Allgood_73
Well-Known Member
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:
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).
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).
