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Updated about 5 years ago on . Most recent reply

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108
Posts
35
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Charles Moore
  • Investor
  • Lake Forest Park, WA
35
Votes |
108
Posts

Standards for renting out attached garage space to non-tenants?

Charles Moore
  • Investor
  • Lake Forest Park, WA
Posted

Hello, all!

So I’m mulling over an opportunity to increase cashflow and wanted some feedback. 

Background is that I am househacking my own primary residence; I live on the bottom level of my split-level house and rent out three extra bedrooms upstairs to tenants whose combined rent covers my mortgage and all utilities. I also have an attached 2-car garage which I keep my own vehicle in. I’ve offered the second space In there to each of my tenants for their cars for $50/month, but they’re fine parking their vehicles outside on my uncovered gravel lot. So I have this second space I’m considering renting out as car storage to a non-tenant third party. My questions are:

1) is it standard to only allow access when I’m present? Otherwise I’d have to hand over a spare overhead garage door opener, and they’d have unsupervised access to my Personal belongings I have in there, like tools in my workbench, and could cause potential noise disruption to my tenants upstairs. I’d much prefer to be present to let them in to park or retrieve their vehicle on the rare occasion they do; is that standard in the car storage market?

2) is there a storage lease template anyone would recommend?

3) what remedies are available for non-payment of rent? Is it standard in garage car storage for something as extreme as taking Legal possession of the car, even with no key so you can’t start it?

4) what other questions should I be asking?

Any insight would be appreciated!

Thanks!

Most Popular Reply

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2,827
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Charles Carillo
  • Rental Property Investor
  • North Palm Beach, FL
1,930
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2,827
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Charles Carillo
  • Rental Property Investor
  • North Palm Beach, FL
Replied

@Charles Moore

We have a rental property where we have a 2 car garage with separate doors. We put up a wall between them and rent each out (no door opener). The only way I see this working is if you rent for winter storage with monthly or weekly access. Also, you will get higher garage rent from non-tenants than from tenants. We only rent it to cars because my property manager says it is easier to get them out if they do not pay.

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