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Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: jakubdudek on November 11, 2019, 02:41:38 PM

Title: Large storage space to rent, where to start
Post by: jakubdudek on November 11, 2019, 02:41:38 PM
Greetings collective MMM wisdom,

We recently purchased a property that happens to have a large "dutch barn" on it, a few hundred feet away from the main house.  It has 2 very large garage bays (1200 sqft total), with 2 separate doors large enough to accommodate boat or RVs.  It also has full RV connection outside on the side of the barn.  It has it's own entrance from the main road and based on the purchase inspection, it's generally in good shape (no structural work needed)

I would like to monetize this bit of the property somehow.  Covered Boat/RV storage rental seems like the easiest to go for, given the size of the structure.

I am looking for advice on where to start, as i know next to nothing about this sort of things.  Question include but not limited to:

1- City/County rules, can i do this, do i need a permit, who should i check with
2- Any legal things to look into?  leases, liability, and so on...
3- What type of insurance may i need for this?  (somewhat related to 2 above)
4- Any thoughts on a reasonable price ask for say 500 sqft covered/locked storage  (I'm think the total area can be converted into 2 spaces)
5- Suggestions for best way to advertise?

Thanks for any suggestions/ideas!


PS: In case it's useful, the location is Portland OR, outside the city in a rural-ish area.
Title: Re: Large storage space to rent, where to start
Post by: waltworks on November 11, 2019, 09:15:14 PM
1: Duh, call the city and county.
2: OR probably has some landlord resources online. Find a model lease there, or use teh goog.
3: Call your insurance person and tell them you're going to be renting part of your property. See what they say.
4: No idea.
5: Craigslist, Nextdoor, Zillow, etc.

Title: Re: Large storage space to rent, where to start
Post by: theoverlook on November 12, 2019, 07:42:55 AM
On the rent, it really depends on what you let people do there. If you want strictly storage, you're going to need to be clear on that in the lease and in advertising and in communications. Otherwise, someone's going to want to rent it to work on projects like cars, or even run a small business. Which might be a great income producer but might not be what you want next to your house.

If you're renting it strictly as storage, look at what self storage places charge in your area. Around here, a 300sf unit is about $140/mo. Your area might be more or less. You might be able to get a premium for it not being a "self storage" place, but maybe not. You'll want to have lights, but not too much - as storage you might get away with 3-4 of the 4' LED shop lights in 500sf.

I would advertise on Craigslist. I've had great luck listing small spaces on there.

If it's legal, one option might be to actually parking a travel trailer in the RV spot and rent it out on AirBnB. Or offer the spot for people to park their RV in on trips.