We have a large, flat, fenced paddock formerly used by horses. We're thinking of renting it out to RVers who need a place to store their rigs.We could store four or five medium sized travel trailers/fifth wheels and modest sized motorhomes. It would be uncovered storage. Someone is always here as their are four adults living on our property.Anybody have experience doing this? What sort of rates could we charge?What language should be included in the rental contract to protect us from liability?If a renter abandons his rig, fails to pay rent, when do abandoned property laws kick in?How would this affect our home insurance rates?

You need real, expert advice, not some wannabe from this forum.

Wow, where to start. We did this for pontoon boats and found out a lot of things both plus and minus. The very first step is to contact your insurance company and zoning. Your insurance company may refuse to cover the liability or if they do, will require a substantial liability rider. Zoning may prohibit this use of your property, even in a rural area. We found that a flat rent for a total time period paid up front worked best. I would avoid a monthly rental as it is just too much work and record keeping. We offered the storage space for a 6 month period Oct-March for $300. The contract spelled out liability issues and what would happen if the boats were not picked up. We opted for a lien on the boat, not a forfeiture of ownership.. Luckily, we did not have to deal with any issues like this. The legal process to gain ownership is just too much work. A lien prevents the owner from selling without the lien being satisfied. No discounts for early removal. There will always be at least one who will attempt this. We also asked for a copy of the owners insurance coverage. It really had no bearing other than to give us a bit of encouragement that we were dealing with an owner that was conscious enough to protect his property. All in all, it was a profitable use of our property.

I wanted to do the same thing. You need to talk to a lawyer, there were way to many liabilities and "what if" for me to take on. There are many things I never thought of.

1: Get a lawyer.2: Get insurance.3: Make sure the cost of above two is reflected in the rent.

Renting Out RV Storage Space At Home? | Good Sam Community

20 Replies

Dog_Folks
Explorer
Jul 07, 2014
Looks like too much work and overhead, for too little profit.

Do you really need the hassle?
DiskDoctr
Explorer
Jul 07, 2014
fj12ryder wrote:
Bid_time gave good advice.

It's not that "there aren't any professionals or business folks here", it's how do you discern who is and who is just voicing their opinion with no basis in fact. With an internet forum you have no idea what or who is real/authentic.

There's a difference between advice and being condescending to others.
bshpilot
Explorer
Jul 07, 2014
use it to your advantage - create a proper TAX ADVANTAGED business ! supply electric & some water and write off some of your utilities !
fj12ryder
Explorer III
Jul 07, 2014
Bid_time gave good advice.

It's not that "there aren't any professionals or business folks here", it's how do you discern who is and who is just voicing their opinion with no basis in fact. With an internet forum you have no idea what or who is real/authentic.
DiskDoctr
Explorer
Jul 07, 2014
bid_time wrote:
You need real, expert advice, not some wannabe from this forum.

Yes, because there aren't any professionals or business folks here, and of course, no one has ever rented to or from a private party before :R

Paid, professional advice is a good idea. You may pick up some good tips and things to consider from all the "wannabes" :)
FunnyCamper
Explorer II
Jul 07, 2014
you are 'becoming a storage facility.'

get a lawyer, business set up etc.

it is never just that easy :)
liability!!!
FlatBroke
Explorer II
Jul 07, 2014
Have a friend with the same situation. Had about 6 rv,s pretty much out of sight and not near any neighbors. Code inforcement came by and issued a ticket. City fathers said no way. He had to have moved.
Oaklevel
Explorer
Jul 07, 2014
mlts22 wrote:
1: Get a lawyer.
2: Get insurance.
3: Make sure the cost of above two is reflected in the rent.

X2 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Probably several million in coverage.
Oaklevel
Explorer
Jul 07, 2014
OpenRangePullen_Ford wrote:
As the insurance goes you wont need it if you get them to sign a liability waver that states your not responsible for any damages.

Good luck with that one as if the renter shows you did not take adequate care you CAN be liable for damages. A sign liability waiver means almost nothing.
mich800
Explorer
Jul 07, 2014
mlts22 wrote:
OpenRangePullen_Ford wrote:
As the insurance goes you wont need it if you get them to sign a liability waver that states your not responsible for any damages.

I'd at least get general umbrella insurance. A damage waiver may hold up in court, but fighting it is a PITA and one doesn't get most of the court costs back, so with insurance (which isn't too expensive), the insurance co does does the pummeling for you.

Property damage is probably not what I would be concerned about. They need to protect from personal injury especially conducting a for profit business on their property with people of unknown skill backing, hitching, unhitching etc. Consumers just being on your property poses some level of risk you may or may not want to absorb.