North Texas Exotic Car Rental experiences?

That used to be Exotic Car Rental of Texas, which was (I believe) tied to Lineback Enterprises. The new URL is also registered to Lineback, so it must still be the same people.

So my original thought to tell you to check with Lineback is probably a waste of time. They seem like decent folks, though, and the 360 they have was on the poker run with us a few weeks ago.

 

I would consider renting you my '98 F355 GTS for day. Let me know about your plans via pm if you are interested.

For those who are familiar with MotorSport Ranch, I am buying one of the townhouses being built on site as an investment property. The idea is to rent the townhouse out on event weekends and offer full time storage in the lift-equipped garage. I also intend to make available for rent my 911 track car and (potentially, still deciding) the F355 as well. The idea to to make a legitimate case for maintenance and upkeep to become tax deductible. All of the assets will be rolled into a business/tax shelter. I am puttig the plans in place now, but to write-off the Ferrari expenses, I will need to show some revenue from it.

Construction on the townhome should be completed in the October timeframe. Mine will be the first one built. If anyone is interested in weekend rentals or full-time storage of a vehicle, let me know.

 

Rob - sounds good. I'll start to keep a list of interested parties and keep you all updated as construction progresses. I may even ping you for ideas as the 'business plan' is developed further. By the way, to put a face with the name, I sat at the end of your table at Sneaky Pete's after the Poker Run. I was there with my wife, Karen.

 

This table?
Image Unavailable, Please Login

 

Rob and I will both have townhomes at MSR - we're going to be neighbors ;-)

Mine may also be available for rent, but it is more of a personal property insofar as my wife and I plan to spend some time together for a change, so she may be out there with me quite a bit and we need much of the sotrage space for vehicles.

Rob, how much to rent your 355? I want to track mine some, but would rather track yours. Seriously, how much?

Renting track cars is pretty dicey - I insist on $500/hour at least for a SM and despite the fact that people say this is too expensive, just tally up the wear, tear and labor costs. Be careful about that 355 - an overrev could be an ugly proposition.

Keith

 

I spend a good bit of time out at MSR, on my bike, would you be looking for a permanent tenant to lease it out to or not?

 

As fast as you are, there would have to be a 'Verges Premium' applied to account for extra wear and tear!

I'm still wrestling with how to handle renting the 355. The angle is to be able to depreciate the vehicle and write-off maintenance for tax purposes so I need to determine just how much revenue I need to show to avoid scrutiny. I have no intention of cheating the IRS, but I will be aggressive with deductions. I still need to do some tax homework and forecast what a year worth of expenses looks like. Renting the townhome and 911 are no brainers, I'm a little nervous still about the 355.

 

My original thoughts had me renting the place out whenever MSR is rented out for events (1 - 2x/month) and having it available for rent all the time, but recognizing a low probablity of rental on member weekends. Thus, on member weekends, I would be able to enjoy the place myself most of the time.

I had not considered a permanent tennant, but I open to most ideas at this point. I will certainly rent the garage space out on a permanent basis.

For those who are curious, I am on lot #11 and Keith will be a few doors down from me, closer to the middle of the straight-away. I went for the slightly larger lot with a view of the duckpond out the master bedroom window. Keith is on slightly higher ground and should look out right over the starting line on race days. We've been told that our homes will be the first two built, though Jack Farr is having his built as a model on lot 3 or 4. I suppose his build date could trump ours.

 

I think as soon as the IRS sees the word "Ferrari" and "depreciation" on the same page, you got scutiny, buddy.

HEAVY scrutiny!

I got gonads like cannonballs, and that's not big enough. Good luck, though.

Good for you if it works.

 

Its been about 10 years since I claimed a rental property on my taxes, but if I remember right the IRS does not see nearly that kind of detail. With double income and no kids, my tax bill is far larger than most people in my income bracket. Even with the venture, I won't come close to falling into the questionable category, my tax payments will still be inline with my income. Furthermore, the whole thing is legit, even if I am audited. I will only deduct the expenses for the Ferrari if I truly intend to rent it out.

 

Jack is building two more garages (under construction now) that will add 40 more garage spaces. The waiting list is over 50 however. The new track is planned to be completed next year. The idea is that he could rent one track out for events while using the other for members. This effectively doubles the number of dates he can rent the track (and gives me another 30 opportunities to rent the town house). To finance the new track he is looking for members to provide the loan versus going to a bank or going out of pocket. He said that with 12 investors, the new track is a go. A few weeks ago he had about 6-8 people lined up already for the financing.