[Shop-talk] Renting garage space

[eric at megageek.com]

PJ, I let me throw in my findings on renting space.

First, INSURANCE!!!!  Make sure you can get the appropriate coverage.  Not 
just for the contents, but for a person on your property that injures 
themselves.  If you are renting 'off the books' your policy might deny any 
payout in the event of a claim leaving you PERSONALLY on the hook.

You will also need to check your zoning.  This isn't a problem in most 
places, but in the areas it is an issue, you can most likely forget about 
doing it.

Next, if you do this, make sure you have a iron clad contract on what 
happens to the contents if the unit is unpaid.  It would be very easy for 
someone to stop paying, and you are stuck trying to legally get rid of the 
contents.  Or worst yet, you get rid of them, and he sues you because you 
didn't do it 100% legally.

Finally, it really is hard to make that much money renting out spaces. 
Here, in NJ, a top dollar storage unit that can hold a car is about $100 a 
month in a REAL facility with 24 hours electronic access, fully insured, 
etc.  I'm not sure if you can make it worth it for all the headaches and 
hassles and liabilities you are exposed to.

When I do 'storage', its mostly motorcycles for the winter months.  I'm 
paid in fully when I pick them up from the person (then I take photos 
before I load them).  Then I just drop them off at a predetermined date.
Or I store boats, trailers, rvs for people I know.

Again, I hate to say it, but insurance makes most great business 
opportunities unprofitable.

Eric P
"Be as beneficent as the sun or the sea, but if your rights as a rational 
being are trenched on, die on the first inch of your territory." Ralph 
Waldo Emerson