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Topic Review (Newest First)
07-18-2018 05:37 AM
CAPT. DORADO
Quote:
Originally Posted by Whitebassfisher View Post
A fellow I used to work with bought land and built storage, but he did climate controlled. He was a good investor and didn't brag, and from looking at him you wouldn't guess his value. The amount of rent you can charge and get is much more per square foot than basic boat storage. Yes, the dehumidifiers did add to his cash outlay, but he indicated it was well worth it. Just a thought.
Absolutely agree that more return comes from the mini storage. A lot more work is in involved when running mini storage as well. Very competitive with a ton of in an out business, 1 month here and there. Where as with boat and RV you will have more long term which would allow me to have only my wife assist in running the business while still being able to work. That was my idea anyhow.
07-06-2018 10:42 AM
Whitebassfisher A fellow I used to work with bought land and built storage, but he did climate controlled. He was a good investor and didn't brag, and from looking at him you wouldn't guess his value. The amount of rent you can charge and get is much more per square foot than basic boat storage. Yes, the dehumidifiers did add to his cash outlay, but he indicated it was well worth it. Just a thought.
07-06-2018 12:37 AM
Rods&Cones I've thought of building out a boat storage business for years, have looked at the numbers and it's a lot of outlay of cash up front but little ROI at the beginning. Long term it's great if you have lots of cash not needing quick returns, build up the business and you can retire young. I envy the boat storage where I keep mine, 1000 unit at an avg cost $80 month brings in $80,000 a month and they're full! There's not much cost in maintenance so it's a great business.
07-02-2018 02:12 AM
CAPT. DORADO I used to think the same way, but id never walk away from a slot machine in Vegas as long as it was paying out. Just my personal opinion on that one ya know.


Respectfully,
Chris
07-01-2018 02:45 PM
fishingcacher I would think if you want to get into the business it would be better to buy an existed business with established income. There are business brokers that sell businesses.
07-01-2018 02:15 AM
CAPT. DORADO Thanks for the input guys, gonna take the information and run with it! Gotta make a move to cut back on this traveling for work.
06-28-2018 12:49 PM
jboehm My experience is there are a couple of ways to do it. First is to buy a relatively cheap property that you develop in to a storage facility with very little expectation of land value growth. It will likely grow in value, but that is not your primary reason. you make the money from the rental business.

The second is you buy a piece of land that you expect to make a large jump in value in the future. The land will likely cost more up front and the tax burden will be higher. You build out and operate the storage primarily to cover cost until your land value matures.
06-28-2018 07:53 AM
Part Timer Sounds like you have your priorities straight, unlike a lot of people our age. I wish you luck bud! I am setting my new goal for 35. LOL
06-28-2018 05:16 AM
CAPT. DORADO
Quote:
Originally Posted by Part Timer View Post
Just do it. I regret selling and not renting out my first house. But it did allow us to buy a nicer 2nd house. Now at 29 im on my 3rd house. I keep rolling the profit into new homes after the wife and I fix them up a little.

I said at 27 i want to have at least one rental by the age of 30. I can remember the conversation i was having in my garage with a buddy like it was yesterday, but Ill be 30 on Monday. Time fly's. I dont regret having a nicer house for my wife and kids right now, but i need to start thinking about the future.

I have no experience to give you, but i do have experience on not going for it. So only advice i can give is go for it.

Amen! Thats pretty much where I'm at right now man. I have to travel for work and with my income being the only income for my family, i have to travel and be away from my wife and kids. So the goal here is to allow me to spend more time at home with the family and still be able to make the money i do now.
06-27-2018 09:37 AM
Part Timer Just do it. I regret selling and not renting out my first house. But it did allow us to buy a nicer 2nd house. Now at 29 im on my 3rd house. I keep rolling the profit into new homes after the wife and I fix them up a little.

I said at 27 i want to have at least one rental by the age of 30. I can remember the conversation i was having in my garage with a buddy like it was yesterday, but Ill be 30 on Monday. Time fly's. I dont regret having a nicer house for my wife and kids right now, but i need to start thinking about the future.

I have no experience to give you, but i do have experience on not going for it. So only advice i can give is go for it.
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