From Renter to Owner?

[Chocolate_eater]

Interesting (possible) turn of events, y'all...

So, I just started renting a space in a nearby city with extremely reasonable rates for my itsy-bitsy budget. Quiet, clean, parking, etc. It's perfect. So perfect, in fact, that when the owner of the space informed me that her and her SO are moving to Nappa Valley in TWO WEEKS, I freaked out.

I asked her if she was willing to turn over the lease and she said sure--she'd give me the two weeks to decide if I want to take it. My concern now is if I should take it and rent it out as she did. I know of some therapists who would benefit from the location and think it might be a nice additional source of income. I still have the freedom to do my massages there and that can cut down on my out calls (something I'm not too fond of doing).

What are your thoughts? I intend on having therapists with liability insurance rent from me, space to display each therapist's license/diploma/certification/etc.; should I put everyone under my company's name, or leave it as independent contractors? I don't want this opportunity to pass me by, as I have folks willing to financially back me until things flow better.

ALL COMMENTS ARE APPRECIATED!

~ACharlton

 

[rodney c]

Well, with financial backing, I'd sure go for it!

Would each therapist have their own seperate space? If so, I think I'd just rent the space to them and let them fend for themselves. Two weeks is not enough time to become a serious business person with employees or IC's. On the other hand, if you have been thinking along these lines before, and have a good idea of policies and procedures you would want in place, it could work out to be the boss.

Sounds like a wonderful opportunity!

 

[Gentleman]

I'd rent too. Have them provide proof of liability insurance, and put you as an additional insured on your policy.

Your lease is basically their lease, except that they will pay you. Make sure you have a good contract with all the details spelled out, including late payment penalties, how much move-out notice, and the ability for YOU to terminate the lease if there are problems.

Listen to your gut, don't rent to flakes. Even though you're the "owner" and they are the "renters" they will be in your space daily, so be selective. And good luck!