I looked into the storage unit stuff and if you buy an already existing one, be prepared to pay alot, in a well populated area it will be around $800k-1.2M because the land is so valuable, then you have to look at what property tax will do to you with that kind of valuation. I ran numbers thru on 200-300 units rented out at 80% and the income after known expenses was not that much when you have to compete with franchises that own 10+ sites. Now if you are in a rural area and property is not that expensive, then it may be a whole different ball game but the number of units you can rent out may be very limited. Also, to get an SBA loan you'll need 20-30% downpayment out of pocket to start something that big. SBA loan is normally used unless you have some other collateral to put up, SBA loan uses the business you are setting up and its property as the collateral.
----------maybe but having a partner will lessen the burdan---------
storage units do cost alot but you have little overhead, I was the manager at one here ( mind you they did have alot of units) they had 1000 on one side and 900 on the other, even if it does cost $1. ?? to build it should pay for it self and provide plenty of cash, i looked at the monthly deposits and they would be $100k to 97k a month!
, and thats just rental fee, you have auctions just about every 60 days from people not paying their unit's, i was manager for a year and got to know the owners, and believe me the christmas dinner we had was on his $5 million dollar yacht!, he had about 5 storage units in total.
I have money but i don't have it all, but i would'nt mind opening up one
with a partner, dam good business, all you need is 2-3 min-wage workers to clean, maintain the grounds and to help the costumers, one manager-owner with a clerck ( if you want ) a computer nothing fancy, the storage program that list your units by size and price, ( yes, there is one ) a contract which clearly informs the costumer that we are not responsible for anything that happens, and you offer them insurance thru a third party,
PLENTY OF MONEY, i could go on but i just get more