Learn how a full-time dentist made over $800,000 in profit with his self-storage facility investment.
Are you curious about investing in a self-storage facility but concerned about the maintenance and upkeep required? We hear you. Full-time employees who depend on you for their income and benefits and the headache that comes with navigating technical difficulties and maintenance requests sound exhausting. But it doesn’t have to be.
Rather than navigating all of the ins and outs of your self-storage facility, you can rely on a remote management company to handle all of the details for you, saving you time and money. Sounds too good to be true? Mike thought the same thing until he bought a self-storage facility for $900,000 and sold it for a profit of $800,000 in just one year.
Making the Most of Your Self-Storage Facility Investment
Mike is a full-time dentist who started investing in self-storage in 2020 after a decade of investing in single-family real estate. He now owns eleven individual properties. With the help of remote management, his self-storage facility investment allowed him to profit without needing to invest many of his own resources.
When Mike first invested in Wildcat Self Storage, located in West Virginia, he hired Copper Storage Management to manage his new facility. “Copper Storage Management was instrumental in our ability to grow quickly,” Mike shared. “They took the rents higher than I thought possible and streamlined the move-in and collections process.” Mike’s investment immediately started to make money while Mike continued his work as a full-time dentist.
How Does Self-Storage Management Work?
Copper Storage Management’s services include managing all onsite maintenance, customer service, security details, inbound and outbound calls, and renting units remotely. This provides ease and access to customers while simultaneously saving you the cost of full-time employees. Mike says that Copper Storage Management remotely managed his property efficiently. He mentioned that the previous owner had two nearly full-time onsite staff members handling these same tasks.
Self-Storage Profit Margin
After one year, Mike was able to list the property for twice the original price he paid for it and walked away with $800,000 in profit. Mike attributes his success to Copper Storage Management who makes self-storage facility ownership a passive, stable investment opportunity.
Self-Storage Management Fees
When considering self-storage management fees, it’s important to remember with our model you’re saving on in-person employees, admin/office supplies, cleaning, and maintenance costs. So, while investing in a remote management team requires more on the front end, you will make up for it in your overall self-storage profit margin, especially considering the cost of full-time employees. Copper Storage Management offers a one-time set-up fee and monthly management packages depending on the volume of total units.
How to Buy a Self-Storage Facility
- Make sure to take some time to get a pulse of the market. Talk to other self-storage facility owners, real estate lenders, and self-storage brokers before investing.
- Locate a desirable market and analyze the trade areas within that market. Remember, the location can be outside your town or city, especially when using a fully remote management team.
- Conduct market research and consider the long-term potential. Understand who the competition is, learn more about new single-family and multi-family construction in the area, and assess whether or not the investment has long-term potential.
- Secure your financing with the help of a self-storage lender. You may consider going in with other self-storage investors.
- Inspect the property and make an offer! Once the offer is accepted, begin your due diligence and contact Copper Storage Management to set up your facility management.
When deciding whether to invest in a self-storage facility, it’s important to take into consideration all the benefits that come with using a self-storage company like Copper Storage Management for all your facility management needs. By relying on just one company to get the job done, you will save on expenses and optimize your potential profit. Managing a storage facility doesn’t have to be all consuming, but it will be rewarding when you contract Copper Storage Management. Do your research, invest, and reach out!
