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If you have the land it's a great business, All the boat storage places in my area have a waiting list to get in.
Depends on your market - is there a need for more boat and trailer storage in your area? If you plan to buy land and build storage sheds and covers - lot of up front capital required but once complete could provide a steady source of income for years to come with minimal expenses.
Business Money Today
I agree with Phanio. It depends on the demand, competition and market trend for boat / trailer storage within your area. BTW - if you need help regarding financing, check out Phanio's site, Business Money Today.
On the positive side, if the opportunity exists, the business has little requirements for running it. Separate from an onsite manager to make sure the customers are taken care of and the place remains clean, your workload remains relatively light - mainly focused on marketing and hopefully few insurance claims.
On the negative side, if the demand isn't great, you will have a number of empty units. Plus, if a renter doesn't pay, it can be a lengthy process before you have any opportunity to re-coup those lost wages, often upwards of 6 months. For example, if a renter stops paying you may have to give them 60 days before you start the auction process. It can take another couple of months to complete a successful auction (in some states, you must give 30-days notice in the papers prior to the actual auction) and then once the unit sells (if it sells), you only re-coup lost wages. Depending on state laws, any overage on the sale goes to the state.
I recommend you perform your market research to determine the demand in the marketplace, what competition exists, the trend of the market (overall health, is it growing, staying the same size, shrinking), local / state laws, and location, location, location for the real estate.
I hope this helps for a start.