Courtesy of Lauren Trippeer
- I always wanted my daughter to go to college and graduate without any student loan debt.
- When it was time for her to go to school, we didn't have enough money for her tuition.
- I bought a storage unit business, and it became so successful that it has paid for her full tuition.
Storing other people's shot glass collections is not what I dreamed about doing when I was a little girl. I didn't visualize myself shoveling out storage units full of cat toys, abandoned tires, chainsaw parts, and cheese graters. But when it came time to pay for my kid's college tuition, all ideas were on the table.
When our daughter, Lauren, was born, my husband Gary and I started saving for her higher education. We tucked away as much as possible, hoping it would be enough. But college costs were rising fast.
Relying on savings alone to pay for college also presented another problem. Even if we managed to stockpile our dollars, theoretically, we'd blow all of them on tuition when the time came. Semester by semester, we'd slowly deplete our account. In the best-case scenario, we'd end up with a zero balance. Worst case scenario, we'd end up in debt. Neither option sounded good.
I realize that the whole point of a college savings account is to have it available for tuition and expenses. Still, I fantasized about paying for Lauren's college and somehow keeping that account intact. There had to be a way to leverage those funds, and as entrepreneurs, my husband and I started looking for options.
That's when we looked into the storage business to help pay for her college tuition.
Time was running out, and we tried to look at alternatives
During Lauren's toddler years, it felt like we had plenty of time to develop a plan. But by the time she started middle school, panic set in. Media outlets dished up stories about debilitating student loan debt — debt that prevented people from getting married, buying homes, and having children. That debt also came with extra jobs or sleepless nights full of worry. I didn't want that for myself, and I especially didn't want it for our daughter.
At our most desperate, my husband, Gary, suggested that our daughter consider a career in plumbing.
"Why don't we skip college and buy a plumbing truck instead," Gary said. Lauren's nails had little daisies painted, and her hairstyle must have taken hours. She has a fashion sense I haven't seen shared by many plumbers. "It could be your high school graduation present," Gary said.
But Lauren dreamed of getting a university education and becoming a filmmaker.
During a family brainstorming session, we decided to investigate the mini-storage industry. It seemed like a business that could generate revenue without requiring our full-time attention. However, we soon learned that these businesses are difficult to acquire.
We bought a fixer-upper mini storage business
After a long search, we spotted an ad for a fixer-upper mini storage business and decided to make an offer in 2020. We paid $325,000 for the company, and a month later, the business was ours. For the down payment, we used the savings we'd set aside for college. All the income the business generated would go right back into that account.
When we took possession, half the units were vacant or full of abandoned junk. All the units were priced under market. Many of the customers hadn't paid rent in months, and some of the rental contracts were missing. One customer was in jail, and another had died. We had some clean-up to do.
My husband and I repaired holes in walls, replaced rotted fascia boards, and upgraded missing lock mechanisms. We cleaned messes and started advertising. Business improved within a remarkably short time, and our facility was at full capacity within a year.
Since then, we've had a few setbacks. When some of the units were robbed, we had to deal with the aftermath. We discovered a homeless person sleeping in our facility. Once, a drug dealer tried to use the mini storage as a place to conduct business. Our building still needs a paint job, and we have plans to upgrade security and aesthetics.
Our plan worked
Four years later, we earned enough to pay for all of our daughter's education expenses.
With only three semesters to go until Lauren graduates, I feel certain we'll achieve our goal of getting her through college debt-free. And when she's out of school, we'll still have the money we started with — plus appreciation and a money-producing asset.
As a kid, I never thought I'd end up storing other people's stuff, but I did plan on having a creative, interesting life. And if life takes another unexpected turn, maybe our college graduate can use the mini storage to house a plumbing truck.