Question about leasing a small industrial commercial property for private use
I wasn’t really sure where to start looking and there aren’t many resources online but I essentially want to rent a small commercial industrial location to privately work on my vehicle and also work on any small projects since I am an Uber driver and my current home doesn’t have a garage Is there any precedent for this I am from southern Connecticut and wondering where I should start I have seen some really good locations on LoopNet in my budget and I just wanted to see if this is realistic I have the money and ready to move forward also I don’t plan on living in the space I have seen some post about that and that’s not my goal I only plan on using it like a garage so any information is greatly appreciated
[{"id": "irjmlpo", "text": "How is your credit? Do you own a house? The lease is going to be for 5 to 10 years, do you plan on staying there this long? \n\nDo you have a business permit, insurance and have the last three years of taxes? \n\nWhat kind of space do you need? Ground loading doors? What kind of chemicals will you be storing? Do you get deliveries? What are your business hours? \n\nYou may look into auto mechanic service bays, like in a smog shop or a lube place. Those are kinda like barber shops in that you rent a space on a shorter term and can come and go with relative ease. \n\nCreate a business plan", "replies": [{"id": "irk5gxm", "text": "Thanks for taking the time to reply.\n\nMy credit is good and I currently rent. There are a good amount of leases for industrial units around me that are at least a year long, which I don\u2019t mind. So I don\u2019t think I\u2019d have to stick around for 5 to 10 years. \n\nAnd I do have a sole proprietorship for my ride share business with three years taxes. I don\u2019t actually plan on running a business out of one of these units but is that required? \n\nThe mechanic service bay idea sounds interesting. I\u2019m going to look into that although I would prefer a more private space.", "replies": [{"id": "irlj229", "text": "Right. The concerns the landlord will have is how do you pay for the space if it not income generating and used for a business. Also the limitations imposed by zoning laws may limit your access to the site to certain days or hours. \n\nThe lease can be recourse, they can take your house if you don\u2019t pay the lease, or non-recourse, the landlord has limited options to collect the debt. So there may need to be a large security deposit or letter of credit to lease the space. \n\nBut if the lease is small enough, like under 3k a month, and the landlord is more of a mom and pop type, lengthy leases and agreements may not be necessary. \n\nBest of luck.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "irlb43a", "text": "Your idea is totally reasonable. You may need to look a little harder but there are places out there where you can rent a couple hundred to a thousand foot bay, and you\u2019ll find the other tenants are small businesses, semi commercial and non commercial like guys storing and working on their cars. Some of them are going to be very flexible on lease lengths and terms.\n\nCall the ones you see on loopnet, but a lot of the ones in this class won\u2019t be there because it isn\u2019t worth the cost for them. They\u2019ll get most of their tenants from drivebys and places like craigslist.", "replies": [{"id": "irljbgr", "text": "Craigslist is often overlooked for smaller units and would be a good place to start looking.", "replies": [], "depth": 2}], "depth": 1}, {"id": "irnzpdd", "text": "OP you might look into self storage facilities with \u201ccontractor bays\u201d\u202612 or 15 x 40\u2019 spaces with electricity.   In the Midwest they run around $300-450/mo.  \n\nAlso some older facilities have \u201chidden\u201d garages that aren\u2019t visible from the roadway.   One uhaul facility I know of is in an old brick warehouse with garage sized workspaces carved out in the rear.  One guy is running an auto export company out of his unit, another is shipping stuff back to Mexico\u2026it\u2019s pretty crazy over there.\n\n\nAlternately you might just have to drive around and look for private garages that aren\u2019t in use.  Here in older parts of Cincinnati is was common for folks to have a home with a 1500-2000sf or larger workshop in the rear.  It would\u2019ve been the neighborhood machine shop, auto repair, etc.  many are now just dead storage spaces.", "replies": [], "depth": 1}, {"id": "ixl88q2", "text": "Leasing small commercial properties and starting on your own for private use is a good idea. We are a commercial real estate firm based out of Austin, Texas. We provide services like investment sales, land advisory, project leasing, tenant services, and, asset management, etc. To know more about us, reach out to us at: https://www.ciptexas.com/.", "replies": [], "depth": 1}]