This is no time to deal with financial insecurity. It’s hard to be happy when you’re life is filled with stress. Even if you have a successful career and money in the bank, all Americans are within financial harm’s way 24/7 due to an unstable world and financial markets that are at unsustainable all-time highs. So how can you improve your financial sanity with a self-storage facility?
How income properties make your finances more comfortable
When you own income real estate you get regular monthly cash flows, and this income stream has nothing to do with your job. They offer a hedge against concerns about employment, and a safe harbor for rainy days. You can grow that income stream as large as you want, while not injuring your day job and career. Think of it as a profitable way to spend your spare time. And that new source of cash can fund everything from your retirement to your kid’s college and some great vacations annually.
Why self-storage is one of the best options for income investment
Self-storage facilities offer some unique attractions over other real estate options
- Monthly income generation with regular rent checks every 30 days.
- Superior collections policy with the ability to auction unpaid units to recoup rent.
- Simple business model with no chance of technological replacement.
- Solid supply in both good times and bad.
- The ability to often buy from original mom and pop builders at low prices.
- Plentiful financing from banks if the seller will not carry the paper.
What works and does not: the truth and not the fiction
Self-storage has changed significantly in recent years – and that has accelerated due to the pandemic in 2020. With most of America migrating from urban environments to suburban and exurban, the future of making money is with single-story facilities in predominantly residential locations. The days of multi-story climate-controlled structures doing well is long over. Due to oversupply in the big city, you will only encounter lower occupancy and rents in those markets. However, there is good money in buying more rural facilities that are focused on the old-fashioned drive-up and roll-up doors that customers prefer and that you can buy directly from moms and pops at good prices. This is where the demand is and these locations are protected from over-building.