JF3250: Faraz Hemani — 3-Step Formula for Succeeding in Self-Storage, Why Flex Industrial Is the Best-Kept Secret in Real Estate, and How to Compete in a Crowded Self-Storage Industry
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How to Start a Self-Storage Business
The company bought its first self-storage facility in 2022 for $800,000. It raised rents on existing tenants by 35% to 40%. The average customer is paying only about $60 to $70 a month per unit. "We have a lot of pack ratism in America that people don't want to let their stuff go," he says.
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