News

Car Storage Unit Ownership Experience ???

Discussion in '360/430' started by Jda550911, Nov 30, 2020.

  1. Jda550911

    Jda550911 Rookie

    Jul 1, 2020
    32
    Florida
    Full Name:
    James
    So I've searched this semi-thoroughly and most threads seem to be people looking for something to buy or rent in their area, but I'm just looking to gain some general knowledge on the subject/hear your experiences. I'm new to Fcar ownership, real estate, and just being a responsible adult so....

    In your experience, has buying a unit in a purpose-built exotic car storage unit turned out well, or ended poorly?

    Last year I bought my first exotic car, a new 911 T, and introduced it to my already not so great storage situation. We then downsized to move to the beach, and this year also brought along a Scud. Oops...

    I absolutely need some car storage solution as our beach "shack" doesn't have a garage and I need to keep them out of the salty air. I'm currently renting 2 spots in a garage at a premium, and it's 45 minutes from my house. This is good for keeping miles off the Scud, but I'd rather f'n drive it.

    I have an opportunity to purchase a unit in a brand new car storage facility with about 40 units, built specifically for exotic or high end car storage, but I'm not sure how wise of an investment this is. I don't mean investment in terms of looking to turn a profit, but my money is going somewhere and I hope to be able to recoup it at some point. Basically, I'm just hoping this isn't similar to horror stories you hear about people getting stuck with a timeshare.

    I'm 30, will be changing cities in 2 years and will need to buy a house, planning for expenses that come along with procreating, and etc. Capital is not necessarily an issue right now, but I just don't want to make a stupid move/get stuck with it, as a young-ish person that just started spending their hard earned money.

    What would you look for in a car storage facility you may buy into? Demographics of the area, owners commitment to marketing it and winning any possible demand?

    Overall, we're in a large but growing city in Florida, many doctors nearby, proximate to many affluent beach neighborhoods, so on the demo/demand side it seems like a needed facility.

    Sorry for the long post, but I don't really have anyone I can go to for sound advice on my situation, and the Fchat community has been an amazing wealth of knowledge and more for me. Most people in my life I take advice from would say sell your cars and buy gold or some sh*t, and while gold would make me smile, a Scud does a hell of a lot more!
     
  2. To remove this ad click here.

  3. Sj_engr

    Sj_engr Formula Junior

    Sep 15, 2020
    260
    Full Name:
    cd
    Sounds like if you know you will be moving than it would make sense to rent somewhere closer for more $$$.
     
  4. Jda550911

    Jda550911 Rookie

    Jul 1, 2020
    32
    Florida
    Full Name:
    James
    Yeah, that's what's making it a tough decision.

    I honestly don't care if I lose 10%. That's worth it for the convenience for me, but getting stuck with it would suck.
     
  5. AandSC

    AandSC Karting
    Silver Subscribed

    Dec 12, 2016
    210
    Jax, FL
    Full Name:
    Allen
    You would think the Jax Beach area would have more folks than just yourself with that issue. Would be interesting to see if you could start with a small facility and grow it over time if the demand was there. I’m in Orange Park, so probably not the same demand in this part of town.
     
  6. Jda550911

    Jda550911 Rookie

    Jul 1, 2020
    32
    Florida
    Full Name:
    James
    Yeah, my current storage spot is in Ortega. I think that's near you - Im relatively new to Jax.

    I actually was looking for warehouse space around the beach to do exactly what you mentioned. If I was renting out spaces in a place I owned I could still run it from Tampa, where I'm moving back to in a couple years, and not worry about a short term investment.

    I'm basically down to, buy this unit for ease and convenience, or keep looking for a warehouse I can add A/C to and renovate.

    This new place is called Wheelhouse. They have a location up and running in Ponte Vedra, and a new one about to be operational near San Pablo and Beach Blvd. I've been googling my *** off looking for storage and they never came up. Just heard about them via word of mouth today.
     
  7. To remove this ad click here.

  8. SRLC716

    SRLC716 Karting
    Silver Subscribed

    Sep 15, 2019
    143
    Buffalo
    Full Name:
    Sam
    The real question to me would be how material is the investment in a car condo to your net worth? Since you’re questioning whether or not this purchase would be liquid enough for a potential two year time horizon, I’m gathering it’s probably material to you.

    If this is correct, I think your best bet is to find a storage garage rental closer to your home. Go for convenience factor, both in terms of accessibility to your toys, and easy breezy no worries about liquidity.


    Sent from my iPhone using FerrariChat
     
  9. Jda550911

    Jda550911 Rookie

    Jul 1, 2020
    32
    Florida
    Full Name:
    James
    Yeah, that's part of the issue I'm facing. I have searched high and low and can't find any rental spaces nearby. I'd prefer a rental since I'll be leaving town soon, but can't find any that are within 35 minutes.

    It's not overtly material for me and the convenience factor for toys is there, so I'm very close to pulling the trigger. I guess I'm just trying to gauge if it's a pretty safe investment in people's experiences, or if I should be comfortable losing 25% or just not being able to sell it for a while. It wouldn't ruin any future plans, I'd just feel dumb, and I am just flying completely in the dark here and trying to get a feel of what to expect in this market.

    Overall, I over analyze almost any decision, and some first hand testimony would be heavily weighted data for my mental processes.
     
  10. Maine57S1

    Maine57S1 Karting
    Silver Subscribed

    Dec 5, 2016
    219
    Full Name:
    John
    I cant imagine buying for short term use is going to be in your best interest. We were in a similar situation living on the beach in Flagler and wanted to keep a couple of my cars a bit further inland. Its a bit of a haul for you but there is a placed called Eagles Nest that rents 12x30s which fit two cars for $250 a month. We were up in Ponte Vedra for a while and i though there were some options there as well.
     
    Jda550911 likes this.
  11. DiabloTerr

    DiabloTerr Formula Junior
    Rossa Subscribed

    Aug 3, 2010
    337
    Michigan
    Full Name:
    Terrance Findley
    I would just rent a space at an exotic/Classic car storage facility. I do a lot of traveling now and it’s a lot easier having my car in a secure location that I don’t have to worry about it. I just did the six month lease, many places offer monthly or yearly. I’m not too keen on fractional storage situations when there are other more convenient places out there, and we’re only talking like $200 a month so you can’t beat this... Image Unavailable, Please Login Image Unavailable, Please Login


    Sent from my iPhone using FerrariChat.com mobile app
     
    Jda550911 likes this.
  12. To remove this ad click here.

  13. imahorse

    imahorse Formula Junior
    Silver Subscribed

    Nov 25, 2017
    534
    WI
    Full Name:
    Dustin
    If you are moving so soon it might be easier just to rent a unit. I paid $250 a month for this 26x26ish unit while I was in the process of house hunting. No lease either. I think that may be a good option for you. Image Unavailable, Please Login
     
    Jda550911 and DiabloTerr like this.
  14. one4torque

    one4torque Formula 3

    May 20, 2018
    2,054
    Houston
    Full Name:
    One4torque
    Or buy a modest house with a garage... for that matter..... GL.
     
    Sj_engr likes this.
  15. efg2014

    efg2014 Formula Junior

    Sep 14, 2014
    435
    Northern California
    As someone said : "I need more garage space not bedrooms!"
     

Share This Page