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Anyone own, operate or researched Storage business ?

P

If its free, its P
Joined
May 16, 2007
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3,197
Location
Your Mom's House
Been thinking about , and brainstorming using the back part of my property ( behind my shop ) for outdoor storage. I live near a popular lake and there are 3 storage areas mostly full and all near me. I really want it as much for tax write off as much as anything else since our kids are all outta the house. I need to do something, real tired of being raped by the Fed year after year.
 
zukimaster said:
If you live near a lake, you should have plenty of people needing storage for boats, and campers, RV's etc.

A friend of a friend is wanting to store his boat at my place, my Mom's boat stays at my place, there has been and is always a couple vehicles owned by others at my place.... I mean, I just need to legitimize and make a little on what's already taking place essentially.
 
Legitimize sounds terrible. Needs to be cash and no formal contract until you think you can make them secure enough to buy insurance on the deal. It isn't cheap. Sure, hang a pizza box up, maybe don't put a vinyl covered steel placard out yet. Word of mouf, your insurance covers your ****, etc unless you want to throw a big investment in and gravel lot/put up a gate with unique code abilities etc.
 
Might have to get a business license to legitimize your earnings or to cover your Co Pays. Got to watch them. :eek:




ADMINISTRATOR
 
In ks, registering your business with teh state is essentially a business license. The less the state knows about my business the better. To get it you need an FEIN, now the fed knows you're trying to make money. **** all that, P's underground storage, that happens to be above ground
 
Devil's advocate, one big **** up, something getting stolen, catching on fire, a sue happy dumbass, and all that extra hidden cash gets to pay for it because your insurance is going to say :flipgotcha:

Go legitimate, there is really low overhead; insurance (you need that on any business), you don't have employees, maybe a light bulb in each unit if you want to get fancy, biggest expense is a building. Say you build a building with 20 spaces 10'x10' and charge $75 a month for each, (on the low side) that's 18k a year. Have the building paid off in a year or two, then also charge for outside storage for cars boats campers ect, Fence and gate it and get another $75 a month per each space. It's easy money and you don't have to be there all day everyday running it. If you built tall big spaces for inside boat storage, you would probably be covered up with folks who don't want to drag their 125k wakeboard boat back home every weekend. There's 3 places by our lake house that always full year round.
 
grcthird said:
Devil's advocate, one big **** up, something getting stolen, catching on fire, a sue happy dumbass, and all that extra hidden cash gets to pay for it because your insurance is going to say :flipgotcha:

Go legitimate, there is really low overhead; insurance (you need that on any business), you don't have employees, maybe a light bulb in each unit if you want to get fancy, biggest expense is a building. Say you build a building with 20 spaces 10'x10' and charge $75 a month for each, (on the low side) that's 18k a year. Have the building paid off in a year or two, then also charge for outside storage for cars boats campers ect, Fence and gate it and get another $75 a month per each space. It's easy money and you don't have to be there all day everyday running it. If you built tall big spaces for inside boat storage, you would probably be covered up with folks who don't want to drag their 125k wakeboard boat back home every weekend. There's 3 places by our lake house that always full year round.

Completely, if he wants to go all in and put up a structure/see if he can zone for it etc. What I was suggesting, knowing P a little bit, was that it is handshake only, Their ins covers Their ****. Give them no indication that you are covering a damn thing laughing1
 
blacksheep10 said:
Completely, if he wants to go all in and put up a structure/see if he can zone for it etc. What I was suggesting, knowing P a little bit, was that it is handshake only, Their ins covers Their ****. Give them no indication that you are covering a damn thing laughing1

Yes I'm a cheap sum bee.... And I am thinking just fenced in uncovered as a start. Need to also talk to property owner to my West to discuss entrance gate. I'm still researching. I do know even outdoor storage here gets more than the numbers thrown around in other posts.
 
Just started my own business back in December. If you plan to make money, and surely you do, then go legit. If you can't make it legit then what is the point?

Do you really think those other two storage places won't see what you are doing and turn you in? Especially if you are undercutting them.
 
Cubby said:
Just started my own business back in December. If you plan to make money, and surely you do, then go legit. If you can't make it legit then what is the point?

Do you really think those other two storage places won't see what you are doing and turn you in? Especially if you are undercutting them.

The entire point is to have it legit, Kelly went on the under the table rant :****: make a little side money and have tax right offs is what I want out of it. Minimal investment, no buildings no indoor just a parking lot for toys.
 
From a friend who is an insurance guru. He has insured everything imaginable and knows his stuff.

"You'd have to do a business owners policy or commercial package policy. An umbrella would be wise to do for additional liability for anyone who might get injured while on the property. The people storing stuff in the units are responsible for insuring their own stuff, you'd just worry with covering any contents you own whether in the office or a unit you use personally or for business items."

Now just get a license, build a fence and pay some taxes quarterly and yourin bidness!!!
 
P said:
The entire point is to have it legit, Kelly went on the under the table rant :****: make a little side money and have tax right offs is what I want out of it. Minimal investment, no buildings no indoor just a parking lot for toys.

I got ya. I think you have a great idea. If you have the location to make it happen then why not just go for it? This life is too short not to take some chances along the way.
 

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