Investing in self-storage units can save you money, headaches, time, and a great deal of stress in comparison to residential units. While it is true that more money can be made from residential properties, self-storage units can be a simple way to make profits in an affordable way with little to no hassle!
First, self-storage units require less management responsibility than residential units. While the management of residential units have to worry about keeping their tenants happy, a manager of a storage unit simply has to rent the units out, and than collect the rent from those units.
When owning a residential property it is vital to hire a properly skilled manager, as there are issues that may often arise with residents that need to be dealt with in a professional manner. A manager of a residential property can be called any time, day or night, in order to deal with certain residential issues like a lost key, a clogged toilet, or a leak in the ceiling. That manager needs to solve those problems both efficiently and effectively. The “stuff” that is placed inside a rented storage unit, on the other hand, does not require any care at all from a manager. This can save you, as investor, a great deal of money and also increase your return on investment, as less required from a manager equals less pay to them on your part.
Often times, if residential units are not paid for in the allotted time, the owner must go through the tireless process of evicting those tenants. This eviction includes a time period in which the tenants have to move out their belongings etc. After a tenant moves out of a property, the owner is then required to tend to any necessary changes that need to be made to the property to ensure it is ready to be once again occupied. This can be costly to the owner as the process can include a new paint job, and cleaning of the carpets.
When renting out storage units, the process of handling unpaid rent is much easier. If the rent to the unit is not paid, the owner has the ability to simply over look the unit, preventing the renter access to their goods. If the renter refuses to pay the money that is owed the property inside of the unit can then be sold in order to make the money that is owed to the owner of the unit. Once a renter has moved their stuff out of the unit, the unit simple needs to be cleaned before more things can once again occupy the space.
When you are looking to sell an expensive residential property to a potential buyer, it is often times necessary to go through the hassle of credit checks, and also references. This process can take a good amount of time for an owner, especially when looking for a reliable person to occupy the space. Often times, when selling storage units, which contain inanimate objects references are not needed. Saving the owner a great deal of time, while also reducing stress!