We have included this article in it’s entirety to offer another point of view. The information should not be understood as reflecting the opinions of Storage Building Blog, or our sponsors. Please see: Rent To Own Storage Buildings for our response.

Rent to Own Storage Sheds – Why You Should Think Twice

By Michael W. Mathis

In the storage shed business, the rent to own market has made a big splash. You can hardly drive through any town these days without see multiple road side displays of rent to own storage sheds, most of which advertise “Mennonite Built”. I would like to point out a few of my personal observations and feelings regarding this marketing tool that is being used, and quite successfully I might add.

We have been In the storage shed business for almost 20 years, I have personally taken the time to investigate the possibility of tapping into this additional market myself, and have been approached by lenders who are more than willing to work with me in this endeavor, but I have a problem with offering this, mainly my conscience.

Let me explain this Rent to Own deal in a little detail. Most all business’s offering this pushes the no credit check and low monthly payments. This sounds good, doesn’t it! It’s not until you really start to look at these deals do you really get a picture that what of what you are signing up for. Normally the Rent to Own deal will require you to pay a deposit (depending on the size $100. 00-500. 00 down), plus the first months payment. All these deals have a rather lengthy and detailed contract you must sign, you really need a lawyer to follow all the fine print. All the contracts I have seen, Include:

a) paying payments for 36 mo.s

b) Early pay off is allowed, but any payment you have paid only 60% will be applied to the original purchase price

c) In the event of repossession of the shed, lose all deposits and payments

d) If your shed is repossessed, the cost of the removal of the shed is charged back to you

e) Any contents of the shed, if repossessed, will become the property of the company

f) Any damage to your property during delivery or pick up, or yard is your responsibility

g) A $15. 00/mo. Late fee is assessed for any late payments

On face value these do not seem so un-reasonable, although most people doing these deals probably never understand or care about these details, but the real kicker is the interest rate on these buildings is usually around 35-40% of financing charges.

Lets break that down for you:

$2900.00. storage shed
$284.00 in sales tax
$3184.00 total cost of barn

Doing a Rent to Own on a $3184.00 will cost you about $145.00/mo multiplied by 36 months you would actually pay about $5200.00 for that same barn. Now I build 75-100 of these storage sheds every year and my profit margins on this same storage shed would be about $500.00 if I was lucky. Something does not add up here I can make $500.00 or about 20% and the rent to own companies are making about $2000.00 and that’s if you do make all the payments. If you fail to make the payment and it’s repossessed, they keep the money you have paid and resell the same barn over, on the same deal. Talking about compound interest

I certainly have no problem with companies making a profit, but my real problem with Rent to Own is that I feel we are taking advantage of people. Let’s face it anyone with any financial insight can see this for what it is A RIP OFF. In most cases these are people have with poor or no credit. Most of the time they are putting what they want ahead of what they really need. Much like “You Tote The Note” car lots and “Cash Advance” businesses the “Rent To Own” shed business preys on people who have made poor choices, don’t know better or unfortunate circumstance have put them in bad financial situations. In any case I think making money off people that can least afford to be paying absorbent interest rates. If they can’t obtain reasonable financing or save and pay for out right, then they probably don’t really need it.

Article Source: http://EzineArticles.com/?expert=Michael_W._Mathis

In a recent article titled: Rent To Own Storage Buildings Why You Should Think Twice, by Michael W. Mathis, Mr. Mathis talks about the dangers involved in the rent to own storage buildings industry. While we may disagree with some of his reasons, we still understand that he makes some valid points on the issue of lease purchase, and felt obliged to include his article on this site in it’s entirety. You may read it at: Rent to Own Storage Sheds – Why You Should Think Twice

This offers a unique opportunity for us to offer a differing point of view, and let the two ideas fight it out in the public market of ideas.

Should you think twice about rent to own storage buildings?

Well, of course you should! In fact, you should think twice about any major purchase, so let’s do a little independent thinking:

First of all, no one that I am aware of is making the argument that renting to own anything is the first or best option. It is obviously not, but is it a reasonable option in the face of other less reasonable possibilities? The answer is yes!

A the conclusion of the article, the author states:

“If they can’t obtain reasonable financing or save and pay for out right, then they probably don’t really need it.”

Think about this: Anyone who needs storage and can’t afford to pay for a building outright is probably already paying high fees to a self storage company. It is doubtful that they are just tossing the things that they can’t find room for in the local dumpster. That money would be much better spent on something they would eventually own. Rent to own storage buildings offer the same sort of rent that the self storage units offer, with the same problems, like the potential for losing your deposit and your stored items, but, with one important, and this is the most important difference: You will eventually own the building yourself.

Remember, those who purchase storage buildings through rent to own programs are not paying interest, they are paying rent, and as noted above, it is probably about equal to the rent they are already paying for self storage.

Rent to own storage buildings, is that a good option for my family?

That is an excellent question. There is so much information floating around about rent to own programs, and most of it is bad, that it can be difficult to decide if this is a tool you should use, or a problem to avoid like the plague. We think we can help you to make the right decision.

This is the situation where many families find themselves: There are a few pieces of furniture, a few family heirlooms, a box of important family records, and several boxes of things they just can’t stand to lose or toss out. The spare bedroom and garage are full of items that are no less important, and every closet is filled to the brim with some things that may be needed in the future.

Here are the options:

• They can continue to live with the clutter
• They can get rid of the excess
• They can rent public storage space
• They can purchase a storage building

Living with the clutter is not a good option. Clutter can become both a physical and mental health hazard! It becomes disorganized, and then encourages disorganization throughout the home. It seems to teach disorganization by example, acts a s a hiding place for bugs and rodents, and causes stress on the family.

Getting rid of the excess is probably not going to happen, since it is at the root of the problem to begin with. There might be some things that could be done to become more efficient in the way things are being stored inside the home, but that will offer only limited relief.

Public storage is an option, but it is not a very good option. Paying someone to hold your stuff for a lifetime can add up to a whopping amount in a very short time. Consider that a years worth of storage fees at $100.00 per month is $1,200 per year multiplied by the number of years you continue to use the service, and I am sure we can all think of a better way to spend that money. Besides, driving back and forth to your mini storage site can be costly in these times of high fuel prices.

Buying a storage building for your own backyard storage is the best of the options, in fact, it is about the only one that makes sense. The problem is, that it can be a little expensive if you buy a building from a lot that will be delivered to your site. There are kits that can be purchased that can save quite a bit of money, but that is another story. So, how can you buy the building you need, without breaking the family budget?

• You can buy a building outright
• You can get financing through your bank or other lending institution
• You can use a credit card
• You can rent to own

If you have enough cash in reserve, buying a storage building outright makes the most sense, but most of us don’t have that much discretionary income. Laying out a few thousand at one time, would knock a hole in our budgets that is bigger than we could manage.

Your lending institution might be willing to loan you the money, if you have great credit, and are willing to pay the high interest rates, but most of us don’t have perfect credit scores, and we may not want to take the risks involved.

Using a credit card to make the purchase may be the worst idea of all, unless you have a low interest rate, and a good plan. Credit card debt can get you into serious financial peril.

Rent to own storage buildings may be the best idea under such circumstances. Keep in mind, that a lease purchase will probably cause a substantial increase in the total cost, but it may just be worth looking into in many cases.

Advantages of rent to own storage buildings

• Most lease to own programs do not report defaults to any credit bureau. This can be an important factor if your financial situation becomes an issue.
• Most rent to own programs do not perform credit checks, so if your credit is less than perfect you won’t be rejected on that account.
• Most rental purchase agreements can be terminated early without penalty, in case you no longer need the building, or can no longer afford to make payments. You simply remove your stored materials, and place a call to the dealer. Do you think your bank or credit card company would do that?
• Most rent to own storage building programs will allow you to pay the building off early with no penalty. If you have a windfall, you can usually pay the building off without paying the remaining rental costs, saving you a substantial amount of money.
• If you use your new building for business storage, or to operate a home business, you may be able to write the rental costs off of your federal income tax.

People all over the place love acting like they know what they’re talking about. Often times, however, the people who say the most stuff actually should be saying the least… because they don’t have a clue. Yeah, they really don’t know what they’re talking about.

There are a lot of guides out there on the internet for people considering the addition of a garage to their property. Some provide tons of helpful tips and good, dependable information on what needs to be done when building a garage. However, there are a lot of articles out there filled with completely bogus information, too.

After scouring the internet for facts and fictions related to garage construction, I’ve stumbled across a lot of “facts” on garages that don’t pass my personal litmus test for factual information. Six of my favorite bogus facts are listed below, with a couple ounces of truth put behind them, also. Use this information wisely when doing your research on garages in the future.

Bogus Fact no. 1: A whole bunch of entrepreneurs and their businesses got started in a garage.
This fact shouldn’t need a whole bunch of explanation to see how bogus it is. Garages have this legendary status in American culture as the place where businesses are started. And while the mystique of being able to start a business anywhere and utilize determination and passion to make it succeed are great aspects of the “American Dream,” that’s not really practical. According to recent research, the entrepreneurial spirit that drives business is commonly fostered by… a creative business environment.

Entrepreneurs need confidence, business savvy, and quality connections to really develop a sound business. While starting a business in a garage can certainly keep expenses low, it generally doesn’t bode well for developing confidence as a business owner and creating networking opportunities, two things almost any startup organization needs to truly “get off the ground.”

Bogus Fact no. 2: Burglars can open your garage door with their own remote control.
It is assumed by many garage owners that they need to constantly have the dead bolts reinforced on their garage doors because thieves can easily break in if determined and in possession of a similar remote. Any homeowner who has bought a garage door opener in the last decade can sleep soundly tonight, however, as all garage openers made over the last 10 to 15 years include a device that “randomizes” the opening signal with each use. Anyone that owns a door opener older than that might want to consider an upgrade, though.

Bogus Fact no. 3: Garage doors have to be painted in a light color that reflects sunlight.
This bogus fact – commonly referred to as the “reflection theory” – isn’t really true. There is truth to the fact that lighter colors reflect light, don’t get things twisted. However, if someone has a preference for darker shades – especially greens or reds – then the garage door can be an actual color. One thing to keep in mind, however, is that the paint used on the door better be weatherproof. Otherwise, the color will quickly fade or weather, leaving distinctive markings on the door.

Bogus Fact no. 4: Women are scared to go out into the garage.
This fact is often pushed forward by Hollywood, and who can blame the masses for buying into it? On film, garages are often dirty, dark, and typically have stalkers or axe murderers hiding behind a large box.

Outside of the damsels in distress on the screen, the truth is that many women are just as capable of using the garage as men. Women may not want to “hang out” in the garage, true, but using the garage as an effective and convenient storage location can not be overlooked. Online, there are even garage-type personality tests that women can use to find out what kind of garage best fits their personal style.

Bogus Fact no. 5: You have to run every aspect of garage construction past local building departments before the job can begin.
A lot of articles on the internet advise DIY-builders to proceed with caution when setting out on a garage build, cautioning that local building codes need to be adhered to and strictly followed. While this is true, what isn’t true is the bogus fact that the only people who know this information are local officials.

At many major home improvement retailers, the experts selling products for DIY construction are already familiar with local building codes. Many local construction companies for garage buildings also know the rules and regs, and can be faster to respond. If the people at those locations can’t provide you the regulations you’re in search of, consult the websites of your municipality or homeowners association before calling local building departments. Many times, smaller jurisdictions have specific guidelines that local building departments may not be aware of, which can cause a headache when projects approach completion.

Bogus Fact no. 6: Garages are only useful as additional storage space.
Storage space is the most common reason garages are built. In recent years, however, garage development has shifted to multiple uses in more affluent areas. Some people now remodel old garages into livable spaces, similar to remodeling basements. Common methods of garage construction have also been used to build barns and commercial retail spaces, also, because of the ease with which the building process can be streamlined.

Like onions and parfaits, there are a lot of layers to the story of the development of garages. The next time you hear something about garages that seems a little out there… take a second and think about it. If something sounds bogus, chances are good it probably is bogus.

But what if you wanted to take the bull by the horns and actually build a storage building for yourself? Can that be done? Of course it can, and with just a minimum of carpentry skills, a few tools, and a good set of plans. If you are the type of person who just likes to jump in and get going, that can be done too, but without a good set of plans you run the risk of wasting material, making extra trips to the hardware store, and making other costly errors that none of us like.

Let us recommend some plans that can really kick your project into high gear, and let you build the kind of building you want without those problems. My Shed Plans is a comprehensive shed building system complete with over 12,000 shed and wood working plans, a guide to putting the whole project together, and tips on how to do the project right, on time, and under budget!

The My Shed Plans system includes a variety of plans, one or more of which will meet your building needs, the guidance you may need to boost your building confidence, and the tips and advice to release your inner carpenter! When your done with the building, you may want to take a look at some of the other woodworking plans, and start another project. Who knows, you might just become the envy of all the rest of the neighbors on the block.

Learn more: My Shed Plans Review

Home and Garden Press covers a wide variety of  home and garden related topics, but not just the average home improvement fare. The site goes into the details of such topics as using and maintaining residential storage sheds in the home landscape and avoiding some pitfalls that the average homeowner may not have thought of, pond and lake management, as well as the standard lawn care, and landscape maintenance topics covered on other sites. There is also a pretty large section on dealing with larger than normal areas of land with some “out of the box” methods that have been proven to work well for land management, and reduce the cost in time and money.

Of course, the topic which interests us the most here is residential storage sheds, and there is an abundance of information on this subject. There is advice on finding the right building, financing it, getting it moved onto your site, or choosing the right kit, proper placement to avoid problems in your lawn and landscape, and how to take care of the building once it is set up. This information should prove valuable to the homeowner who wants to integrate an outdoor structure into his homes landscape with the least trouble.

Sheds Texas is a storage building information site designed to help potential utility building buyers. The site provides information about making the best use of the available space for a building, proper placement of a portable shed to avoid future problems, choosing the right material, storage building rent to own and other financing, and even the care and maintenance of outdoor buildings.

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One of the best, but least emphasized aspects of what we have come to call portable storage sheds is that they are portable. Portable storage buildings offer move ability. They offer the ability to move them from one place to another, should the need arise to do so.

Most of these buildings begin life at a factory type setting where they can be built in quantities that allow the price to be kept at a reasonable level, and are then transported either to a dealers lot, or directly to your back yard. That is not to say that they can not be built on site, but that is not the normal course of action.

When you order a storage building, it will be deliverd to your site, set up, and leveled. If you ever decide to move it, one of the best ways to go about it would be to call the people who sold it to you. Most dealers will provide this service for a reasonable price.

Of course, they would also be happy to sell you another portable storage building to replace the one you have now, and if you are selling your home, having a portable storage shed on the property should help to increase the price, or at the very least, add an extra incentive to purchase.

Portability and affordability are hallmarks of the storage building industry, as well as functionality, and versatility. Call us today at 903.504.3938 to learn how one of these great storage sheds can help you.

A storage shed can be a workshop, a laundry room, a game room, a “get away”, and they even work pretty well for storage!

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Storage sheds can really help you in your home or work, or your work around your home. Finding that “just right” garden shed will give you some space for storing those materials you need to maintain your lawn and garden, sharpen your tools, and a place to put them when your done.

A storage building can help you to clean out your garage by providing a space to place all those things that are standing between you and your indoor parking.

If you plan on making any home or landscape improvements, your first improvement should be a building to keep tools and materials safe, and provide the work space you know you will need. We can help you find the building you need! If you want to build your own, just click on the item bellow that interests you the most:

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