Challenges in Self-Storage and Mobile Home Park Investing

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Self-storage facilities and mobile home parks are managed differently from single-family properties. As a new investor in these asset classes, you need to be prepared for everything that may come your way.

Watch this video to learn more about the challenges in self-storage and mobile home park investing so you can be prepared when you start buying yours!

Key Talking Points of the Episode

[00:00] Introduction
[00:10] Utilities
[00:47] Management
[01:15] Differences in Financials
[02:45] Expectations

Quotables

“Self-storage is a lot easier because there are not as many utilities, and that’s the issue with mobile home parks. A lot of them are older and they have old utilities.”

“If you don’t have good management for a park, then it is going to be a nightmare. You will not want to own that thing.”

“Finding good boots on the ground, a good property manager to help you out is so important.”

“Most self-storage facilities out there, if they’re under 25,000 sq. ft, a lot of them are owner run and the owner doesn’t have somebody on-site to do management.”

“They don’t have a property manager so when they send over their financials, they’re not gonna have those additional expenses that you’re gonna incur when you buy the property.”

“I guess the biggest lesson is to know that things are always gonna fall through.”

“A deal is never really done unless the pen has been inked, so you just don’t expect it until you close. If it falls through, keep moving forward. You’ll find the next one.”

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