Yeah, The property has been in the familly for years (25) and I have been paying the property tax on it for 6 years. I just hate seeing it there sitting. Maybe i'll figure what to do with it. My buddy says dirt bike track but my thoughts are the whole place is a dirt bike track.
A very good customer of mine manages the local Public Storage. He says the company does very well. But then again we are in the middle of Silicon Valley. 10x30 goes for $575 a month.
Quote:
Originally Posted by GregWeld
My brother in law builds and invests in Mini Storages. He has people that have been doing just that - for 25 or 30 years now. They have a very specific set of demographics/cost per square foot/size of property etc that absolutely must be adhered to. Any time they've ignored them - the property hasn't worked out.
Having said that...
These things are the most amazing cash cows I've ever seen. Most of the time Eric tells me that they're all rented out before they ever get an occupancy permit finished. The ones they build have on site live in management. For most of the units there is very little effort on managements part... the few that fail to pay get locked up and the contents sold to people that do that kind of work. He told me once that the biggest job is keeping the electronic gates working 24/7.
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