Purchasing Parking Spaces
Maybe you have not thought of it, maybe you have but purchasing a parking space is a good investment tool. It is a great way to have income coming in with minimal expenses and add diversity to investment portfolios. Â The tenant will not call you, to say something is not working they will just send your rent check each month.
Thoughout the city of Boston, many garages sell individual parking spaces to investors. Â The parking spaces can be found in the North End, Midtown, Financial District and the West End of Boston. Â These spaces are easements registered at the registry of deeds. Â They transfer pretty much the same way a condominium moves from selller to buyer with the exception most transaction are paid in cash. Â Once you take over ownership, you can lease out your space from $275.00-$400.00 per month.Â
Others may use their parking space purchase to couple with their already owned condomiunium in the South End or Downtown Boston. Â By adding the parking space as part of the resell of the condomiuim they are maxamizing their profits. Think of all the potential buyers who would be interested in purchasing a condomiunum that included a parking space....
In particular, you could own a garage space in the Ritz-Carlton Millennium Garage, which is a secure self park garage. Â A space is currently for sale the asking price is $93,000 with no on-going fees, neither real estate taxes or condo / gargage fees. Â The space currently has a tennant who is paying $375.00 monthly. Â Thus the lease check starts working immediately toward your profits
Financing for parking spaces, is generally secured through a home equity loan. Â
For more information regarding parking space purchases, please contact Stacey Green ph: 617-460-2344