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Guest Ross

Rent or lease garage

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Guest Ross

Hey guys I got a question for everybody. Currently I am in the process of funding some garage space and renting or leasing an area for me to work. Currently I'm 100% mobile but recently with if you come in busy I was curious on what do you guys usually pay for renting a space? I have some friends who have a two-stall garage completely empty with lights and outlets that he's offering. But I'm not sure what's a good price would be or what other people recommend on doing?

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There's way to many variables with that for us to say. However my rule of thumb is you should be able to cover rent in a decent day or two gross. So if on the regular you can do 800 a day then right around there. Also if you're not tracking your daily gross you need to be this will tell you exactly how much you can afford. Make sure you can cover it in your worse months and you'll be fine. 

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I don't know your financial situation or your geographic location, but ..if you are mobile now and covering your expenses..and are able to save a bit of money..keep saving until you have enough for a down payment to buy your own space. Renting or leasing is only good for the land owner. You pay their nut..and they ride the wave as the property escalates in value.. then they raise your rent... IMO..wait till you can swing a purchase and thank me in a few years. 

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4 hours ago, TomTint said:

I don't know your financial situation or your geographic location, but ..if you are mobile now and covering your expenses..and are able to save a bit of money..keep saving until you have enough for a down payment to buy your own space. Renting or leasing is only good for the land owner. You pay their nut..and they ride the wave as the property escalates in value.. then they raise your rent... IMO..wait till you can swing a purchase and thank me in a few years. 

 

I agree with this as its the direction I am trying to go. I am not mobile currently and do rent a non-traditional space to keep my overhead low.

 

I keep feelers out with some real estate friends and am always looking for something I could buy.

 

Even a good location with a nice amount of space on a rent-to-own lease or land contract would be better than flat out renting.

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Guest Ross

Hey nice guys I really appreciate your opinion! I'm going to do exactly that as of right now since it's summer I am doing completely fine and staying busy without having a garage. Winters coming.... In a four months... And hopefully by then I'll have enough saved up for a good down payment. Thanks again guys

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Before doing so I encourage you to read the total money makeover and entreleadership by Dave Ramsey. What is not assumed is the risk that goes along with the mortgage and running a business with debt. What happens when you fall off of a ladder and have to lay out of work for 6 months? I'm not saying rent you're entire career that would definitely be dumb. All I'm saying is people rush into a mortgage way to soon because of numerous reasons and wind up bankrupt. There's absolutely nothing wrong with renting for a few years so that you can save up and pay cash for a place :twocents

 

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4 hours ago, jh812 said:

Before doing so I encourage you to read the total money makeover and entreleadership by Dave Ramsey. What is not assumed is the risk that goes along with the mortgage and running a business with debt. What happens when you fall off of a ladder and have to lay out of work for 6 months? I'm not saying rent you're entire career that would definitely be dumb. All I'm saying is people rush into a mortgage way to soon because of numerous reasons and wind up bankrupt. There's absolutely nothing wrong with renting for a few years so that you can save up and pay cash for a place :twocents

 

 

  If you own a property and fall off a ladder...you then rent your property. ...if you fall of a ladder and are locked into a lease.... you still need to cover that lease and most landlords frown of sub leasing... 

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4 hours ago, TomTint said:

 

  If you own a property and fall off a ladder...you then rent your property. ...if you fall of a ladder and are locked into a lease.... you still need to cover that lease and most landlords frown of sub leasing... 

Not gonna argue hypothetical situations that could or could not happen. All I know is statistically most small businesses fail and foreclosures only happen on properties with mortgages. Plenty of ways to run a business and be profitable, I just choose to not do so with debt. 

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