New Garage

Like most on here, my biggest hobby is cars. I've been running out of storage space, so when this professional garage became available, I was very interested. But the price was high. So I just treaded water for a long time and watched the price come down little by little over time. It was off the market for awhile then back on. Finally seven months later, after a big price cut, I made an offer and negotiations began. Negotiated the lift, tire changer and air compressor in with the deal. There's a two bedroom apartment upstairs that will pay all the expenses and produce some profit too. I've been wanting a place like this to store and work on my cars and just hang out for a long time. And it's only two miles from my primary residence. Settlement was yesterday. Today I started moving cars in!

Looks Cool, should be an awesome shop garage.

Nice garage

Congrats. An amazing purchase.

Very cool, congrats !
That's been a fantasy of mine for decades.
I gotta ask - what's under the cover ?

Congratulations.

Still a little cluttered.. I'll haul off that black coupe if you need me too. Lol

I have a black Stealth too. Mine is a base model though.

The upstairs apartment is the game changer. That turns the property into an income stream as well as a small business. You can depreciate the building and all repairs are tax deductible. Most of your monthly expenses such as utilities, property taxes, maintenance, etc. will also be tax deductible.

Depending on how things turn out, your hobby garage could actually build wealth for you since that building should appreciate over time.

Congratulations! Nice to have it so close to your house as well!

Porsche 911

That's exactly the plan, Andy.

I have another rental property on the other side of town. Owned it since 1988 and have done well with it. That one has a similar layout but is smaller and is in a residential neighborhood. That one has three heated single bays underneath a house and a large two bay at the rear of the property. I give one of the heated bays to the tenant and either use or rent the others. The depreciation and expenses deducted from the income every year make them a nice deal. This new one is zoned commercial, so there's a little more freedom as to what I can do there. I need to do some updating in the apartment first, then I'll get it rented and let it start paying for itself.