Re: Storage Condo - Posted by Jim FL
Posted by Jim FL on September 23, 2004 at 17:04:33:
I’d go over to the commercial forum and post this.
There are folks posting on that board that have experience with this type of investment.
I seem to recall Ed Garcia, or maybe it was Ray Alcorn talking about these before.
I’m looking at one myself now, a smaller one, stand alone, with a manager apartment in the main building.
If the numbers work out, which so far they do, I’m going to buy it.
Seems like a nice place to put some profits to work.
I have my lawyer looking into the legal aspects of running one now.
Check your local laws as well.
I know these places post auction notices for non paying tenants possessions in the paper, so there is specific law as to how certain things must be handled.
Also a nice way to make some money, if you get to keep the profit from selling this stuff.
When in Illinois, I bought appliances and power tools at these auctions for great prices, but noticed the managers/owners always made out well cash wise at the end of the auctions.
I’d not buy for appreciation, but look to see how the place performs instead.
This to me would be the determining factor in a value judgement for the place, would it not?
Good luck if you decide to buy some of these.
I’ve wanted one or a few for some time now, just took me a while to find one for sale, and priced right.