Food Truck Lease on empty business lot?
Member since 2020 · 8 posts · 0 votes
I'm on rural Route 16 in central Carroll County, NH. We have no zoning.
I have a tenant-at-will renting on a very comprehensive lease from me, for a very reasonable small amount, for a kind of work-in-progress fixer-upper studio apartment that meets tenant rights. He had nowhere to go so I guess we kind of mutually helped each other out.
I also have an adjacent ~0.92 acre vacant lot with a defined property line, the part sitting on the highway that's mostly cleared is ~0.39 acres. I pay about $1k a year in taxes on it. It has relatively high traffic, especially in the summer, bike week and weekends. It has no utilities, but direct pole access and a pre-planned well location. My tenant wants to open a food truck selling family caught lobster-based items and some other specialty items to be determined. I read normally they need to get some $45+/month liability insurance because customers could potentially sue the landowner.
He came to me with this, I don't really want to deal with it, but if I could make money to cover taxes and more, that's nice. He'd also have a higher income to pay me more rent as I fix up the place. On one hand he could bring his truck anywhere, on the other it has to be worth it for me to do it and I guess he'll also be living here, so it's more worth it to him, but I'm not sure.
I've done rental leases and hunting leases, but not anything like this. I have so many questions...
I also read that, at least in the city, they do $450/month or a percentage? My brother says even $450/month is CHEAP even for out here. What's the proper rent amount for this? Should I have a lease that doesn't lease the land, but just gives him a spot and other stipulations? I want to maintain most trees and such. If he wants utility hookup, I think I'd have him do it at cost, but then should he pay his own electric, or should I charge more for that case? I could actually wire up the outdoor electric and then charge him more, I have those skills and it's legal in NH for owner to do electrical.
Any advice is appreciated, thinking of reaching out to a lawyer if he's serious on this.
I have a tenant-at-will renting on a very comprehensive lease from me, for a very reasonable small amount, for a kind of work-in-progress fixer-upper studio apartment that meets tenant rights. He had nowhere to go so I guess we kind of mutually helped each other out.
I also have an adjacent ~0.92 acre vacant lot with a defined property line, the part sitting on the highway that's mostly cleared is ~0.39 acres. I pay about $1k a year in taxes on it. It has relatively high traffic, especially in the summer, bike week and weekends. It has no utilities, but direct pole access and a pre-planned well location. My tenant wants to open a food truck selling family caught lobster-based items and some other specialty items to be determined. I read normally they need to get some $45+/month liability insurance because customers could potentially sue the landowner.
He came to me with this, I don't really want to deal with it, but if I could make money to cover taxes and more, that's nice. He'd also have a higher income to pay me more rent as I fix up the place. On one hand he could bring his truck anywhere, on the other it has to be worth it for me to do it and I guess he'll also be living here, so it's more worth it to him, but I'm not sure.
I've done rental leases and hunting leases, but not anything like this. I have so many questions...
I also read that, at least in the city, they do $450/month or a percentage? My brother says even $450/month is CHEAP even for out here. What's the proper rent amount for this? Should I have a lease that doesn't lease the land, but just gives him a spot and other stipulations? I want to maintain most trees and such. If he wants utility hookup, I think I'd have him do it at cost, but then should he pay his own electric, or should I charge more for that case? I could actually wire up the outdoor electric and then charge him more, I have those skills and it's legal in NH for owner to do electrical.
Any advice is appreciated, thinking of reaching out to a lawyer if he's serious on this.