Ferrari Storage

I called them today and asked a bunch of questions. The lady took my name and Phone # to give it to the owner so he can call me tomorrow and make an appointment to show me their facilities. I will have a full report right after I go. In the mean time... why don't all of us interested in the idea just get together and have a chat? What about a Starbucks or Restaurant somewhere in a neutral ground let's say... Saturday, since the F1 race is Sunday; or right after the race?

Ok. Now... GO!

Manny

 

My preference is for a more no-frills approach. How about something like this:

61,000 sq. foot warehouse (ex-Payless Cashway store that has $280k renovation). 8 miles from downtown Dallas. Sits on 8 paved acres which could be rented out for RV, trailer, and outside car storage. $1,400,000 and is partically filled with leases at $3k a month. I checked the tax role and it lists its taxable value at $1,230,000 but the owner said it appraised for $1,900,000.

So 10 people at $120,000 yields a puchase price of $1,200,000. $20 per sq ft. How does that compare in the market?

Positives-Potential for positive cash flow with outside paved storage and renting excess space.

Negative-HEADACHES!!!, security, leasing agent, tenants, insurance,

 

[/QUOTE]The best design would be full warehouse with single security access, but partitioned and secure garages inside. Of course I like the common workshop and detail area idea.[/QUOTE]
I started making some sketches of something like that but with external access for every parking space. The idea was to maximize the space used to store the vehicles. With a warehouse partitioned inside you will end up with a 10' hallway to get the cars in and out. With individual doors you only need a 4' hallway inside to access your spot. The problem with that is additional costs and maybe insurance/security issues.

[/QUOTE]61,000 sq. foot warehouse (ex-Payless Cashway store that has $280k renovation). 8 miles from downtown Dallas. Sits on 8 paved acres which could be rented out for RV, trailer, and outside car storage. $1,400,000 and is partically filled with leases at $3k a month. I checked the tax role and it lists its taxable value at $1,230,000 but the owner said it appraised for $1,900,000.

So 10 people at $120,000 yields a puchase price of $1,200,000. $20 per sq ft. How does that compare in the market? [/QUOTE]

If you get me the DCAD account number I can find out about how that compares in that market.
I like the idea of having extra land. That gives flexibility and lots of options for the future.

 

Saturday is good with me too... anyone else? Time and place sugestions?

 

You sound like someone knowledgable about these issue. For I have discovered exactly the same. And after running the numbers, I have concluded that the only practical way of storing cars for "fun" is to build onto my house. The effective mortgage/equity costs were meaningfully less than trying to set up a partnership ownership of a remote location or finding a suitable and insurable site to do it on my own. generally you need a Class A sprinkler system to store cars in most municpal areas and that alone makes the cost imminently more affordable at one's residence. And if you dont have the room to build - move, its as simple as that!

 

Sounds great but remember, if they get into financial trouble, the cars inside will become the property of the secured creditors until the obligations are settled. So unless you do your due diligence on their solvency, you are taking a chance in the long term. Same thing can happen to your car while its being serviced but since most of these events are quite short, we tend to ignore this risk.

Lot of aircraft owners have been bitten by this.

 

If I were interested in doing this, my first concern would be the restricted access hours. If you had an event that required you to be there quite early and it necessitated a bit of a drive, you would have to take the car to your house the night before or if you got home late then you couldn't put your car in the security of the garage for which you are making a monthly payment. We've had experience renting hangers for airplanes in the Dallas area and a storage facility in Plano for a hot air balloon and we had anytime access. I liked the comment in a previous post - "And if you dont have the room to build - move, its as simple as that!" Looking for property with garage facilities is no different than looking for horse property.

Hopefully you will be able to come up with something that works for everyone in need of storage!

Carol