Thinking about getting into self storage? There are few things you need to consider before you begin the process. In our latest webinar series, Live Oak Bank’s Self Storage General Manager, Terry Campbell, shared insight on site selection, feasibility studies and paving your way to ownership.
Whether you are in the process of selecting a site to build your facility on or conducting research on area data, this three-part webinar series will guide you as you make these critical decisions.
Before you begin the process, the first thing you need to determine is where to build your site. There are many factors you need to consider including the visibility, competition and timeline.
Learn more about what goes into choosing a site and how this decision will affect your building process, visibility and ultimately your revenue.
If you don’t already know, a feasibility study is critical to the success of your self storage facility. A feasibility study allows you to measure the potential profit of your facility by assessing the strengths and weaknesses of the project, market research and financial data. These factors will determine whether you should pursue the project.
At Live Oak, we require a feasibility study for all ground up construction projects. Learn more about what a feasibility study entails and how it can save you money in the end.
Path to Ownership:
Before you apply for a loan to finance your next self storage project, there are a few things you should do to make the process as efficient as possible.
Know Your Personal Credit: At Live Oak, we look for clean credit histories and scores above 650 with no prior bankruptcies. We understand that deliquesces happen, but we will want to know the backstory.
Gather Important Documents: We’ll look at the last three years of your personal tax returns, as well as request information on the businesses you already own. To save time during the loan process, it’s good to have these documents handy.
Do Your Homework: Publications like Inside Self-Storage and the Self Storage Association newsletters are great resources to find out what’s happening in the industry. From self storage marketing tips to how to improve your facility with technology, these websites have it all.
Keep in mind that each self storage facility is unique. Live Oak offers a team dedicated to the self storage industry who will partner with you from day one. Learn more about self-storage financing from Live Oak Bank.