I'm glad you're here today and you gave in to my clickbaity title about self-storage. After all, who doesn't get super excited about self-storage?
Chances are, if you have ever left your house or traveled down a highway or a busy street you have encountered a self-storage facility.
With those big beautiful colorful roll up doors you probably often ask yourself who the heck would rent one of those. Why don't people just get rid of their stuff? Truth is, a lot of people do rent storage units and many of them for years at a time.
In fact, the average storage unit rental exceeds two years in length. That is just one reason why self-storage is a great investment vehicle, too.
Alright, so maybe it's wrong to call any title with the word self-storage in it "clickbaity." I'm probably the only one out there who gets as excited over self-storage as I do. Unless, of course, you’re a self-storage investor too and then you probably understand my obsession.
I own a self-storage business, Boxit-N-Lockit, and today I'm going to tell you why self-storage investing is so awesome. At the ripe young age of 26, I already have 7 years in the business under my belt and a ton of experiences that I can share.
How I got started
My self-storage story began in my early high-school days. In fact, if I remember right I want to say I was in 8th or 9th grade when I discovered self-storage for the first time.
My older sister attended the university of Florida amongst a few other Florida schools in her pursuit to become a pharmacist. Being from snowy Western New York, that gave my Dad and I a really good reason to visit Florida often.
My dad has also maintained a close relationship with an old high school friend living in Orlando, Florida who has done quite well for himself.
For the majority of his career, he ran his own CPA firm in Orlando and sold it for millions of dollars in his early 50's. He wasn't done yet though, however.
At that time he started investing heavily in commercial real estate and one of those properties was a large Boat and RV storage facility in the heart of Orlando.
One time we were visiting and we were at this storage facility (putting away one of his many boats) and all of a sudden it really clicked with me.
Knowing that someday I wanted to be an entrepreneur, I took a look around and realized that this place was chuck full of boats and RV's. Not just any boats or RV's, I'm talking million dollar boats and RV's everywhere I looked. There were 3 buildings in total exceeding 100,000 square feet of rentable space. The whole property was enclosed with a beautiful gated fence.
On top of that, the whole property was managed by one person, who also lived in an apartment right at the facility.
My dad, who owns a trucking company, always told me to get into a business that generated more income on a per employee basis, all other things equal. It would be more profitable and cause less headaches than what he was used to dealing with in the trucking industry.
Really I believe any organization requires great people, but he made a good point. There are certainly many industries out there that require more employees per $100,000 of revenue and with the rising costs of employment it would certainly be prudent to think about.
"So, here I was standing at this beautiful storage facility that was generating this guy tens of thousands of dollars of passive monthly income and I knew right then and there this was a business I would get into someday."
We always chose to drive a car on those trips to Florida, so I had a lot of time to think. 17 hours to think, in fact. I couldn’t get the idea out of my head and thought about it the entire way home.
I started to become obsessed and read literally everything I could about self-storage. I wrote letters to local owners in the business and even met with them a few times on occasion to learn more.
I wanted so badly to get into the business, but I was also in high school and thought I might end up in the NFL one day so I always kept the self-storage business idea in the back of my mind.
Graduating high school and realizing that the NFL was probably not going to happen I started to pursue the idea of entrepreneur-ism more closely.
I was ready to get started in self-storage, but going to college and not having a significant income or a way to purchase an expensive self-storage facility, I was at a standstill.
I started to research ways I could get into the business on a small scale. Then I discovered portable storage units.
Most of the storage units you see on the side of the road are constructed buildings with 100's of units lined up one after the other. You would either need a lot of money to acquire one or need to spend a ton of money to build one.
Portable storage units on the other hand would allow you to start small with a handful of units.
So I was bound and determined to get started as soon as I could with this business.
My first set of units were a set of 4 portable units from Trachte Building Systems in Wisconsin. They came in a kit form of basically raw materials and you had to build the units from the ground up.
That was my first mistake. Don't get me wrong, Trachte makes a beautiful and sturdy product, but I had no idea what I was getting myself into. Picture building a traditional self-storage facility, only on a set of wheels and one unit at a time. Trachte specializes in building ground up facilities and they do an awesome job at that. I will be using them on future products, but their portable system was a bit much to get started with. Hence why they quit producing them.
I'm also not the most "builder-savy" person in the world. Thank goodness my brother is, though or I never would have finished these units.
I found myself traveling home every single weekend from college for months (3 hour drive one way) to build these 4 units.
After months, we had finally finished them and they looked great, but thankfully after this experience I found a more viable option for expanding in the portable space.
While all of this was going on, I managed to save money and purchase my first truck (pictured below). I found the deal on eBay after weeks of scouring the site. Finally, I found one in Virginia. One weekend my Dad and I packed up the car and headed for Virginia and bought the truck. Then we loaded up the car we drove on the back of the tow truck and headed home. What a terribly long and bumpy ride that was!
But it was a start!
I quickly built myself a website and I was in business. This was my sophomore year of college while I was attending West Virginia University (Let's Go!).
Since then I have been slowly growing the business unit by unit. I was always fully rented out, but growth was slow and steady because I was located in such a rural area and I still pursued college and several post college jobs all while running this business on the side.
Fast forward to today and I currently have 48 units and just purchased a large 11 acre piece of land that I will be developing into a storage site. That might not seem like extreme growth over 7 years, but keep in mind I was growing the business completely organically and I spent 5 of those years living nowhere near the business. I spent over 2 years living in Philadelphia after college, which was more than 5 hours one way from where my business was located.
Self storage changed my life and will continue to change it well into the future.
Maybe that was a long winded explanation of how I got into this business, but stick around so you can hear all about why this business is so awesome.
Advantages of self-storage investing
Self-storage doesn’t have tenants, trash, or toilets.
Now obviously you technically have "tenants" in self-storage, but it's not the traditional tenant you're used to in a home rental. Your tenants is stuff!
That provides a ton of advantages. First off, you won't have tenants calling you in the middle of the night over a toilet leak. That's because no one is living inside these units and well, there are no toilets!
Landlord laws for self-storage owners are much more in favor of the land lord than traditional residential properties. The eviction process on a residential investment can take months to process. On top of that, the tenant is still living inside the unit causing damage while they wait out the eviction process.
With self-storage, you can have a tenant evicted in less than a month in some cases. In addition, you get to put a lock on the unit in the meantime and lock them outside of your gate while the process continues. If they want their stuff, they will have to pay you.
You can also sell their stuff to hopefully recover the lost rent! Although, I wouldn't believe everything you see on Storage Wars. Typically, if a tenant can't pay their $70 per month storage bill then the unit is full of junk anyhow. If there was anything of real value in there, they would figure out a way to come up with the monthly rent. I'm not saying that it doesn't happen on occasion, but that show made it appear much more glamorous than it really is.
Very similar to how HGTV makes house flipping seem like a profitable cake walk.
I also said there is no trash when dealing with self-storage. That's pretty accurate, but not entirely true. A tenant can certainly leave a lot of "trash" behind in a unit, but at least you have the opportunity to sell the contents. In your auctions you can stipulate that any buyers have to take the entire contents of the unit, which eliminates your trash handling.
At the end of the day if you still end up having to clean out a self-storage unit every now and then, it's still a lot better than cleaning out an entire apartment full of beer cans and pizza boxes! Who knows, maybe you will find treasure!
My point is, self-storage is a rental business, but it comes with a fraction of the headaches that a traditional rental investment normally brings with it. It's a business that can be very efficient when the proper systems are put in place.
There is a huge market for the business.
In fact, according to Spare Foot, annual industry revenue exceeds $38 Billion dollars and is continuing to grow every year. They estimate there is roughly 7.06 square feet of self-storage space for each living person on the planet.
They also estimate that roughly 9.4 percent of all households rent storage units. Using that statistic and a hypothetical town with a population of 10,000 you would expect around 940 households to be renting a storage unit.
That is just a rule of thumb based on the statistics above. Truth is, there could be many more renters and units in one market and a lot less in another market. You will see in one of my success stories below how an individual has over 200 units rented in a small town with a population barely over 3,000 people.
Cheaper to build per square foot than residential or other commercial real estate.
Self-storage is a much simpler building compared to an office building or a residential investment. Typically they are long and straight buildings made of metal or block construction. Usually there isn't any plumbing installed and the electrical requirements may be a fraction of the requirements in their real estate counterparts.
This translates to lower costs per square foot to build a storage facility. I've consistently read that you can build a traditional facility in the neighborhood of $25-$45 per square foot depending on your amenities.
However, with that being said, it is quickly changing. Many municipalities are cracking down on storage facilities and are making it much more difficult and expensive to build them.
Self-storage has developed a bit of a negative connotation in peoples' minds. It's sort of the "not in my back yard" mentality. Many municipalities would rather see retail or some sort of manufacturing project being developed than a storage facility.
I think they're wrong, though. Self-storage pays an incredible amount of property taxes to local governments every year and done right they can look great and contribute significantly to the local economy.
Also, with the added potential of portable self storage units, facilities have the ability to create more jobs than they ever had before.
The rent per square foot is still comparable with other forms of real estate.
Despite self-storage being relatively cheaper to build compared to other real estate asset classes, it still tends to fetch rents per square foot in the neighborhood of other real estate investments.
Typically a self storage investment will fetch annual rent per square foot of somewhere between $7-$9 with basic units. Climate controlled units demand a much higher price per square foot.
Using those statistics, you would expect a self storage facility with 100,000 square feet of rentable space to generate somewhere between $700,000 and $900,000 in annual revenue assuming they don't do anything else.
What does that mean? It means that self-storage is generally a lot more profitable than other types of real estate.
Many more units per property.
Self-storage investing presents the opportunity for more efficient properties. What I mean by this is that the average self-storage property exceeds well over 100 units.
That translates to many more units under one roof and any time you have the opportunity to have more units under one roof then you are achieving a level of scale and efficiency you wouldn't have in a property with less units or another type of real estate investment.
In addition, your vacancy risk significantly decreases. What I mean by vacancy risk is the risk that your property becomes unprofitable if you have a few vacant units. As an example, in your residential duplex, if you have 2 vacancies then you are 100% vacant and you are surely losing money.
But on your 100 unit storage facility if you have 2 vacancies, then you are still 98% full and you are still profitable.
That's another beauty about self-storage. Not only do people tend to rent for long periods of time, but current statistics show that many facilities maintain occupancy rates that exceed 90% and tenant turnover is low.
Control over the investment
Many people get into real estate investing over stock market investing because they feel they have a sense of control over the outcome of the investment compared with a stock market investment. If you haven't read my article on why you should be investing in both the stock market and the real estate market, check it out here.
Self-storage investing presents the opportunity to have a high level of control and the systems you put in place can make a property shine and run quite passively.
For example, a well gated facility with a good kiosk could completely eliminate the need for an onsite manager. However, maybe you prefer an onsite manager to offer a higher level of customer service. There are many different systems and ways of doing things that can be implemented at a facility.
Unlike residential real estate, your level of control over who accesses your facility is much greater. With locks, gates, security cameras and many other security features you can really control who comes in and out.
If someone doesn't pay you rent on your residential property, good luck locking them out of their home. You will find yourself in court rather quickly.
Potential for ancillary revenue sources
This is one of my favorite ways to boost the income and value of a self-storage property. On Bigger Pockets, you will hear a lot of people talking about "forced appreciation" on a property.
What they mean by this is you might improve the landscaping on the property or renovate a home to force appreciation of the property. Through that forced appreciation you might be able to demand higher rents. All of these things contribute to increasing the value of your property.
Ancillary revenue in self-storage is just another variation of the idea of forcing appreciation.
Location is so important in this industry and we know that self-storage takes up a lot of space! So, that leaves a lot of opportunity to create other revenue sources by the enterprising investor.
Here is just a small list of other services and products that can be offered:
Boat & RV cleaning, servicing, and wrapping for winter.
Vending Machines
ATV/Snowmobile Sales (I know a guy who sells over 20 snowmobiles a year out of his storage facility, an many of those customers become renters of his facility)
Moving Supplies
U-Haul Dealer
Office Rentals
Car Wash
Tote Rentals & Sales
Lock Sales
Insurance Sales
Portable Storage Rentals
Shed Sales
A Dealership of any sort (cars, trailers, etc...)
Dumpster Rentals
Portable Bathroom Rentals
These are just a few examples. I really try to spend time learning about new ones as time passes on. As I acquire more and more properties in my investing career, this will become increasingly important to do
Less Facility Maintenance & Repairs
When you compare the amount of repairs and maintenance you need to perform on a self-storage facility to that of a residential rental property the comparison is not even close.
With residential real estate you have toilets, faucets, painting, carpets and hardwood floors, dry wall, and many other things that often need constant attention and repairs.
With storage you are dealing with a lot less of that. Most buildings are made of concrete floors and metal walls and there is no plumbing to deal with. They also don't experience near as much tenant wear and tear because people are just parking their stuff in them.
Don't get me wrong though, there can still be plenty of things you need to worry about with self-storage.
Any time you get people in vehicles, there are bound to be accidents. It's not uncommon for people to back into unit doors or cut a corner to tight and damage the corner of your building.
Maybe they will bump into the gate with their car.
I even had one portable storage unit parked all by itself in a wide open parking lot when a meter reader stopped by to get a reading and he somehow managed to back into the side of the unit even though he walked right past it.
These sort of things are inevitable and will happen.
However, they are generally a lot less frequent and not as severe compared to what you deal with in a residential investment. There are also a ton of things you can do to direct the flow of traffic to prevent these sort of issues from occurring.
The market is still very fragmented
SpareFoot has been a great resource of industry information. There is also another great resource called the Self-Storage Almanac that is published every year. It does cost $150, though, whereas SpareFoot cites a lot of the Almanac's information for free.
According to SpareFoot and the Self Storage Almanac, the big 4 public self-storage REITs only own a little less than 20% of the overall market.
That means that the majority of facilities are still owned by mom and pop owners. That presents an incredible opportunity for industry consolidation in the form of acquisitions and future growth.
This is one of the many reasons I believe in the long-term economics of self-storage and I have created a hypothetical "storage fund" that you can follow here. I created this fund to track my investments in the public REITS and compare their returns over time to that of the broader market. I think doing this will create a lot of great future conversations down the road.
There are considerable barriers to entry for competitors in your market.
It's not nearly as easy to build a self-storage facility as you might think. Over the years, the zoning process has become much more difficult and expensive.
Many municipalities are making it difficult to build these as they don't want to see a lot of them go up in prime locations. They are also requiring newer facilities to be built with higher curb appeal than older facilities, which significantly increases the cost of a project.
In addition, you can really play defense in this industry by having a great location and offering superior customer service. If you have the best location in town for a self-storage facility, the odds another one will appear close to you or near you are less. In other words by the famed investor, Warren Buffett, you can really develop a strong MOAT around your self-storage business.
The average lease up period for a new facility is approximately 3 years. This provides an established facility the opportunity to adjust to fight off competition. Maybe they lower prices knowing that a new facility is coming on the market or they come up with other products and services that would entice a renter to come to their facility instead of a new one.
Switching costs are also very high. Even if someone built a nicer facility right down the road the odds that all of your renters are going to come load up their stuff and move it to the new facility is low. Now over time, more new renters would go to that new facility, but all of your current tenants are not just going to pick up and move down the road.
That would be expensive and painful to do. No one likes moving.
It's not sexy, but it's profitable!
There is more awareness about the profitability of self-storage today than there ever was. Supply is ramping up and institutional money is investing in this space heavily.
However, with that being said I'm still amazed by the number of investors out there who never gave self-storage a thought or don't want to invest in storage because they think it's boring.
I attend several real estate investing networking groups on a regular basis and self-storage is almost never talked about. Everyone is trying to build a residential rental property empire and forget they could do the same thing with self-storage and probably more profitably.
It's a very scalable business
I've mentioned systems several times up to this point in this article. I can't stress enough how important systems are. Don't believe me? Read the E-Myth and the E-Myth Revisited and I guarantee your viewpoint will be changed forever.
Once you learn the ropes on a facility or two, the sky is the limit and you can scale it into a large full-time business. Self-storage is in fact, a business, that can be very profitable and rewarding to their owners. But it's important to remember that it definitely is a business and it's not just going to be some hands off passive real estate investment. It can get there over time, but it takes a lot of up front work to get there.
A lot of individuals get into this business for that reason thinking it's a more passive form of real estate, but it's actually quite the opposite.
With a higher unit count you need to be available more often to meet customers to show and rent units. You also need to be there when tenants move out to ensure units are cleaned and prepped for the next renter.
Dealing with more renters you will also need to deal with more collections calls and staying on top of your tenants.
Like most things in life, your self-storage facility is not going to just run itself, but if you put the proper systems and procedures in place it can be a wonderful business for you.
Of course there are options out there to make it a more passive investment. There are many third-party property management companies specializing in this space. For a price, you could hire them to run the property for you.
In fact, several of the large public REITS offer pretty robust property management divisions. They do this as another form of revenue, but truly it's a relationship builder for them. If they can come in and run your property efficiently and form a relationship with you, then you are much more likely to sell to them in the future and that is exactly what they want.
Companies like Public Storage, Extra Space Storage, and CubeSmart are in constant search of acquisition targets and they have found that managing other owners properties is a great way to fuel that pipeline.
According to storEDGE "the average property management company will charge 4 to 6% of your gross revenue while generating up to 20 to 30% more income for your facility. Why? They have experience handling storage marketing and the operational aspects of your business, eliminating much of the guesswork on your end."
I mentioned earlier how this is still a very fragmented industry. The large public REITS are very aware of this and are using the property management business as a way to make acquisitions and earn a larger piece of the pie.
Facts About Self Storage
Self-Storage is a huge business. Fortunately, there are a lot of great resources and facts about the industry out there. One of the places I like to go to get more information is SpareFoot.com. The below information is from the previous link and is updated as of March, 21 of 2018.
Sector Snapshot
Annual industry revenue is about $38 Billion.
The number of self-storage facilities is approximately around 44,000
Total rentable self-storage space is around 2.3 billion square feet.
That represents 7.06 square feet of space per person.
Roughly 9.4 percent of households rent a storage unit.
The average monthly cost for a self-storage unit is $91.14
Only around 18% of facilities in the U.S. are owned by the six largest public companies. This supports my earlier discussion of the industry still being highly fragmented.
There are approximately 28,000 small business owners who own and operate just one primary self-storage facility, which also further highlights my point.
According to the Self Storage Association:
"The industry has been the fastest growing segment of the commercial real estate industry over the last 40 years and has been considered by Wall Street analysts to be "recession resistant" based on its performance since the economic recession of September, 2008. The industry pays more than $3.25 billion each year in local and state property taxes."
Who is your market in self-storage?
Everyone has heard the saying that there will always be death and taxes. There are similar sayings and adages in the self-storage industry. For example, "death, divorce, and moving" are major market factors in this industry.
People are always passing away and leaving behind a ton of stuff. I'm currently experiencing this first hand with my business.
Unfortunately, my wonderful Grandmother passed away back in March of 2018. Since then, our entire family has been sorting through her stuff trying to figure out what we are going to do with it. (I would offer to put it in one of my units, but I'm fully rented!)
Most people put those things in self-storage. In my mostly rural area and with me focusing mainly on portable self-storage I have not experienced a ton of this yet personally, however I know a significant proportion of the population rents storage units after a family member passes away.
Moving is also another huge market driver. People are always moving and changing jobs that require the need for self-storage. This is a market driver that I see very often in the portable business.
Divorce is also unfortunately a frequent happenstance in our country. This causes people to move and find new places for their things on short notice. With marriage failure rates exceeding 50%, there is always a plethora of customers from divorce alone.
Self-storage also happens to be very recession proof compared to other real estate sectors. When the economy is bad, the need to store stuff does not decrease. People are still dyeing, getting divorced, or moving to another part of the country.
Statistics also show that a wide range of income earners rent units, too. For example, you might expect that higher income earners are the people who typically rent storage units when in fact more people on the lower end of the income scale rent storage units.
Typically, self-storage performs well across all income ranges.
Women also tend to be the individuals making the self-storage purchasing decision more than half the time. That is just another reason it is important to understand your market so you can properly market your product.
Self-Storage Success Stories
B. Wayne Hughes - Public Storage Founder
The story of B. Hughes is an awesome one. I've included this link to his wikipedia page here.
B. Hughes is the founder of the largest publicly traded self-storage REIT, Public Storage (PSA). He was born in 1933 and is naturally, a billionaire. According to his wikipedia page, his estimated net worth exceeds $2.2 billion.
Hughes cofounded Public Storage in 1972. A short time before this, Wayne encountered a small self-storage facility on the side of the road in Houston, Texas. He stopped by to take a closer look only to realize the facility was full and had a waiting list. That was the spark he needed and he founded his first facility in 1972.
Today, Public Storage boasts over 2,200 facilities despite starting with just one.
You can read a great blog post on Public Storage's website here that gives his entire history and how he achieved the success in the industry that he has.
Scott Meyers
Scott Meyers is a self-storage industry guru. He is the founder of www.selfstorageinvesting.com and is extremely active in the industry. He has invested in hundreds of deals and also runs his own business teaching others how to build wealth in the industry.
I have yet to take one of his classes, but I would really like to in the future and when I do I'll be sure to bring you a review.
You can learn more about Scott at his website here. He is also very active on BiggerPockets and YouTube.
I would definitely recommend that you spend time on his YouTube channel and also read all of his posts on BiggerPockets. He gives a ton of great free advice.
Scott also wrote a book on self storage investing called Self Storage Blueprint for Success.
Local Self Storage Investor #1 (Keeping his identity private)
I have formed a great relationship with this investor over the last 10 years. When I was young back in high school he agreed to meet with me to discuss his business.
He actually gave me a copy of this book, Creating Wealth Through Self Storage, which helped me immensely and I highly recommend it if you want to get into the business, too.
He has approximately 200 units today among several other commercial real estate investments. He used to work as a real estate agent, but after a while he realized he needed more work-life balance and became an investor full time and quit his job as an agent.
This storage facility is in a small town with a population of 3,188, yet his facility is full with over 200 units. He has been creative with his property over the years. He has several traditional self-storage buildings, but he has expanded by converting some non-traditional buildings.
For example, one of his buildings is an old lawyers office. He renovated the property and put in wide doorways and started marketing it as climate controlled self-storage. He was full within 6 months.
Another one of his buildings was an old auto service shop. It's located on a highly traveled road so he purchased the building and had a bunch of roll up doors installed on the front of the building. That building also filled up quickly.
I have never got into the details of his revenue, but at an average price of $91 per unit and 200 units your talking revenue of over $200,000 per year. That's a pretty respectable income for someone in the business on a small scale in a tiny market that defies traditional market statistics.
He also invests in several rental properties to supplement his storage business, but my point is his self storage facility allows him to create a lifestyle for himself that he might not otherwise be able to attain. He is a very happy guy who spends a few hours a week down at the office and has a very respectable and sustainable income.
This allows him time to spend with his family and do things he is truly passionate about.
Local Self Storage Investor #2
This investor has taken great advantage of the ancillary revenue sources I mentioned above.
For most of his career he worked as a contractor remodeling homes and constructing buildings.
This gave him an advantage in the self-storage category as he was eventually able to build his own facility.
He operates his facility in another small town with a population of only 1,100 people. That population statistic flies in the face of traditional self-storage statistics and recommendations.
However, this town is a historic town with a popular lake for summer boating. His facility is also located close to a highway on ramp that receives a ton of traffic.
He has a little over 140 units and is always fully rented.
On top of that, his house is also located on the property so it's very easy for him to manage the property.
In addition to self-storage, he also sells snowmobiles, rents u-Hual equipment, and winterizes clients' boats and RVs. He takes full advantage of ancillary income opportunities, which significantly increased the value of his property.
Doing all of this has allowed him to quit contracting work in his early 50's and free up a ton of time to spend with his family.
These are just a few small examples of how self-storage has changed people's lives and I share them with you as examples of how it can change yours, too. I tried to share a few success stories ranging from billionaires to small town operators so you can see the varying degree of scale that can be achieved.
Major businesses in the market.
Here is a list of the largest publicly traded operators in the U.S. by annual revenue. I've also included a link to each of their investor relations pages. As you can imagine, these are also the largest operators by number of facilities in the U.S.
Public Storage: $2.51 billion (2017)
Extra Space Storage $1.1 billion (2017)
CubeSmart: $558.94 million (2017)
Life Storage: 529.75 million (2017)
U-Haul: 286.89 million (2017 - self storage revenue only)
National Storage Affiliates Trust: $268.13 million (2017)
I got this information from the SpareFoot link posted above, but they retrieved it from each of the company's annual reports which can be viewed on their investor relations web pages or obtained from 10-k reports on the SEC.gov website.
The Storage Fund
Make sure you come back to this blog often. I have decided to start a "storage fund." Currently, there isn't a mutual fund or ETF out there that specializes in just self-storage. I think it would be a great product, though!
I'm not starting a true mutual fund or ETF, but I will be tracking the performance of the public self-storage industry versus the broader market. I'll be discussing all of the exciting things happening in the industry and I'll also be tracking my own investments in the companies over time. My goal is to achieve over $100,000 of dividend income per year from these companies alone, so I'll be reporting on that progress to you guys, too.
Resources where you can learn more about self-storage
www.insideselfstorage.com
www.ministoragemessanger.com
www.mobilemini.com
State Trade Associations
www.coinstackfinancial.com
Conclusion
Self-storage is a wonderful industry that has provided me an opportunity to change my life now and in the future. It has changed the lives of countless other investors, too.
I believe the industry is currently hot, but still completely misunderstood and underestimated as a serious wealth builder for investors all over America.
All of the reasons above are just some of the reasons why I love self-storage and will continue to write about it in the future.
If you enjoyed this article I encourage you to share on social media and comment below to get a conversation started. Also, please connect with me to stay on top of the self-storage industry and your personal finances. Here are all the places you can connect with me: