View Poll Results: Is there any interest in a "hobby garage"
- Voters
- 11. You may not vote on this poll
-
Yes
2 18.18% -
No
3 27.27% -
Depends on costs
1 9.09% -
Why would I pay to use a shop when I can do it all myself at home
5 45.45%
Threaded View
-
12-26-2005 08:03 AM #6
And to continue to rain sunshine on your parade..........
Don't underestimate the importance of the insurance issue 64 mentioned. Make sure when you research it you talk to an agent with LOTS of experience in commercial insurance. It's not something your "normal" homeowners/personal auto guy will be up on.
Along with Dave's comment, you'll need lockable/secure storage in each bay otherwise there'll be lots of whining about tenants stealing from tenants.
You'll need a "policy guide" to hand to the tenants, along with their signed agreement with all the terms, both rental and operational.
You'll need a process to boot out or seize property of someone who decides to use you as storage because they over estimated their abilities/wallet. And you'll need to be willing to exercise that process without reservation.
Just like the guys have said, this isn't a new idea, and it's never sustained. That doesn't mean someone won't come around some day and figure out a way to make it work. The closest I've seen for success in this type of deal is where the guy rented primarily to "professionals", basically guys who'd worked as body men, painters, mechanics, and either couldn't get along with others, or wanted to venture out on their own but didn't have the finances to start a full blown business. At least those guys were motivated because they needed the income, but on balance it should be said that most of them didn't have the dicipline to "make it" long term. A few did use it as a launch pad for a free standing, legitimate business. All in all, that meant turnover.......but that's what rental space is about.Your Uncle Bob, Senior Geezer Curmudgeon
It's much easier to promise someone a "free" ride on the wagon than to urge them to pull it.
Luck occurs when preparation and opportunity converge.
I believe this was somewhere around 2015, Rick, Rosie and Johnboy
John Norton aka johnboy