In a two-year journey from ground zero to self-storage hero, one individual outlined the process of building their first self-storage facility. Here is an overview of the steps taken and lessons learned:

– Learning the self-storage business and conducting feasibility studies to understand market supply and demand
– Evaluating different types of self-storage facilities and complexities of managing them
– Reaching out to self-storage owners within a driving radius to explore potential buying opportunities
– Opting for ground-up construction of a self-storage facility, identifying challenges and considerations
– Facing delays in bank financing and exploring different loan options like SBA loans and conventional loans
– Dealing with appraisal issues and getting the project appraised for total project costs
– Concluding construction phases including excavation, foundations, building storage units, installing doors, security cameras, signage, asphalt paving, fencing, gate installation, erosion management, and opening the facility
– Reflecting on the experience and expressing a willingness to go through the journey again with the lessons learned to make the process smoother and more cost-effective

You can read this full article at: https://retipster.com/self-storage-journey/(subscription required)

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