Parking Stalls For Sale (In my condominium)

[JBagorio]

Hi all,

In the building of one of my condo unit, the builder is selling some of remaining parking stalls for $6000. They originally cost $10,000 in the beginning. I am also thinking of purchasing some in the other buildings as well. Would someone give me advice if this is a good Idea? I haven`t talked to the condo board yet but, would there be a problem based on the rules and regulation that prevents me from owning a stall in the other building? Would anyone know if this is a good deal or what? Or even if there’s anything I could be missing here.

In terms of cash flow, parking stall rents in the area between $100 - $200 depending on location and size.

Jason

 

[navaz]

From a resale perspective -nice to have 2 parking stalls

 

[realfortin]

QUOTE (navaz @ Mar 23 2009, 10:20 AM) From a resale perspective -nice to have 2 parking stalls
At the very least, buy a 2nd one for each property. It does help resale a lot and you can rent it out while you own the properties. As for buying more, if you do the numbers, even at 100$ a month, it pulls in 1200$ a year, so will totally pay itself off in 5 years... there is no maintenance or electricity etc

 

[brentdavies]

Other owners may object if you are renting to people who are not residents. Outsiders with building entry keys are an issue.

 

[DaveRhydderch]

The condo board should have rules on whether this is allowed or not. Check with them. You don`t want to buy 3 stalls, and then not be allowed to rent them out.

 

[JBagorio]

Thanks Guys for your inputs. I currently own 2 stalls and renting the second one to other residents. In fact it`s been rented continously in the past 3 years... that is why I am thinking of purchasing more in my building and also in the other building as well. Some of them also comes with a storage spaces. I haven`t inquired if I could rent these out to outsiders but, for the safety of the community I only intend to rent them out to residents.

I realy think this is a very good opportunity with lots of cash flow with very little overhead. I currenly made an offer to 5 stall and tempted to buy all that is left (about 4 or 5 more).