Author Topic: Rented out my garage!  (Read 1391 times)

CanuckStache

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Rented out my garage!
« on: October 21, 2017, 10:16:18 AM »
So I've got a nice sized detached garage that I don't use - it's a little too tight to fit my truck. I mainly use it for some storage and as a bit of a workshop for house renovations.

I recently noticed on our local craigslist site that there were a number of people posting looking for motorocyle / boat / RV storage over the winter. Found a guy who lives in a condo and was already spending $150 a month on a really crappy tiny storage space. So for $200 I'm letting him store his motorcycle in my garage long-term. Hardly makes a dent in the space, and he only uses it in the summer, maybe does some maintenance here and there - also happens to be a friend of a friend so I feel like I can trust him.

Bonus $2400 a year for a space I'm not otherwise really using! I wish I had a large enough space for a boat or RV - those guys are willing to pay quite a lot more it seems.

princeradar

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Re: Rented out my garage!
« Reply #1 on: October 21, 2017, 10:20:44 AM »
That's a nice amount of cash to get for basically space you are not using, and sound like for very little hassle.  Win/win I say...

CanuckStache

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Re: Rented out my garage!
« Reply #2 on: October 21, 2017, 10:36:42 AM »
Yeah it worked out well. It's a tall building, so last year I built an upper storage loft with a buddy which let me free up the main garage space. The loft is 9' up too, so it doesn't interfere with the space below at all.

Anyways, it just made me think about how many people I know aren't utilizing their unused space to generate a few bucks here and there.

Cezilous

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Re: Rented out my garage!
« Reply #3 on: October 21, 2017, 10:38:46 AM »
This sounds like a really good idea.  Great job!  :)  I'm trying to think of potential issues that you've probably thought about and overcome..  What if there's any damage caused to his things?  Insurance?  Uh.. rodent or other issues?  Because I'm wondering if this could be something we try as well, so thank you for a new-to-us idea!

CanuckStache

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Re: Rented out my garage!
« Reply #4 on: October 21, 2017, 10:51:06 AM »
We just agreed it's at his own risk. He'll cover up his bike. The garage is pretty sealed up, no mice that we know of. No water issues either. He's got insurance - if there's a fire or something crazy like that, I've got house insurance so I'm sure it'll be covered. The chances of something catastrophic like that is pretty slim of course.

My only other concern was noise since it's a custom built bike with a loud muffler. I don't want someone revving it up at odd hours, we've got neighbours afterall. He said no problem at all, and that he would roll it out to the street before firing it up.

His only concern was security, but there's a secure keypad for the door and it's tied into my WiFi so we know when the garage is being accessed. It can even send an alert to my phone (say if the garage door is opened at 2 AM). He was happy with that.

Roe

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Re: Rented out my garage!
« Reply #5 on: October 21, 2017, 12:57:12 PM »
Very nice!

I sometimes browse trough various wanted adds. Never know when something interesting pops up.
Beans&rice, my love!

geekette

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Re: Rented out my garage!
« Reply #6 on: October 21, 2017, 01:08:08 PM »
We just agreed it's at his own risk. He'll cover up his bike. The garage is pretty sealed up, no mice that we know of. No water issues either. He's got insurance - if there's a fire or something crazy like that, I've got house insurance so I'm sure it'll be covered. The chances of something catastrophic like that is pretty slim of course.

FYI, your homeowners insurance probably won't cover a vehicle.  My neighbors' house burned and the car insurance covered the car that was in the garage (fire started above and took out half the house).  The house insurance wouldn't cover the car at all.

Roe

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Re: Rented out my garage!
« Reply #7 on: October 21, 2017, 01:18:23 PM »
We just agreed it's at his own risk. He'll cover up his bike. The garage is pretty sealed up, no mice that we know of. No water issues either. He's got insurance - if there's a fire or something crazy like that, I've got house insurance so I'm sure it'll be covered. The chances of something catastrophic like that is pretty slim of course.

FYI, your homeowners insurance probably won't cover a vehicle.  My neighbors' house burned and the car insurance covered the car that was in the garage (fire started above and took out half the house).  The house insurance wouldn't cover the car at all.

It probably wouldn't cover the direct cost, but the direct cost would automatically be covered by the owner. The risk is more along the lines of liability, and that might be covered by house insurance.

Certainly something worth looking into. Probably easy to find out whats covered and what's not.
Beans&rice, my love!

CanuckStache

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Re: Rented out my garage!
« Reply #8 on: October 22, 2017, 10:09:05 AM »
Yeah that's probably good advice. I wouldn't want to store anything that might be sensitive to humidity (mattress, clothing) and I wouldn't store any kind of food (pests). But a covered up motorcycle in the corner and a couple rubbermaid totes? No problem, and not concerned about the risk (nor is the 'tenant').

If I was doing this more seriously or with strangers, I would probably take a sample agreement from a local storage locker company and modify it. Probably has all the right language. I've stored stuff in those places before and they never accept any liability for anything. In fact, they try to upsell you insurance.

Linda_Norway

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Re: Rented out my garage!
« Reply #9 on: October 26, 2017, 10:54:36 AM »
Yesterday I told my young, frugal colleague that he should consider renting out his parking place. He just bought an appartment in a new, fancy appartment block and has a parking space in the common parking lot. But he doesn't have a car and wants to wait as long as possibly before buying a car. I thought it was a bit of a waste to not make some money out of it. There is probably someone living in that block who owns a second car or a motor cycle.
« Last Edit: October 27, 2017, 02:04:47 AM by Linda_Norway »

EfficientEngineer

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Re: Rented out my garage!
« Reply #10 on: October 26, 2017, 01:38:28 PM »
What a great idea Canuck!  I'm going to jot this down for possible future use.  Is the motorcycle stored in the loft you created?  I would imagine you would need some sort of pulley/hydraulic system to lift that 9' up.  Or did that loft just open up your floor space for endeavors like this?

Think you'll aim to get another motorcycle or anything else?

CanuckStache

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Re: Rented out my garage!
« Reply #11 on: November 02, 2017, 07:24:45 PM »
It opened up the floor space. I think I'm just gonna let the one guy use the garage for now. The bike fits perfectly, and there's enough space for him to work on it as well as enough room for me to get my tools and do whatever I need. He's also going to help me put plywood up on the walls this weekend and get it organized a little better.

undercover

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Re: Rented out my garage!
« Reply #12 on: November 02, 2017, 08:29:05 PM »
Really poor use of funds on his part, really great benefit on yours. Seems to be the Mustachian way ;)
Every solution has a problem

Aggie1999

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Re: Rented out my garage!
« Reply #13 on: November 03, 2017, 07:59:05 AM »
Beyond just liability on the actual motorcycle, one more consider if your home owners insurance covers personal type liability. Your basically running a business by renting out your garage space. If the renter fell on your property, etc would your home owners insurance cover it? I know when I have bought home owners insurance they always ask if any type of business is done on the property.

Sad we have to consider things like this in our society but it is what it is...

CanuckStache

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Re: Rented out my garage!
« Reply #14 on: November 03, 2017, 10:27:54 AM »
Probably not a bad idea. In this particular case, I'm not concerned.