Multi-Owner Shop / Shared Shop Space Around Nashville, TN

I like the idea of a shared shop space and wondering if anyone else would be interested as well. Has anyone heard of others doing something like this? I only know one guy and he bought the shop and is RENTING out some of the space to others.

Here's the idea at a high level… but this would obviously have to pass by a lawyer to ensure it's rock solid:

• Open a trust
• $50k buy-in x 4 people = $200k in trust
• Plan for around $100k spend on a couple acres of land around Nashville that is convenient for everyone buying in
• $70k for shop build (as large as money would buy) --- see below for more info
• $30k for gravel driveway, electrical, plumbing / septic, basic insulation, taxes / fees

The shop would have a basic kitchen / bathroom and maybe a hangout spot above it, and each person would get their own bay, and at the back would all be common area. For a size / cost estimate, Rhino Buildings, which is a good quality supplier, has a 100 x 150 x 16 (15,000 sq ft) steel framed building for $70k (don't believe this include the foundation though):
http://www.rhinobldg.com/specials/10

WITH THE RIGHT PEOPLE, I think it's a great idea that allows for shared resources (tools, lifts, trailers, warehouse shelving, etc.) and cuts down ownership costs like taxes and utilities tremendously while having some good buddies to chill with. I can't stress "right people" enough… as they must be trustworthy, reliable, responsible, financially stable, etc. I don't want someone in there that never secures the shop when they leave, or someone that borrows a tool, beats it to crap and may or may not return it, or someone that dumps a gallon of oil on the floor and just leaves it there.

I'm thinking a properly drawn up trust should cover everyone and allow for the majority of owners to add or remove someone if needed (and handle the buy-in or buy-out accordingly).

While i think its a great idea, i think your prices arent in line. Just my .02.

I am an industrial development manager that is working on a development off I-24 right now. If youre looking at a metal building in the 15,000sf size, id budget $50/sf + land purchase price.

Id seriously consider spending your capital on redevelopment in Nashville. Everything is so $$$.

Just talk Tony B into buying the property (he probably already has 20-30 acres sitting around doing nothing) and have him build the building. Then you can rent borrow use the space cheep.

most people don't need that much space, or would be willing to put up that kind of money unless they were running a business out of it.


but I live in a barn out in the country, so I may not have a full grasp on what "city folk" need or want laughing1 laughing1

This seems like a good way to turn friends in to enemies. I wish you success in your venture.


...and x542 on Nashville being expensive. Come down to Loudon / Sweetwater / Greenback.

I thought it would be something like 4 buddies renting a big shop and splitting the rent every month. That's high risks you're talking here.

Bebop said:

I thought it would be something like 4 buddies renting a big shop and splitting the rent every month. That's high risks you're talking here.

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I thought the same.
Patrick(ridered) used to do that back in college. He rented a 4 bay shop and split the bays up between whoever wanted to rent them.

You're in the right direction on idea, the rest is way off.

You don't want shared space. I wouldn't and you don't want the headaches it would cause. Get a large building and sub-divide it. Guy A may want his shop spotless to store his trailer queen and perfect tool set. Guy B may be one of us with muddy oily parts all over the place and looks almost like a swap meet due to parts in storage. That won't work well together.

Get a big enough building to sub-divide and yes this might work. There are places that already have garage condo's that are for luxury use. Very expensive, but it's a place of dreams. Car guys, great shops, great cars and toys, just awesome. Something like that on a more budget friendly toll might be pretty popular.

customcj7 said:

You're in the right direction on idea, the rest is way off.

You don't want shared space. I wouldn't and you don't want the headaches it would cause. Get a large building and sub-divide it. Guy A may want his shop spotless to store his trailer queen and perfect tool set. Guy B may be one of us with muddy oily parts all over the place and looks almost like a swap meet due to parts in storage. That won't work well together.

Get a big enough building to sub-divide and yes this might work. There are places that already have garage condo's that are for luxury use. Very expensive, but it's a place of dreams. Car guys, great shops, great cars and toys, just awesome. Something like that on a more budget friendly toll might be pretty popular.

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Something along these lines http://www.thelockerscondos.com

The Luke said:

I thought the same.
Patrick(ridered) used to do that back in college. He rented a 4 bay shop and split the bays up between whoever wanted to rent them.

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For 3-4 years myself and 4 others rented a 4 bay shop. 3 of us used it mostly for storage and tinkering around on basic repairs. The 4th used it for fab work etc.

Overall it worked out really well and averaged out to $75-100 a person per month. This was bare bones shop space with no lifts, but did have 220 for a welder and all out other tools.

There were some car guy with several expensive older cars that were thinking about buying the last shop I worked for. They wanted something similar, boys club, wine sipping, cigar smoking place for rich guys and their rich friends to hang out. This would have worked for them but for guys like us, I think it would be hard to pull off. 50k would build and outfit most guys enough shop to last a lifetime, in their backyard providing they have room, no hoa bs ect.

True that. I've got the room. Just missing the money and the shop...

I just noticed I'm not receiving notifications for whatever reason....

The prices shouldn't be THAT far off, as I'm not saying in Nashville, I'm saying AROUND Nashville depending on a central point of whoever buys in. My wife and I just built a barndominium built in White House, TN with a 54x40x16 shop and a 40x30 home... all with a 5000lb reinforced 5" concrete slab for $80k with a large wrap around deck and insulated. That price was for just those items, I then finished the inside myself. I've looked up land and theres plenty of land between 2-5 acres around Nashville for $50-100k depending on where its at.

Traffic sucks commuting to downtown and is only going to get worse which is why I'm willing to sell this and move downtown, then buy in to a shop with others....

I really figured there would be some guys on here who have a house in a subdivision but no room for a shop and didn't want to move, but could get a $50k loan (second on the house or something) to do a joint-ownership build. Hell, a lot of us drop $50k on an antique car or a buggy or a nice tow rig and don't think twice.

I like the Locker Condos if it wasn't too far away from me... I see those have been popping up more and more often around the country.

Shared tools???? That's just crazy talk lol

I see it POSSIBLY working with one owner and a few rentors but shared ownership sounds like a recipe for disaster...

Another scary part is liability... each person in there would need possibly a $1M policy??? Could be a lot of very expensive toys in there.....


Then theres the scenario where bill has his $800,000 rv in his bay and joe is in the next bay grinding n welding getting smoke n metal dust all over said rv...

Maybe a sort of 'shop subdivision'....

A group of guys buy a tract of land, split it up, and build their own shops.... you could still share your trailer or tools if so inclined....

Just my .02 of course

Allgood_73 said:

I just noticed I'm not receiving notifications for whatever reason....

The prices shouldn't be THAT far off, as I'm not saying in Nashville, I'm saying AROUND Nashville depending on a central point of whoever buys in. My wife and I just built a barndominium built in White House, TN with a 54x40x16 shop and a 40x30 home... all with a 5000lb reinforced 5" concrete slab for $80k with a large wrap around deck and insulated. That price was for just those items, I then finished the inside myself. I've looked up land and theres plenty of land between 2-5 acres around Nashville for $50-100k depending on where its at.

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Sweet setup in the barndominium! Would love additional pictures of that setup inside and out like in this thread.

http://www.hardlinecrawlers.com/forums/index.php?topic=51475.0;topicseen

Been trying to talk the wife into building that setup instead of normal folk houses.