For me, one of the most valuable strategies for getting the highest and best use out of a property was renting out garages.
At first, I utilized garages in a small way. If I had a row home with a garage underneath the house, I often didn’t include the garage with the house when advertising for rent, unless of course they wanted to pay for it. For example, it wouldn’t be unusual to get another $75 a month for renting the garage out as residential storage only.
Next, I started looking for properties with access so I could plant a prebuilt, prefab garage on it. These were always great to rent out to a nearby landscaper or contractor.
Then once on one of my duplexes that had a large rear yard, I actually built a four-bay garage that I now receive an additional $660 a month in rent for. This ran me approximately $30,000 to build several years ago, and the beauty of garages is that all I have to provide is electric.
This is similar to @Elt1’s self storage idea, but smaller scale. Did not know there are prefab garages… so if you have a big piece of land that sounds like a hassle-free way to make some free money.
For now, ok, but once auto cars come after Uber and Lyft generations what good are garages? Already we are seeing new developments scale back on the number of parking spaces (stalls granted) being provided. I will certainly reevaluate when the time comes as to how to utilize our family home’s basement space most efficiently when doing our full scale remodel. Once, we thought parking was important so that basement should become parking. Well, 5-10 years down the line from now, maybe not. I would think additional living space, aka inlaw or cottage units, will take over for the cars…
Self driving cars will be 20 years away at least. We will see cars that can drive themselves on freeway first. But look at the crazy road conditions we tackle everyday in SF. I don’t think AI can drive city roads for a long, long time.
Garages are for storing junk. The article talks about renting out to landscapers. That rings true. I saw people storing lawnmowers in self storage. Garages are much better in storing big equipment.
There are good deals in there…there is also an annual Convention …Try the online version…I used to get if for free…Not buying or selling right now…But it is a good way to get connected to the industry
In our street, we are getting little by little swamped with cars coming from blocks away. The reason being is that landlords or tenants are using the garage to rent or whatever reasons. Nothing bad, except when they, in the middle of the night can see that they parked their cars a foot into the driveway of a neighbor so the poor guy has to leave his own home so stressed by 2 cars, one foot here and another foot there cutting the space for them to exit without any stress.
Our community is a cluster of homes, surrounded by rentals, hundreds of rentals.
Hey, @buyinghouse, I know a lot of those folks who use their garages for storage and not car placement. I grew up in Chinatown so believe me a garage is like the ultimate prize to me. Heck, parking on the street a half block away to me is sweet as long as there are plenty of spaces…
Garages will probably become extinct. …But only after they remove my cold dead hands from mine…lol.
In America a garage is a man’s castle. .a symbol of manhood…My wife is always trying to carve off a piece…It is my domain, my man cave…She wasnt raised in America, no garages in Moscow, she has no idea that she is treading on sacred ground…lol
Without garages where would the future HP and Apple start? Maybe we will all sit back and collect our basic income welfare checks while robots are busy innovating for us… until they realize one day they don’t really need humans…
Only ask in return some equity.