Hello All

I'm looking to aquire my first Self Storage Facility. I've done alot of research on the industry and basically reading everything related to the industry that I can get my hands on. I plan on hiring a third party managment company to run it for me and plan on being an abstee owner

With my first Facility,

Where's a good place to start?

What's size is to big or to small?

What price rage?

What should I stay away from?


Anything other comments that you have would be most appreciated


Thanks again

You could go to Selfstoragebrokersofamerica.com to begin your search. They do lots more than just broker buildings. Inside Self Storage magazine is also a huge help (unless you just want to check w/your local realtor).

The best place to find out about our industry is the upcoming ISS Trade Show in Vegas. If you can't attend, check out their website and subscribe to the their publications. Due to the unique nature of the industry, you will want a specialized insurance policy when you find the right site. Feel free to contact me for additional information as you look at properties.

__________________
Randy J Tipton, CIC
President
Universal Insurance
3300 N Central Ave, Suite 1520
Phoenix, AZ 85012
randyt@univins.com
800-844-2101 extension 1153

Where are you looking to aquire a facility? There are a lot of great management companies in the industry.

Thanks for the reply

I live in Orange Couny, CA
I can't complete with the major players here that can pay cash or come in with 50% down.

I'm willing to look at any market in the US where the numbers make sense.

Thanks

I will be attending the Las Vegas Expo.

Excellent! Come visit me at the Universal Insurance booth. I can give you some information on lien laws, good states to write insurance in, and maybe help you avoid some pitfalls when buying a facility. I can also introduce to some management companies. Have you already registered?

__________________
Randy J Tipton, CIC
President
Universal Insurance
3300 N Central Ave, Suite 1520
Phoenix, AZ 85012
randyt@univins.com
800-844-2101 extension 1153

You're doing the right thing by attending the ISS show. Most everyone that's "in the know" will be there. I'm sure Randy can point you in the right direction. Make sure to stop by the Janus booth to say hi!

And come by the ISS booth too! We always have lots of fun at the show. It's a great place to make new friends and learn heaps about self-storage.

See ya there!

My suggestions are to make sure that it has at least 500-600 units but no more than 900. Check the unit mix; there should be more units that are 10x10 and larger than smaller. It should have great drive by. You will pay for it but it is worth it. Stay away from places that have more than 1 competitor for every 1 mile of radius. (3 in a 3 mile radius, 5 in a 5 mile radius). Also, plan on having cash on hand to do some upgrades to the property.