wpr
  • wpr
  • Preferred Member
10 years ago

Yes.. it never fails to make an impression the amount of crap and single person seems to want to keep in their possession. My shop would prove that I am not immune to that either.. even when focused on eliminating some of it. And those occasions where I dig into the boxes of left overs for need.

Originally Posted by: Pack93z 



I love the George Carlin bit on how Americans need more cra- stuff.
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Wade
  • Wade
  • Veteran Member
10 years ago

It really is. Over the years I have come close to getting a mini storage place after all I have 3 insureds in the business. This year I decided to buy my own little storage shed and stick it out in back.

It does seem like more and more people are telling me they keep some of their belongings in mini storage.

Originally Posted by: wpr 



Absolutely. If I had been anything approaching good with money, it's in the top five of businesses I'd try.


And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.
Romans 12:2 (NKJV)
4PackGirl
10 years ago

i'm amazed also at what people store In these things. it's not cheap. our 10x20's are $95/month & our 10x10's are $65/month. a lot of people store complete crap & waste tons of money doing so but hey - who am I to judge? i'll be happy to take their money & provide them with a service they need.

those interested in doing something like this should know that we went with a Wisconsin company - Trachte Buildings. they are a solid steel building - not one bit of wood involved in the construction. each building comes as sort of a kit with thousands of bolts, nuts, screws, panels, steel walls, etc... they were about middle of the road expense-wise. we're so far very happy with the quality of the product. we've probably spent upwards of $95,000 on prepping the property, the concrete, a huge retaining wall, & miscellaneous construction costs. our plan is to put everything we make to pay the commercial loan off - we're hoping to do so in 7 years. from there on, it'll be a nice retirement for us in addition to my farmland I cash rent. when we no longer need the income, the profits will be given to our boys. my parents always told us that they want to see us enjoy whatever money they are able to gift us while they're alive & we plan to do the same with our kids.
wpr
  • wpr
  • Preferred Member
10 years ago
Julie has anyone instructed you on what to allow and not allow your tenants to store?

Obviously you don't want radioactive material. But even gasoline or other flammable material can be an issue.

Food would be bad as well. You don't want rats or roaches.

Are you gong to have them sign a form that says they know you don't have insurance for them? Some landlords require their tenants to give them proof of renters insurance. It would not be legal unless it is int he contract agreement that you have them sign.

I know there are 1000 other issues but I figure someone is showing you the ropes so you don't have to start on square 1. If not tell me and I will put you in touch with someone with years of experience who is not in competition with you.
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4PackGirl
10 years ago

thanks wayne & we thankfully have an amazing attorney & accountant with experience in these matters. between them & doing research of the Illinois laws, we have a pretty darn airtight agreement each tenant must sign outlining all of those concerns you had & many more. can you believe we have to specify nothing 'LIVE' can be stored in them?? that was a new one for me. apparently some people were using them to keep animals & in some cases, people were trying to live in them. GAH!!

we have Bradley University just up the road from us & several commercial companies that have shown interest in using our facilities. we're hoping for more of those & less individuals. we're also having people apply for a unit - they don't automatically get one.

and again, thank you so much for your offer. there may be things that come up we could use help with so I will certainly keep you in mind.
wpr
  • wpr
  • Preferred Member
10 years ago

thanks wayne & we thankfully have an amazing attorney & accountant with experience in these matters. between them & doing research of the Illinois laws, we have a pretty darn airtight agreement each tenant must sign outlining all of those concerns you had & many more. can you believe we have to specify nothing 'LIVE' can be stored in them?? that was a new one for me. apparently some people were using them to keep animals & in some cases, people were trying to live in them. GAH!!

we have Bradley University just up the road from us & several commercial companies that have shown interest in using our facilities. we're hoping for more of those & less individuals. we're also having people apply for a unit - they don't automatically get one.

and again, thank you so much for your offer. there may be things that come up we could use help with so I will certainly keep you in mind.

Originally Posted by: 4PackGirl 



Yeah I thought about people wanting to live in them or keep animals. I decided not to mention it.

Speaking of accountants, did he/she suggest a credit check on perspective new tenants?

Just thought of something my brother uses on his apartments.

Let's say the rent is due on the first of the month and you want $65 a month for the unit. You tell them (and have them sign the agreement) that rent is $70 a month but if they pay by the 30th of the prior month they get a discount of $5 and ONLY have to pay $65 but if they are late they pay the full rent.

The more commercial tenants the better.

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4PackGirl
10 years ago

we've actually decided that commercial accounts & any veteran will receive an automatic $5 off per month.
OR if they sign a year contract & pay up front, anyone else gets a $5 off discount/month.

we didn't want to complicate it too much so we're sticking to those terms.
maybe after we're in business awhile, we can adjust things. thanks for the ideas wayne!!

the area we're in has other ministorages very near us & I do believe that one of them may be our best advertising. apparently the manager of the storage complex refuses to do any sort of snow removal & has been rude to a lot of customers who have stopped by during the process of building ours. I can't believe he doesn't remove snow, lets ice build up, doesn't spray the weeds around the property, & will mow maybe once a year. crazy!
4PackGirl
10 years ago

http://www.paulgraham.com/startupmistakes.html

Originally Posted by: Zero2Cool 



great info in there, kev. thanks to you as well. we decided to form a single member LLC so that all of my farmland will be protected from any potential lawsuits - well as much as it can be. you never know in this day & age what could possibly happen.

Cheesey
10 years ago
CONGRATS ILLY!!!

FINALLY, i will be able to say i know a MILLIONAIRE![grin1]
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