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How risky is a public storage business? I'd like to buy

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How risky is a public storage business?

I'd like to buy a plot of land and have it fenced with 24h keycard access and fill the land with shipping containers and rent them out.
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It's not that risky as long as you don't take on a lot of debt and can get all the zoning done without hassle.

Was actual looking to do one of these projects myself with a carwash on half the property but ended up starting another company with more potential. Even if you have it fully rented it you aren't looking at alot of cash relatively compared to a a tech based startup.
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enjoy not getting paid properly by your customers and/or ending up being liable for the shady shit they do there
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I was thinking of starting one, like specifically for storing cars. It's a very simple business, it usually works as long as startup costs are low, so do it in a cheap area
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>>979946

>Not building hipster housing
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>>979946
The public liability insurance kills you.
Once they found out it's virtually 24-7 with people going in and out to their staff the premiums steal all the profits.
I did it with boats and caravans.
It only works if you own the land prior
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>>979965

This. My Egyptian friend's family owns a self storage facility in Texas. Less than 10% of customers pay every month on time. And it's not like those TV shows where you can auction them off for hundreds of dollars. I've seen storage units with cars in them go for $25-50.
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I them them all over the place, so there must be money to be made. Otherwise why would they exist?
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Depends on black population
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>>980167
>I've seen storage units with cars in them go for $25-50
why didn't you bid on them?

i was thinking of this too OP, as some extra form of capital with minimum upkeep. i don't know how to judge if there's a need for more units in an area and the only way i'd know how to price it is by just using competitor's prices. i think it's smart to try to start one just outside city limit though
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>>979946
Why not just rent out the storage containers by delivering them to customers property? Monthly rental backed by a credit card, 2 months up front. Contract with the ability to go on their property if you don't get paid. Then you'll mostly get commercial clients, which are a more likely to pay. Think job site storage.
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>>979946
Sounds like a good business plan (I would use such a service personally desu, too bad there aren't any where I live)
In any case it would be much easier to just buy of the terrain you plan doing your business on.
Find some info about how insurances cover such cases.
Be careful, install security cameras to make sure there are no hobos using your containers as housing.
Make sure the whole place doesn't look like a landfill, or you'll get routine inspections by the authorities.
Get in touch with a law firm, find out how to make your business non-liable to whatever shit your customers store (inb4 they grow shrooms, hide dead bodies and store cocaine).
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>>980272
Usually they're put up on land someone already owns because they don't have the market/capital/knowhow to do something more profitable with it. Sometimes even in converted buildings--there's a company in my small hometown that converted turkey barns into storage.

I think the aesthetics of a lot full of rusting shipping containers will draw the worst kind of clientele. People who want to store extra furniture or other valuables will prefer a place that has climate control--especially if you're not in a very temperate area.
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>>980167
Do you buy the debt associated with it or something? That doesn't make any sense.
Thread posts: 14
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