Even though we’re in a new age, there are still some basic theories about investing that hold true for self-storage today as well as they did decades ago. But what are these old-fashioned words of wisdom? In this episode of the Self-Storage University podcast we’re going to look at some of the best classic thoughts and sayings and see how they are as relevant today if you want to be a smart storage investor.

There are few skills as important in buying a self-storage facility – or less understood – than the correct way to negotiate. Those who have this skill do well and those that don’t never end up with a deal at all, or they end up overpaying for the asset. So how do you become a pro at negotiating a storage property?

There’s no great success in simply buying a self-storage facility. Any idiot that can write the check for the down payment can accomplish that. Instead, the real trick to buying a storage property is to make money with it.

Self-storage has long been known for its superior collections rate formed through the ability to auction off unit contents if rent is not received. However, this process has new hurdles created by the national Covid-19 pandemic, and every storage owner needs to be aware of potential changes in policy.

When you go to college, there are certain items you must have obtained to graduate – such as successful completion of certain classes and attendance of a certain number of units. And buying a self-storage facility includes these same necessities, although in the form of third-party reports. But these reports are expensive and time-consuming to obtain. So which reports do you really need and which are optional?