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Car condo owners, in here

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BigE

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I've read the few threads on this subject, but haven't found what I'm looking for.

I have a small 2 car garage and it barely fits the 2 cars I have to keep inside. There's certainly no room to work. I don't have enough land to build a shop, so I'm looking for solutions. The ideal solution would be to move, but I can't do that for a couple of years. So I'm looking offsite.

I have two options for a remote shop - car condos as they're called. 1 would be a rental. The other would be a purchase. They're roughly the same size and distance from home. I'm leaning toward the purchase because 1) I could hopefully recoup my costs in a few years when I sell it, and 2) it's oriented toward car enthusiasts whereas the rental is general small warehouse space.

I've been told that buying a car condo is treated like buying commercial real estate with different loan rates, insurance rules, etc. So I feel like I need to know a lot more before I really consider jumping in. Have you bought and/or sold a car condo? What do I need to know about purchase, resale, insurance, loans, community rules, daily life, etc.?

Thanks!
 
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HoosierMark

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I have a friend in Minneapolis who tells me he lover his. He has a bathroom in it and says he and his sons enjoy using it. I would think in the right size market they would be a good investment. Use it for yourself then rent it out when you are finished with it (but I rent apartments so rentals are my thing). I would just review the rules and fees carefully. Make sure they are common sense and fees for things are reasonable. They are just a different form of a condo. Personally I would look for a small property that fit my needs say a house with detached garage I could use myself. Let the tenant pay for most of the expenses and better tax treatment. I have several rentals now with those benefits.
 
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loganb

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See if you can find out when they have meets or car show type events at the condos and go and just go and get a sense of what goes on. The one I'm familiar with here has no wrenching happening and it's more man cave and business/client hosting hang out space with a car sitting in it. The cars are nice....but the spaces are finished very nicely. I've been around others that are actually working on cars, so make sure you know what the vibe is at each
 
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Stuart in MN

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The car condos in the Minneapolis area have a lot of boutique units that are more for show, but there are other units where the owners are doing major work to their cars, and everything in between. They have common areas the tenants can use for club meetings or parties, etc., snow removal and landscaping duties are taken care of, and what may be one of the more important things is there's 24/7 security with fences and locked gates, video monitoring and so on. Coincidentally there was just a story in the Minneapolis newspaper today about another new car condo facility that recently opened here.
 
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rjacobs

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The car condo's around us start at like 400k and thats with nothing in them but bare walls and concrete...

My buddies was one of the big ones and I think it was 650k and he's spending another 200k finishing it out.
 
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Miss the Pontiacs

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Why not just buy a rental property. Rent out the dwelling and keep the garage for yourself. I know a few guys that have bought the neighbour out and rent the home as a revenue stream.
 
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JuncleJohn

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In my opinion.

400k for a car condo is a lot more than most would spend. Maybe I’m in the minority here, but if I was to spend that much to pursue a hobby, it wouldn’t be fun anymore.

John
 
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Rc_Guy

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JuncleJohn said:
In my opinion.

400k for a car condo is a lot more than most would spend. Maybe I’m in the minority here, but if I was to spend that much to pursue a hobby, it wouldn’t be fun anymore.

John
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I go to the condo car shows in Big Lake Mn and I think some of the have the car condo because they don't have the room to build a big garage at the house or they have an HOA that doesn't let them have the extra garage.
 
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liliysdad

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zkdiesel said:
I’m in farm country and 400k won’t get my new house built on my 80 acres and 30k square foot of buildings that I already have there
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Well, no kidding…


I’m fully aware that housing costs are all across the board all over the country. My point was that buying a “car condo” for any amount of money is crazy talk to a large portion of the country…a majority most likely. Spending $400k on a house for your car is absolute whackadoodle to most of us.
 
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zkdiesel

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liliysdad said:
Well, no kidding…


I’m fully aware that housing costs are all across the board all over the country. My point was that buying a “car condo” for any amount of money is crazy talk to a large portion of the country…a majority most likely. Spending $400k on a house for your car is absolute whackadoodle to most of us.
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You don’t wanna know how much I have in my place and currently no house
 
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loganb

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liliysdad said:
Well, no kidding…


I’m fully aware that housing costs are all across the board all over the country. My point was that buying a “car condo” for any amount of money is crazy talk to a large portion of the country…a majority most likely. Spending $400k on a house for your car is absolute whackadoodle to most of us.
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I'm definitely in the crowd who thinks it's over the top but if you got the cash and want it, go for it.

The company I work for has a bay in the one here....it's billed under the heading "marketing expense". It's both a networking and hosting venue for them, and the surrounding bays are all similar. They all have cars in them, but not much wrenching happens. It's branded as a luxury car condo, they tout the social aspect and don't talk about actually working in the bays. At 35 x 44 and with 200 amp service and water in each bay they're well equipped for work to be done.

I've thought that something similar but targeted at folks who actually want to work in them could be an interesting business venture here as there isn't anything like it but nothing I'm going to pursue.
 
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liliysdad

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loganb said:
I'm definitely in the crowd who thinks it's over the top but if you got the cash and want it, go for it.

The company I work for has a bay in the one here....it's billed under the heading "marketing expense". It's both a networking and hosting venue for them, and the surrounding bays are all similar. They all have cars in them, but not much wrenching happens. It's branded as a luxury car condo, they tout the social aspect and don't talk about actually working in the bays. At 35 x 44 and with 200 amp service and water in each bay they're well equipped for work to be done.

I've thought that something similar but targeted at folks who actually want to work in them could be an interesting business venture here as there isn't anything like it but nothing I'm going to pursue.
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It’s a strange thing. I can’t imagine having such an interest in cars that you need a shop to work on them, but being fine with having to rent or buy a spot somewhere other than your home to do so. I’d think you’d want at least a garage at your house for that sort of thing.
 
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loganb

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liliysdad said:
It’s a strange thing. I can’t imagine having such an interest in cars that you need a shop to work on them, but being fine with having to rent or buy a spot somewhere other than your home to do so. I’d think you’d want at least a garage at your house for that sort of thing.
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From the couple of the "working condo" I've seen it's not that they don't have a home garage, it's that it's not big enough. Target audience seemed to be that well off family with kids settled in their schools so moving outside of the district wasn't an option and didn't have enough space to add another garage bay...so moving the more involved work off-site was the next best option. Put it with a bunch of other like minded folks and suddenly it's as much social as it is practical. The blue blooded-ish version of the private golf club membership
 
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liliysdad

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loganb said:
From the couple of the "working condo" I've seen it's not that they don't have a home garage, it's that it's not big enough. Target audience seemed to be that well off family with kids settled in their schools so moving outside of the district wasn't an option and didn't have enough space to add another garage bay...so moving the more involved work off-site was the next best option. Put it with a bunch of other like minded folks and suddenly it's as much social as it is practical. The blue blooded-ish version of the private golf club membership
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Dear God…that sounds even worse.
 
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rjacobs

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A lot of these "communities" across the country actually prohibit working on your car there...

Where my buddy is its not a problem, but I know I have seen some advertised that prohibit working on cars there... they may allow oil changes, but nothing more.
 
OP
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BigE

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The cost is one of my reasons for looking at buying vs. renting. Rent is about $2k a month which is expensive in my opinion. And when I leave, I would get nothing. Buying is super expensive (more than my house), but I would get it back when I sell in a few years. That also doesn't put a clock on it. If I rent, the longer I stay, the more it costs. If I buy, I can stay 1 year or 3 years and I still get my money back at the end. I fully realize that neither is ideal, but until I'm in a position to move, these are my options.

That said, anyone have experience with them? Or commercial real estate in general? I'm looking to understand all the potential pitfalls to doing this.

I neglected to mention that the purchase option is in building phase, so I can't view anything other than sales materials or pictures of their locations in other cities. The rental is immediately available.
 
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Miss the Pontiacs

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Buying a house and renting it out helps pay the mortgage and you have access to a garage. Buying a car condo is all cash out of your pocket or loan with no payback until you sell it.
 
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rjacobs

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My question to the builder would be "how much interest/sales do you really have?"...

Its easy to say "well i can just sell it in a year or 3 or 5" but 4-500k garage space is an EXTREMELY niche market.
 
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mike93lx

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BigE said:
Rent is about $2k a month which is expensive in my opinion. And when I leave, I would get nothing.
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Rent isn't wasting money and may be the smarter play if you are only talking about a few years.

Commissions and other transaction costs can be significant. As an owner, you hold the responsibility for repairs and maintenance and carry all the risk. If you find you don't like the space, or your needs change, you can get out of it easier, assuming you didn't sign something too long term
 
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TriumphFan

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My car friends and I have talked about this. I even considered a business venture with my real estate partners to open a high end car storage/ brewery. We could make the numbers work but one partner vetoed it because he doesn't like beer :(.
What does a car condo go for? What do you get?
 
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qdvuu

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BigE said:
That said, anyone have experience with them? Or commercial real estate in general? I'm looking to understand all the potential pitfalls to doing this.
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A FOAF has one and I've been there a few times on the weekends. If you're interested in buying/renting a unit, I suggest checking out who your neighbors will be. Given that you may have the door open while you're working on your car or relaxing, noise from the neighbors can be an issue. Any type of sounds that might annoy you, at any volume, duration and time are a real possibility - not only engines but stereos, loudmouths, noisy visiting friends, etc.
 
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slomaro3.4

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I looked at a car condo a few years back in texas (in the hopes I could live in it too) and found that the restrictions were surprising. I'm sure some of this has changed, but at the time you weren't allowed to install a lift, there was also specific guidance for fluid changes and you had to dispose of some things off side and you could only spend 90 nights/year in the condo.
 
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Superbowl

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I have been a real estate broker for over 42 years, own commercial and residential investment rental properties and I would NEVER buy a car condo. Too much of a niche product to be a good investment. If you want to buy something like that, buy a small commercial warehouse. If you will move soon, rent something for now.
 
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Stuart in MN

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Superbowl said:
I have been a real estate broker for over 42 years, own commercial and residential investment rental properties and I would NEVER buy a car condo. Too much of a niche product to be a good investment. If you want to buy something like that, buy a small commercial warehouse. If you will move soon, rent something for now.
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The places here in Minnesota seem to be in high demand, they keep on adding on to their facilities or building new ones.
 
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Superbowl

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Stuart in MN said:
The places here in Minnesota seem to be in high demand, they keep on adding on to their facilities or building new ones.
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It's likely a bubble. Fads come and go. Condo apartments go up fast in good real estate markets. Then developers over build and they fall very far when the economy hits a bump and can't be sold. Often prices are underwater for ten or more years.

Car condos are a single purpose luxury structure which is very limiting use wise. A small warehouse has many business uses so can be rented if you lose your job or times get tough.
 
A

ATC

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BigE said:
I've read the few threads on this subject, but haven't found what I'm looking for.

I have a small 2 car garage and it barely fits the 2 cars I have to keep inside. There's certainly no room to work. I don't have enough land to build a shop, so I'm looking for solutions.
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Do you have enough room for a 12x20 carport? You can build one out fully enclosed and tall enough for a 4-post lift. Then you could stack the cars in there for storage and have your garage free.
 
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