Investing your money in anything can be a gamble, but self storage has proven to be a resilient asset. The industry has stood up to the test of numerous economic downturns. More and more people are starting to see the benefits of getting into self storage, but how do you know if it's the right move for you?
In this Spotlight, John C. Lindsey explains what self storage is to him and gives guidance on how to determine if it's the right investment for you.
Question: "How do you decide if investing in self storage is right for you?"
Check out the video clip below to hear their answers:
In this Gabfocus Session: New to the Industry: A beginner’s guide to self storage, we spoke with Adam Armstrong and Lindsey Self Storage's John Lindsey about the self storage landscape and what new operators should know to be successful as they get started.
Check out the full Session to dive deeper!
Don't want to watch the clip? Here's what John had to say:
First and foremost, I think it depends where you are in your life cycle and what you're looking to get out of the vehicle.
Storage, to me, is your wealth generation tool. This is for your kids. This is for 20, 30, 40 years down the road. There are a lot of very successful firms that get in and out in two and 3 years, and that's fantastic. But that's their strategy, and you might have a different one. So I think you need to analyze what your strategy is and why you want to get into this.
I think if you want a really safe bet when the world is going sideways, storage is phenomenal. We've seen time and time again that storage does extremely well in times of uncertainty, whether it's the recession or COVID. We're like syntax items. We do well in really bad times. So it's a nice hedge when everything else is going sideways. I'd rather bat singles and hit 1,000 all day. And that's what self storage can be for you if you treat it like that.
So if you're in it for the long term and you're pot committed on creating a really good generational wealth tool, then you should be in self storage."
