Posted by Mark (SDCA) on March 09, 2010 at 11:59:38:
In Reply to: Multi Family or Self Storage??? posted by Nick on February 23, 2010 at 11:55:19:
Either works.
I agree with your assessment about self-storage. Less to damage if it's concrete block with a metal door.
Check your state laws but in many states you don't evict. It is more of an auction repo. So that is much easier.
Expenses are typically lower. Quite a bit lower. However, the cap rates are often lower as well.
If you are going to self-storage, you might look into kiosks (like ATMs that can print leases, accept payments, sell locks etc). I have heard of some self-storage owners who ONLY use kiosks- no onsite managers at all.
GL,
Mark