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St. Jude Donor '14-'15-'16-'17-'18-'19-'20-'21-'22-'23-'24
Friend of mine here has done the same thing as you're doing, complete w/memorabilia, and once a year invites everyone over w/their cars for a community type 'indoor' picnic. Everyone brings something, and he provides the hot dogs. Great times.
Your's is looking great. Don't forget to show us pix when its complete. Thanks.
Not being critical, and you have a great shop...but from the beginning I have wondered why you leased a building??
It's obvious from the upgrades you have made , you are able to have bought or built a building of your own, and the cost of a long term monthly lease would likely have paid for it.
Much of the the money spent is for permanent improvements. Those improvements will remain with the building when you vacate it, and will be totally lost along with future lease payments.
I have rental property and would love the arrangement from my end but can't help but think I must be missing something here. I can't see tax advantages on a hobby shop..??
Again I like your shop...but it bugs me so much I finally had to ask.
Not being critical, and you have a great shop...but from the beginning I have wondered why you leased a building??
It's obvious from the upgrades you have made , you are able to have bought or built a building of your own, and the cost of a long term monthly lease would likely have paid for it.
Much of the the money spent is for permanent improvements. Those improvements will remain with the building when you vacate it, and will be totally lost along with future lease payments.
I have rental property and would love the arrangement from my end but can't help but think I must be missing something here. I can't see tax advantages on a hobby shop..??
Again I like your shop...but it bugs me so much I finally had to ask.
Stan...
Stan,
Trust me, I'd rather own than rent, I own 15 commercial buildings. I also have a commercial construction company, so the improvements were pretty simple to make. I'm good friends with the building owner he is a flooring contractor, we made a deal and traded out about half of the improvements in free rent, he did the flooring for free, then just $600 a month. If I stay for 4 years (not committed to long term) I'll have spent a little over $40k rent and improvements.
The least expensive building that would work for what I wanted was $300k (granted it's much larger) and 20 minutes from home, a 20 year note would be about $2,500 a month with tax and insurance. I would have the depreciation and but I would be paying $1,100 a month in interest. This seemed to make more sense and left me with options.
Commercial real estate here is kind of crazy and eventually I'd much rather have my garage at my house, just don't have the room at our current location, this was a nice alterative to building a new house right now. It's only 10 minutes from home so pretty easy, I think it will work for 2-3 years.
Thanks for the compliments, I'm excited to get the cars moved in and start settling in.
I was just wondering about the circumstances, even though it's none of my business. Curiosity killed the cat though...and I just had to ask. Thanks for clearing that up...I like it even better now, lol.
Also have a cool toy in the garage, great friend of mind and the builder of my '58 was out of room at his shop, he just picked up a Yenko Camero, to go along with his (2) yes two Yenko deuce Novas. Told him he can bring any of his toys, as long as he leaves the keys.
10-08-2015, 11:31 PM
