[Easy Gibson]

I'm a big fan of putting life decisions to a vote on messageboards.

Here's the situation:

-I run a light carpentry/painting company. Minimal "big" tools. Hand tools and power tools with some ladders and painting poles. Occasionally some leftover materials hang around. All my gear takes up roughly 250 cubic feet if stacked up.

-I rent my apartment for $1400/mo and a storage space for $65/mo. Storage space contains stuff like trash cans, shovels, and the aforementioned leftover materials as well as messier things like compound buckets, paint cans, turpentine.

-The storage unit is about a 20 minute, extremely annoying, car ride away and is nowhere near my service area. I got it because it's one of the only ones that would give me 30sqft for 60 bucks and had good access hours and a loading dock.

-Just looked at a ~200sqft place in the next town over(5 minute car ride) that's a ground floor unit with 24 hour access for $400. It's also industrial so I can work in there. Build tables, cut trim, whatever. Free wifi/electricity/bathrooms so I can use it as an office as well.

I really didn't want to add $300 month in overhead, but it will return an entire room of my apartment to me(I can have a livingroom again!) and will cut the drive to the storage unit out of my life forever. This will also allow me to take on bigger projects and more cabinetry jobs which I usually decline, pass off, or do on site.

So what say you, internet? Go for it or keep the money/aggravation?

 

[mstrat]

Do it...It's not my money at risk!

Ok, seriously, if it'll make you an extra $400+ per month after a few adjustment months, go for it!

 

[TxElectrician]

What have you been doing with that $335.00 a month that you've been saving by not having the space?

If you don't have it, it won't just automatically show up because you have the new space.

 

[Easy Gibson]

It actually did sort of just show up. I had a couple sweet windfalls the last two month and my wife got a fairly substantial raise. We were thinking of moving to a larger apartment or a duplex with a basement for me, but we love our place too much to leave so we started looking around for space to rent.

The money is there but I'm extremely Scottish, which is tough to shake. I'm hoping that it will pay for itself by allowing me to take on more custom kitchy stuff. I get asked to make stuff like wedding envelope boxes, coffee tables, etc. If I can start doing one of those a month that would about do it.

 

[jb4211]

Why not purchase a trailer and stop renting all together: 7x14= 650+ cuft, or go bigger for storage and work space in one

 

[Easy Gibson]

The main problem with my entire existence is that you just cannot park anything in Jersey City. It's like the tighter areas in Philly. Small streets, too many people, nowhere to go. Add to that the constant fear of a break in and a trailer is a definite no go for me. I wouldn't be able to sleep at night. I still haven't even gotten a van because I don't know what I'd do with it.
If I had a driveway I'd love to get a trailer. Some of the setups I've seen posted here are incredible.

 

[jb4211]

What party of NJ?

 

[Easy Gibson]

Downtown Jersey City

 

[TNTRenovate]

If I could get that deal here I would.

 

[BugmanBCE]

You have crap stacked in your living room? Wife just got a raise? Get the rental space before you get tossed out! Stuff in the house is too much, gotta fix it.

 

[dkillianjr]

Yup I would go for it.

I was in the same situation a couple years ago, I bought a 7x14 trailer thinking I could rent a space to park it and then have everything with me if needed to tow it to a job.

It sucked, I couldn't fit all my crap in the trailer and I was worried about the security all the time. Not to mention it was such a pain towing around and getting into jobs.

I found a garage close to me and finally sold the trailer. The garage is only 13'x40'. But its so much nicer having a place you can go on a rainy day and back the truck in a little bit and organize everything. And a place I can prefab and build stuff for a job.

The only problem I see is once you have more space, you will buy more junk to fill it. :laughing:



Dave

 

[Easy Gibson]

13'x40' would make me weep with joy.
I can't even imagine that. hah

The building I'm potentially renting from is a warehouse space that takes up a whole city block. They have some incredible units available. I saw one that was a gorgeous space, probably 12x30, 800/mo, and had huge factory style windows that overlooked Hoboken/NYC. Incredible. Unfortunately it was a little too expensive and I would have had to rely on a freight elevator to go up and down. Not what I want to have to deal with at 6am when I'm trying to hustle out the door.
Headed over there right now to try to get the deal done. Excited/terrified. That usually means you're doing the right thing.

 

[dkillianjr]

13'x40' would make me weep with joy.
I can't even imagine that. hah

The building I'm potentially renting from is a warehouse space that takes up a whole city block. They have some incredible units available. I saw one that was a gorgeous space, probably 12x30, 800/mo, and had huge factory style windows that overlooked Hoboken/NYC. Incredible. Unfortunately it was a little too expensive and I would have had to rely on a freight elevator to go up and down. Not what I want to have to deal with at 6am when I'm trying to hustle out the door.
Headed over there right now to try to get the deal done. Excited/terrified. That usually means you're doing the right thing.

Mine doesn't have heat or a bathroom though, so that's the bad part:laughing:

I know, I always look around here for something nicer. I dream someday to have a real nice place, but yup they are just too expensive!


Dave

 

[hdavis]

Frees up about 100 hrs a month for work - go for it.

 

[skillman]

If I was you I would buy a house with a garage . You up to 1,800 a month for something you don't even own . You could buy something in the 350,00 with that . Get driveway , garage , basement , sheds etc .

 

[Easy Gibson]

I'm addicted to renting.

If I bought something with a garage in a neighborhood I'd want to be in, the taxes would be 10k/yr. So, I'm paying 2k/month for something that I now have to maintain with my money. Then even after I "own" it I'm still paying 1k/mo rent to the state and I still have to upkeep the house. Heck with that. I don't think I'll ever buy a single family in NJ.

Got the space. 14x14, $400 month, ground floor. I'll take that. Unfortunately it's as-is which means carpet removal is on me. No parking except loading zones. That's ok, just means I have to park at home and do the 10 minute bike ride if I want to do shop work.
Bathrooms, wi-fi, and apparently showers, which is... good?
Also, I just noticed that I'm taking over what used to be a recording studio so the whole thing is a homosote clad bubble so I can be as noisy as I want. Ducky.
Pretty stoked, I move in on Tuesday.

 

[Kevin M.]

Your landlord may have some other properties? Maybe you could do some odd ball work for rent reduction.

 

[skillman]

But you are building wealth your home . You have something in 20 years . Renting your money is going up in smoke . There's some nice areas with 5,000 in taxes . I did search Monmouth county New Jersey .

 

[skillman]

I'm addicted to renting.

If I bought something with a garage in a neighborhood I'd want to be in, the taxes would be 10k/yr. So, I'm paying 2k/month for something that I now have to maintain with my money. Then even after I "own" it I'm still paying 1k/mo rent to the state and I still have to upkeep the house. Heck with that. I don't think I'll ever buy a single family in NJ.

Got the space. 14x14, $400 month, ground floor. I'll take that. Unfortunately it's as-is which means carpet removal is on me. No parking except loading zones. That's ok, just means I have to park at home and do the 10 minute bike ride if I want to do shop work.
Bathrooms, wi-fi, and apparently showers, which is... good?
Also, I just noticed that I'm taking over what used to be a recording studio so the whole thing is a homosote clad bubble so I can be as noisy as I want. Ducky.
Pretty stoked, I move in on Tuesday.

Good luck with the new space .

 

[Easy Gibson]

I did a lot of work in Monmouth County the last couple months and was kinda sorta starting to try to picture myself there. I've always loved Asbury Park but now that I'm a little older I don't have as much of a tolerance for grit as I used to, so I don't think I could hack it there.