renting out storage space..

[Caren]

I have bought a little hobby farm.

When I bought it the realter said that I could rent out the quonset building and make an extra 2-3 grand per year. Now I find out it is more like 5-6 grand a year. Can anyone tell me the best way to make sure I have the space to rent out and how much to charge people and do I ask them to sign a contract?


http://www.century21.com/realestatel...ichRd-35918379

This is the link to my house and there is a picture of the quonset building.

Any advise would be appreciated.

Thanks
Caren

[crispin]

I am not sure I understand. Are you saying that you can get 5-6 thousand US dollars per year to rent out this building?

That seems crazy to me? How could you get so much money? I would build 10 more of those there if I was you. Here in rural TN where I live, I couldnt rent that out for $100 per mont. I guess you should feel very lucky.
Contract - yes, find one on the internet and have them sign it.

[ann in tn]

The quonset hut is the large upside down U shaped building in the background. Work and stayed in them while in the Army in Korea. Had one at my FIL place for a workshop - great buildings and if done right built to last.

Check the prices on insurance. We had a corn crib with a lean to that we were going to rent out, but hte insurance was going to be about $40 a month. Not enough for us to make a profit.

[ldc]

I used to rent out barn space, for storage and a guy who built boats. The areas have to be lockable and secure, separate if you have multiple renters. I had to have extensive backgrounds from the renters, b/c at some point everyone forgot to pay, and I had to know how to really find them. it took insurance (fire, theft) too. Up your way, people might want to store cars, trucks, boats, farm equipment too. ldc

[Bandit]

You have a really nice looking property there .
I would check out the local Craigs List under parking and storage to see what others are charging for parking , You might be surprised at how much you can make if you are in the right location .
You could rent space to store Boats , cars , RV's , Trailer's and charge by the foot .
I live 15 mi. outside of Boston , and had to go out another 30 mi. to find an affordable secure place where I feel safe with leaving My new 18 ft. flatbed car and 12 ft. utility trailer , and that cost Me $ 75- a month for a 20 X 40 outside parking space .
I could store them for a lot less in Nh. but I don't want to drive that far when I need to use one of them.
Bob
http://nh.craigslist.org/prk/1929072593.html
I looked at this one , it is enclosed with a chain link fence
http://nh.craigslist.org/prk/1916760474.html
Another one including video surveillance of Your unit for $ 2.00 per ft. a month .
http://nh.craigslist.org/prk/1906575288.html

[Caren]

Thanks Bandit I love the place already! I can't wait!

[crispin]

oh this building? That makes much more sense. That is a very nice large building. I would love to have that.

[Caren]

yep that building! LOL

The other building you thought I was talking about is a corn crib that has been sided over! LOL

[katydidagain]

Caren, I'm so glad you landed on your feet running. That "hut" looks like a money maker to me! Yeah!

[Caren]

Thanks Katy right now I am trying to decide do I make the old milk house a chicken coop or a canning kitchen? That is the white building in the pictures.

The milk house is a little to close to the clothes line for the chickens but I want them some place I can see them when I am out side and can enjoy them. I miss my birds soooooo much.

[Riverdale]

Hi Caren. Got your PM and yes, that sounds like a good price for our area.
(I drive past there once or twice a week, depending on which way I drive home from work ).

One thing to be sure of is the insurance. Make sure that the OWNERS of the vehicle maintain some sort of storage insurance. You should also see about some 'contents of a rental storage' insurance to protect yourself in the worst case senario.

Also, find a GOOD contract, that spells out what the owners respocibilities and your responcibilies are (ie hours and days of availability, insurance, dates the rental is due.) And we have a spring clean up day here in Seville Township every spring, the one closest to you would be at the grain elevator in Elwell.

[Farwood]

I would use the old milk house as a canning center- assuming it has water and electricity. You can always build a coop in a better location without worring about hooking them up. If you were going touse it as a coop and build a summer kitchen in the future you might have to settle with a location further from the house and add new lines if you wanted electric.
Haven't looked at the website but from the post here is sounds purfect.

[Caren]

I close friday!!!!!!!

[Tinkman]

I know some people that rent out space in these fabric covered buildings (similar to a quonset hut or building). Instead of being covered in metal, it is covered with a canvas like material. Actually, my father has a hoop building that he stores hay and equipment in.
http://www.portablegarageshelter.com