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Thinking about renting out space. Tips?

Discussion in 'The Lounge' started by newyorkin, Aug 18, 2005.

  1. newyorkin

    newyorkin 1 ton status

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    I got an idea after a couple conversations with a buddy of mine in the city with a brand new bike, and no place to store it this winter.

    I'm thinking about renting out storage space to motorcyclists in the city for the winter.

    I don't immediately have the space, but I could probably come up with it.
    I was considering renting it out for bike storage, I figure 4-7 bikes would fit comfortably. I wouldn't even need the keys, as long as it's unlocked so I can move it if necessary.

    Ideally, riders in teh city could ride out to me, park and winterize, then I can drive them to the train station where they ride back to the city. Reverse the process in the spring when they want to get it out.

    I'm wondering:

    -What's a decent rate to charge for keeping them there for 5 months (november-march at most I figure)?
    -What kind of insurance should I look into for this?
    -Is it even appealing to have just a sheltered/protected place for winter storage that's not climate controlled?


    The guy I got my bike from had put it in storage just when I was buying it, intending to store it for something like a month or two. That garage's rate was $10 a day.
    If I charged the same and stored 7 bikes for 5 months, that would be almost $10k in my pocket... I'm thinking maybe $5 a day is more worth it since it's not climate controlled and far from the owners home. But even after 5 months with 7 bikes, that still gets me close to $5k.


    So what are all your opinions on this? Pitfalls, dangers, other benefits, etc.?


    BTW, Thanks a lot Jacob, you got the wheels turning a little too much this morning...:D
     
  2. Z3PR

    Z3PR Banned

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    I'd probley do a monthly rate. I'd call your insurence company and see what they have too offer. Also call a atty and have a contract drawn up. Best too protect yourself if something was too happen.
     
  3. cbbr

    cbbr 1 ton status GMOTM Winner

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    Yep. You probably need garage owners liability insurance also.
     
  4. newyorkin

    newyorkin 1 ton status

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    Well my company won't insure it... I guess I'll call a local...
     
  5. diesel4me

    diesel4me 1 ton status Premium Member

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    Tried that too...

    I thought about using my quonset garage as a storage facility for guys who owned motorcycles and street rods,after I got told I could not run a small engine repair "bussiness" out of it in a residential area..I was shot down again,same goes for storage as repairing--if it provides an income or profit,they wont let you do it here..period! :mad: --you'd need a variance,special insurance,fuel storage permits from the fire dept,alarms,etc.. :mad:

    My friend wanted to rent the 52x150ft Qounset garage at the junkyard he ran from his boss,with much the same idea..many customers marvelled at the size of the building,and more than one asked if his boss would consider renting a parking space inside for the winter...many offered 600-1000 bucks for the 6 months rent!--but his boss,an aging millionaire widow who's husband used to own/ run the junkyard,sold off all his assets--he had nursing homes,resturaunts,etc..sold ALL the businesses,the junkyard was last to go!--it still sits empty...a friggin waste!--19 acres of nice land,and it passed environmental tests--I'm suprised a condo village hasn't been built there yet..I'd love to be able to own it--but nobody has 850 grand I can borrow.. :doah: :( seeing all the cars get crushed,and my friend losing his job there after 20 years made a huge hole in my heart,that will never go away...it was a very special place,and a lot of my friends used to gather there a lot...had some good times there.. :(

    The 650 cars she crushed went for 10-15 dollars a ton when they cleaned the yard out--if she had waited she could have got 75 a ton this year--imagine getting less than 10 grand for 650 antique cars with many useable parts ,when today you could get 50 grand! :eek1: (but the cars still had many useable things,had they been parted out and inventoried,who knows how much they'd be worth?)--

    But since she had millions,she cared not about the cars,and she had NO desire to let her employee lease the place--she'd never give him a dime for repairs to the property or the forkloader--everything was moused together,and she even refused to hire another person to help the employee--something I disagreed with,you should not be able to have only 1 person at a large junkyard where heavy equipment (in poor condition) was being used!--many times I went there,I was afraid I'd find him pinned under a car or parts he was torching off them while suspended under the forks...and we had many close calls!.. :eek1:

    Even when customers offered her the money to store their cars and hot rods,she bluntly refused!--and the junkyard already HAD all the nessasary permits,etc!...but thats how people who are rich are... :angry1: :screwy: --we figured at least 60 cars could fit in there,and probably several hundred harleys or other bikes!--multiply THAT times 5-10 bucks a day! :thinking: :eek1: --but with all the problems today,youd need 24 hour surveillance,a night watchman,and a maintenence man ...still,it would be a VERY profitable investment--

    I know ramp truck drivers get 25 bucks a day for indoor storage--and there isn't many places available!--even outdoor storage is 15 a day!..but I dont have a million bucks to put up to buy the place,and no bank will loan money on potentially contaminated land(even though it passed twice in the last 10 years or so!)...what a world--all this oppertunity,but they make it nearly impossible to get your foot in the door,or keep any money you might make...
    They'ed rather see you slave at Wal-Mart for 8 bucks an hour,than for you to have your own bussiness,and be happy,and enjoy your life... :mad:
     

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