Latest news with #BarrieTaube
Daily Mirror
a day ago
- Business
- Daily Mirror
'I make £20,000 a month through my business - it's easier than being a landlord'
Property investor and surveyor Barrie Taube, 48, rents out garages for £50 to £150 a month, and parking spaces for between £30 to £60 A man has explained how he makes around £20,000 a month by renting our garages and car parking spaces. Property investor and surveyor Barrie Taube, 48, rents out garages for £50 to £150 a month, and parking spaces for between £30 to £60. He now owns 150 garages and 300 car parking spaces across Essex, the Midlands, Nottingham, London and the South East, through his business, Southern Land Securities Limited. Mr Taube also rents out properties, but says garages and car parking spaces are often simpler to manage. He told i newspaper: 'There's not much to maintain, just the roof, walls and the garage door. 'If the roof is leaking, you make the decision whether to mend it but, in general, when someone signs the lease, they agree to maintain it and to give it back in the condition they rented it in.' He explained how a garage can normally be bought for between £10,000 to £30,000, although if you go for somewhere really expensive, they can run into the hundreds of thousands of pounds. For example, Mr Taube said a garage in Mayfair could cost you between £200,000 to £300,000 and this would make you around £500 a month in rent. The Mirror previously spoke to one man who makes an extra £250 every football season by renting out his driveway. Mark Newman lives near Hillsborough Stadium, the Sheffield Wednesday football stadium, and charges £10 per match for use of his driveway. He started his side-hustle after he received a knock on the door from one football fan, who wanted to enquire about parking at his house. If you're planning to rent out a parking space or garage as part of a side hustle, keep in mind you must pay tax on any income earned over £1,000 a year. This is called your trading allowance. If you make above this amount, you may need to declare this to HMRC through self-assessment. There are many other reasons why you may need to fill out a self-assessment form, which include: Your income from renting out property was more than £2,500 You earned more than £2,500 in untaxed income, for example from tips or commission Your income from savings or investments was £10,000 or more before tax You need to pay Capital Gains Tax on profits from selling things like shares or a second home You're a director of a company (unless it was a non-profit organisation) Your income, or that of your partner, was over £60,000 and you're claiming Child Benefit You have income from abroad you need to pay tax on Your taxable income was over £100,000 You're a trustee of a trust or registered pension scheme Your state pension was more than your personal allowance, and your only source of income
Scottish Sun
2 days ago
- Automotive
- Scottish Sun
Man makes £20k a month from side hustle that 11m Brits could also do – it's effortless and can be done all year round
Watch the video for more top tips on how to start your own side hustle CASH IN Man makes £20k a month from side hustle that 11m Brits could also do – it's effortless and can be done all year round A MAN has revealed he makes a whopping £20,000 a month from a little known side hustle, that requires hardly any effort. Barrie Taube, owns 150 garages and 300 car parking spaces across the country, and rents them out to people in need of storage space. Advertisement 2 Barrie makes £20k a month from renting out garages Credit: Linkedin 2 11 million people in the UK have a garage, with many left empty Credit: Getty Renting Out Garages The property investor and surveyor charges between £50 to £150 a month for garages, and between £30 and £60 for car parking spaces. 'We rent to people who live in blocks of flats; we will approach them and see if they want to rent them out", Barrie, who owns that garages through his business Southern Land Securities, told The i Paper. "For the car parking spaces, they might have an extra car or just want an extra space." Barrie revealed that he also rents out his parking spaces to people who need them for a short period of time, such as if they are attending a football match or a concert. Advertisement In the UK, an estimated 11 million people own a garage, with half of these not used to store cars. That means that millions of Brits could also be cashing in on this side hustle. Hardly Any Maintenance The investor also owns many properties which he rents out to tenants, but revealed that renting out garages comes with many advantages, such as the lack of upkeep. 'There's not much to maintain, just the roof, walls and the garage door", he said. Advertisement 'If the roof is leaking, you make the decision whether to mend it but, in general, when someone signs the lease, they agree to maintain it and to give it back in the condition they rented it in.' He added that it also costs a lot less to purchase garages, which cost around £10,000 to £30,000 in most locations. I earn cash by selling 'actual rubbish' on eBay - I flogged a freebie I found on the floor by a bin for £10, it's crazy In Mayfair, garages can sell for up to £300,000, however, Barrie explained that people in these areas are happy to pay much more to keep their posh cars safe. 'If you had a garage in Mayfair, you could get £500 a month or more in rent", he said. Advertisement "If someone has a car worth a few hundred thousand pounds, they will pay this to know it's safe.' How to make cash from renting out your garage If you have spare garage space, you can make cash by renting it out for storage, using websites such as Stashbee and Storemates. You can also advertise your garage on Facebook Marketplace or Gumtree. When listing your garage, make sure to include key details, such as photographs, the size of the space, notable features, and whether the area has its own independent access. It is also a good idea to arrange viewings, to make sure the space is right for potential renters. Make sure to take any costs into account, as Stashbee charges a 5% fee on bookings, while Storemates deducts 16.5% plus 20p from each payment. Gumtree generally offers free advertisements, but specific surcharges apply for garage storage or car parking listings (£8.79) and for linking to an external website (£6.59). According to Stuart Collar-Brown, from online auctioneer Bidx1 UK garages are much more profitable than buy-to-let properties, pulling in yields averaging 10 percent, compared with a 4.75 percent average for rental properties. Landlords Ditching Properties To Rent Out Garages 'Garages offer a great alternative to storage costs for tradesmen, so they'll perform well in densely populated residential areas, especially where houses are rows of Victorian houses [and] where parking on the street is tricky due to a lack of driveways, so demand will outstrip supply.' He added that, in light of the Renters Reform Bill, which is set to come in over the coming months, many landlords are switching their business to garages. Advertisement 'We're definitely seeing a shift of residential landlords into non-residential assets, so this would include commercial, industrial, garages and other similar asset classes,' he said. 'The sheer amount of red tape that landlords have to wade through now is becoming too much hassle, so they are looking for an easier way to earn yields on their investment." Arguably, the council are no longer building garages either, so the fact that they are not building more suggests, long term, there will be some capital appreciation too.' However, Barrie revealed that since many people have now cottoned on to the fact that garages are good investments, they are reluctant to sell. Advertisement He added that it can be harder to get loans on garages than properties as banks often ask for larger deposits. Plus, he revealed: "If a tenant fills a garage with rubbish and then refuses to pay their rent, you have to pay for it to be cleared out".
The Sun
2 days ago
- Automotive
- The Sun
Man makes £20k a month from side hustle that 11m Brits could also do – it's effortless and can be done all year round
A MAN has revealed he makes a whopping £20,000 a month from a little known side hustle, that requires hardly any effort. Barrie Taube, owns 150 garages and 300 car parking spaces across the country, and rents them out to people in need of storage space. 2 2 Renting Out Garages The property investor and surveyor charges between £50 to £150 a month for garages, and between £30 and £60 for car parking spaces. 'We rent to people who live in blocks of flats; we will approach them and see if they want to rent them out", Barrie, who owns that garages through his business Southern Land Securities, told The i Paper. "For the car parking spaces, they might have an extra car or just want an extra space." Barrie revealed that he also rents out his parking spaces to people who need them for a short period of time, such as if they are attending a football match or a concert. In the UK, an estimated 11 million people own a garage, with half of these not used to store cars. That means that millions of Brits could also be cashing in on this side hustle. Hardly Any Maintenance The investor also owns many properties which he rents out to tenants, but revealed that renting out garages comes with many advantages, such as the lack of upkeep. 'There's not much to maintain, just the roof, walls and the garage door", he said. 'If the roof is leaking, you make the decision whether to mend it but, in general, when someone signs the lease, they agree to maintain it and to give it back in the condition they rented it in.' He added that it also costs a lot less to purchase garages, which cost around £10,000 to £30,000 in most locations. I earn cash by selling 'actual rubbish' on eBay - I flogged a freebie I found on the floor by a bin for £10, it's crazy In Mayfair, garages can sell for up to £300,000, however, Barrie explained that people in these areas are happy to pay much more to keep their posh cars safe. 'If you had a garage in Mayfair, you could get £500 a month or more in rent", he said. "If someone has a car worth a few hundred thousand pounds, they will pay this to know it's safe.' How to make cash from renting out your garage If you have spare garage space, you can make cash by renting it out for storage, using websites such as Stashbee and Storemates. You can also advertise your garage on Facebook Marketplace or Gumtree. When listing your garage, make sure to include key details, such as photographs, the size of the space, notable features, and whether the area has its own independent access. It is also a good idea to arrange viewings, to make sure the space is right for potential renters. Make sure to take any costs into account, as Stashbee charges a 5% fee on bookings, while Storemates deducts 16.5% plus 20p from each payment. Gumtree generally offers free advertisements, but specific surcharges apply for garage storage or car parking listings (£8.79) and for linking to an external website (£6.59). According to Stuart Collar-Brown, from online auctioneer Bidx1 UK garages are much more profitable than buy-to-let properties, pulling in yields averaging 10 percent, compared with a 4.75 percent average for rental properties. Landlords Ditching Properties To Rent Out Garages 'Garages offer a great alternative to storage costs for tradesmen, so they'll perform well in densely populated residential areas, especially where houses are rows of Victorian houses [and] where parking on the street is tricky due to a lack of driveways, so demand will outstrip supply.' He added that, in light of the Renters Reform Bill, which is set to come in over the coming months, many landlords are switching their business to garages. 'We're definitely seeing a shift of residential landlords into non-residential assets, so this would include commercial, industrial, garages and other similar asset classes,' he said. 'The sheer amount of red tape that landlords have to wade through now is becoming too much hassle, so they are looking for an easier way to earn yields on their investment." Arguably, the council are no longer building garages either, so the fact that they are not building more suggests, long term, there will be some capital appreciation too.' However, Barrie revealed that since many people have now cottoned on to the fact that garages are good investments, they are reluctant to sell. He added that it can be harder to get loans on garages than properties as banks often ask for larger deposits.
