First time renter: Good deal for the rent asked?

[Mateo]

I am graduating in a couple of weeks and looking for a space to rent part time to get my own business off the ground. I went to see a BEAUTIFUL space yesterday for rent. It is in a popular area of town, and has plently of free parking, which is unusual for this area. Here are the amenities:

-Professional looking, modern and artsy office in remodeled warehouse.

-Decorated reception area with a couch, three decorated treatment rooms, and a space in the back with a water cooler, table and couch for renters and employees to hang out in. The landlord wants to get a fridge back
there too.

-Reception area has concrete floors and really high exposed ceilings like a loft/warehouse space but the treatment rooms are enclosed and have "regular" ceiling height. The landlord would like to set up the renter in one room, she will use one, and her employee will use the other. Who uses what room does not seem to be decided yet. Each room is carpeted, has a table, and they all seemed to have a CD player as well. They are different sizes, but all of them are plenty big to move around in. Most bodywork rooms I've been in are smaller than these.

-The office does not have its own bathroom, there is a general one for the building, that is the only drawback. Landlord says the space is quiet and she rarely hears anything.

-Communal building wide kitchen area just outside the office, It's
large and modern with a full size fridge, 2 sinks, and glass/ceramic
glasses and bowls as well as counter and cabinet space and a
dishwasher. There is a good sized table and several chairs as well. This is shared with other tenants in the building.

The rent is $500.00 a month and the lease terms are month to month. The renter would have a set of keys and generous access to the space from 9am-9pm 7 days a week! That is 360 hours a month to book clients, and
comes out to a cost of about $17 a day (or $1.39 an hour).

I am looking to share with another therapist, and the landlord is fine with that. We would both be on the lease and she would leave it up to us to decide who uses the room when and who pays what amount.

So...How does this sound? I have no idea what is a "fair" asking price for a space at this point. I fell in love with it and I need an objective opinion. BTW, it's only 2 blocks from my house so I could WALK there.

Thanks for any feedback.

 

[Wet Pants]

I'd rent it. seems like a fair price. it costs a LOT for decorate and setup your own place, and if it's already nice in a good spot with other therapists this is good. just be prepared that you may be kind of hard up to make rent at first so have enoug money set by to pay for several months at least if you don't make any clients.

 

[Mike-N-NYC]

We would both be on the lease and she would leave it up to us to decide who uses the room when and who pays what amount.

Does this mean you would still get to use the room for your share of the time for your share of the rent even if the other therapist bugs out and either leaves or is late with the rent or fails to pay? If the other therapist leaves who is responsible to find the replacement and pay the difference?

 

[Lutz]

I have not seen a lease yet, so I do not know the terms. The lease I have for my apartment states that everyone on it is responsible for the full amount of the rent, so if someone doesn't pay their "share" the others on the lease have to.

I would assume I would have to pay the full amount until I found a replacement. The lady leasing it seems to have never rented a space out to someone before so I don't know what her expectations would be. That would be discussed at the lease signing.

 

[Jourdan]

Can you carry the $500 a month by yourself?

 

[Zach M]

Not comfortably, but I could make it work.

 

[sazzle]

Before you sign the lease, make sure that you form a contract between the two of you in which I would consult a lawyer about the terms. That way you won't get screwed. I would also document on it who has the room at what time, and make sure that you have a buffer in between when the other one is scheduled to start just so you have time to clean up and set up in between shifts.

Also, how many hours a week do you see yourself working, and how much do you see yourself charging per hour? Do you intend to work back to back, or have time in between clients? These are definite considerations to think about. That way you would have a good idea as to how much money you will be putting into the business. Also make sure that you do not factor in income from tips, that way you aren't dependant upon them since many who see you as an owner of a business would not be tipped.

It is definitely hard starting out, but believe me, you will be better of if you are prepared. Also just in case, make sure to put some money away to cover your partners rent if she bails... just have a safety cushion in a savings account in case you need it.

 

[Fuzzy]

Sounds like a really nice deal to me.

 

[Sally]

Sounds great to me too, Jess. Esp the walk to work part...I'd love that.

Too bad I don't have plans to come up, I'd offer to look it over for you too! Good luck.....mick

 

[smmay2]

I just went to see another place today. This one is $300 a month with an option to share with another therapist making my share $150. It's in an old mansion about 2 miles from where I live.

Pros:

-off street parking for clients
-in a wellness center with other therapists that has some advertising
-nice sized quiet room with a window on the top floor
-ability to decorate any way I'd like including repainting and putting up lighting and shelves
-keys to building and room = set my own hours
-bathroom close to room

Cons:

-no elevator
-not the best part of town (but not "bad")

What do people think of this one? Definitely more in my price range, and I like the idea of being near other therapists.

 

[Hi!]

Sounds pretty nice to me... even if you just share it. Then again in 8 years I've never had a place I could paint or decorate on my own. *sighs*

 

[Tony L]

A few things I forgot:

The lease would only run until this August because the wellness center is in the process of working out a new contract/lease with the building owner. I guess this is a pro for me as I will not be locked into a year long lease right away. There is a deposit equal to one month of rent, but I suppose that is standard.

 

[Lidiya]

This sounds like a nice starting point. You'd only have to do (give or take) 5 massages a month to make rent and keep the room to yourself. Is the wellness center busy? I wouldn't make the part of town necessarily a bad aspect. There is a very successful day spa in the almost shady part of my town.

Did you meet any of the other therapists? Sometimes I think I like the idea of having people around to chat with in between massages, but usually it ends up being gossip and cattiness. And besides I don't have time between clients since I chat with my clients then clean my room for the next client.

Anyway, just a note to choose your company wisely. But if the center is busy and you would feel safe to build clientele there, I think you should go for that one, but also I think you should just rent the room yourself. You'll have complete freedom to choose/change your schedule when it suites you.

 

[Artemisc]

Anita:

I get the vibe that this place (a "wellness center") is very community oriented and the therapists there work together, not against each other. They have a screening process to make sure that any incoming tenants are on the same page and not in a competitive, unsupportive mindset.

 

[Angelina]

Sounds great, you are on the right track! good luck....mick

 

[Grace B]

It does sound like a good environment to get started. I'd go with that one and then you could always re-assess in August. I hate to sign leases myself. This sounds like a really great starting point to build your clientele and learn the business.