SSSE’s core values are Fun, Integrity, Drive, and Others-First. As part of our commitment to Others-First, we strive to educate our investors, partners, and the general public about self storage. The Roman philosopher Seneca once said, “Luck is what happens when preparation meets opportunity”. This Frequently Asked Questions page is to serve as preparation for anyone interested in learning more about self storage and SSSE. The opportunities come when you sign up for SSSE’s investors list or buyers list by clicking the links in our menu bar. We hope to be lucky enough to work together.
If there are any questions that you have that are not answered below, please contact info@ssse.com
Is self storage subject to eviction laws?
Self storage is not guided by eviction laws. Self storage is guided by lien (property) law as opposed to eviction (tenant) law. This means self storage “loses” less days than any asset class that physically has people in it. When a renter is late on payment, their gate passcode is deactivated and/or their unit is over-locked. They are notified of their past due balance and if the delinquent unit does not come current, local lien law timelines are adhered to for the auction process. Typically, the lien and auction timeline allows for the recovery of balances owed and new rental to a paying tenant within 60 days.
Is the lien and auction timeline the same nationwide?
No, the lien and auction timeline is NOT the same nationwide. Each state has their own requirements for the lien and auction process. Typically, there are requirements of notification, a time period where the tenant has the ability to come current on balances owed, followed by public notice of auction, and then the sale of stored goods. Typically, the lien and auction timeline allows for the recovery of balances owed and new rental to a paying tenant within 60 days.