It is a significant job to rip movies to your hard drives. You will need a Blu-ray drive for your computer and the right software. It will take some time to get the hang of the software.
That said, the storage is IMO, the part you want to get right and it's extremely important to determine what you would like to spend consider you may spend a hundred plus hours getting this all sorted out and the job done. Maybe hundreds of hours.
A single drive can lose your data. If you can get two drives and copy everything to both drives, that's better.
Best, is setting up a RAID. I provided information on getting a empty RAID online, then you can put in 4 identical drives. You lose about 1/3 the space to the automated backup system that's built in, but you get redundancy so you don't lose data.
About $110+ or so to get one off eBay with NO DRIVES...
https://www.ebay.com/itm/Thecus-N4100PRO-NAS-SATA-3-5-Hard-Drive-Storage-Array-No-Drives/253328287368?epid=1400163155&hash=item3afb8ae688:g:cHYAAOSwGzhaP-qx
You populate it with standard desktop hard drives you can buy from NewEgg or Amazon, then set it up once. It stays on 24/7 and you can set it to stop spinning the drives when it is not in use to lower power consumption and help with drive life.
Standard 4TB NAS hard drives are about $135 or so per unit.
https://www.newegg.com/Product/Product.aspx?Item=N82E16822236599
So, about $650 for a 10+TB setup with redundancy.
This RAID setup can be accessed by multiple players at the same time across your home network.