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Updated almost 7 years ago,
My property has a 12x20 standalone workshop. Need help renting it
Hello Bigger Pockets this is my first post and I really hope I chose the correct forum category! I have been listening to the podcast daily for the past few months during my dayjob as a delivery driver. I have a lot of time to listen, and enjoy learning about real estate and financial freedom!
I recently bought my first home (yay!) and very shortly after went thru a divorce (boo!), but I got to keep the house. So now I am in the position of taking care of a lot of bills and responsibilities myself. I bought this property originally because of the large detached workshop building, with the intention of it being my woodshop. However, now that I am not in a position to utilize this space, I want to give that opportunity to someone else out there in the community (and also help pay my mortgage!) It is really cold here in upstate New York and I'm sure space like this is not too common.
But I need some help. Is it as simple as throwing an add up on craigslist, finding a lease online somewhere, and I am good to go? I assume not. I have tried to get my real estate agent to help, but she hasn't been much help so far. I have several questions and really don't want to get into any kind of legal trouble doing something the wrong way.
1. Do I need to know if the building is zoned a certain way and how do I find this out?
2. The building has its own electric meter and is billed separate from my house already, but there is no water or bathroom in the workshop, is this legal?
3. Will I need extra insurance of some sort?
4. Can I make/find my own lease or template online somewhere?
5. What terms should I use for the lease (monthly/yearly?) and how do I calculate how much rent to charge?
Some more info:
The building is 12 foot by 20 foot and 2 stories tall. The first floor has 8 foot ceilings and the upstairs is around 7 feet. Fully insulated and has a heater, I will include some pictures to give you a better idea.
Thanks for any help!