Rockford
Seems like a lot of work for $2k in revenue, I can just buy a small house and rent it out for $3,500~ per month.
30min/wk for $2k/mo?
It far less risk than a single renter, and SO much easier to kick out tenants who aren’t paying than housing, plus I suspect a small house in that area for what he paid for this place would be lucky to bring in $1500, much less $3500
@@nodsib true, I didn't catch what he paid for it. But dealing with 30 tenants, dealing with the general public, setting up software, bums and vandals, stripe fees, etc etc a pass for me. I'll stick with my rentals where I get my Venmo every month with one family I have well vetted in a A tier area (Arlington, VA),, better financing options and likely far better appreciation and resistance to recessions.
So what can i do to do a job for u?
You're in Rockford, right?
@InvestmentJoy yes Icedog handyman
@InvestmentJoy and you took a picture of the business card
james freeman youtube channel
self storage is such a saturated market
Is that true for every community in the United States?
@@InvestmentJoy millennials are different from the boomer generation. we are more minimalist and over the next decade you'll see the need for self storage drying up...
I think that could very well be possible, but there's so much that you could do with a storage facility. I've even run the map on turning them into tiny apartments and it's not terrible
Didn't you just mortgage everything for another project?
Everything I personally owned - Didn't have to mortgage my holding companies :)
you need to be investagated by IRS you are involved in some shady shady crap
@@mr.stonerUDX714 why do you think that?
8:16 If there was a problem, yo, will you solve it 😂😂
lol
How was your real estate doing?
Not bad just slow
Could you buy a bunch of used shipping containers and put them all in a row and weld them together? Maybe cover the tops with an inch or so of earth to look nice? I see prices of around two thousand for a 40ft container, of course it would cost you to have them shipped to you but it's still cheap.
I imagine you could also stack on top a 20ft container to sell at a discounted rate, leaving 10-20 ft for access into it (discount because no direct car access)
Yes, I have a facility that did this near me
Yes I definitely could I would just need more space for them which I really don't have a lot of at this place
Charging for unsecured storage units is wild
Not if people are willing to pay for it.
lol
"First month free" sounds like a strategy to maximize your deadbeat and spoonie problems.
I'd agree, but generally there's a lot of strings attached to help filter out bad customers
@@InvestmentJoy I'd argue there is still a negative bias with regard to customer quality, and customer vetting isn't free.
Instead, you could spend the same amount of money with a positive bias.
Specifically "prepay 1 year, and get 1 month free".
You could do that but consider it if you're a reasonable person and you have to spend either $1,000 up front for $100 a month for a while you're going to go with $100 a month. The secret is when you go to put somebody's credit card information in you can test that credit card to see if it's good or not. When we talked about a vetting process It could only cost $1
I aM nein years okd shuldni buy it invested joy?😺😁
I meaned If i shuld bye storeage
Sure
@@InvestmentJoy I only have 13 dolar
How many meth labs did you find?
None...yet.
@InvestmentJoy Btw those fireproof Sentra Safe lock boxes they can be open with a skeleton key I seen people on RUclips open them with nail clippers.
Please contact me if you need storage door locks
What's the best way?
@ There is a circular lock that switches the lock on and off through the NFC function of the phone
@@InvestmentJoy You can check out this video about using this lock for container doors
This is a loooooooong way from that train station house. I still liked the festival parking business..too bad some jealous people had to assholes and spoil it.
Seems to be such as life