Car part investment

[tbinvestor]

I have recently been looking into buying some parking spots in Melbourne near the city, what is everyones thoughts on an investment like this? Have any of you done well investing this way?

I was looking at 4 spots for 130,000 near Melbourne Central, each returning $220 per month, doesnt this sound like a good investment???

Please feel free to add anything you know about this sort of investment as i would like to learn more about them (but keep on the topic)

Cheers
TB

 

[Simon]

$55 pw?

Doesn't sound that good to me. My first IP cost me $52K and returned $100pw.

Outgoings were prob higher. Do you pay any BC fees on a car space?

 

[tbinvestor]

sorry i wasnt clear, 220 each, so 880pcm rental

 

[boomtown]

Total investment $130k for a $880 return? Sounds ok but what is your security of tenure? Do you own strata title? Do you pay body corporate fees? Do they have to allow you to rent it to non residents? Can they change the rules? Lots of questions to ask.