Hi Fellow Investors
Does anyone have a carpark investment in Melb CBD?
We purchased one six years ago with promises of rental guarantees of 7.5% with annual increases. Since then we have had 18 months of no rent (the initial managers went bankrupt) and a couple of years with very low returns.
Needless to say we are really disappointed and have since steered well clear of any further commercial purchases (LOVE our residential properties).
We generate a grand total of $109 net rent per month on the carpark. This drives me mad as carparking in the city costs a minimum of $15 per day but can be much more.
We can't sell the thing for anything near what we paid for it because of the lousy return. And every month we have to make up the shortfall.
I'm interested to hear if anyone else has or had a similar investment. What sort of return did you get, sales price...etc. Basically I'd like to know if I am stuck with this lemon? Should we sell and take the loss or am I getting stooged and getting a lousy return - maybe I should be getting more? How do you change property managers when we are talking about big name car park operators?
Thanks, Parters
Does anyone have a carpark investment in Melb CBD?
We purchased one six years ago with promises of rental guarantees of 7.5% with annual increases. Since then we have had 18 months of no rent (the initial managers went bankrupt) and a couple of years with very low returns.
Needless to say we are really disappointed and have since steered well clear of any further commercial purchases (LOVE our residential properties).
We generate a grand total of $109 net rent per month on the carpark. This drives me mad as carparking in the city costs a minimum of $15 per day but can be much more.
We can't sell the thing for anything near what we paid for it because of the lousy return. And every month we have to make up the shortfall.
I'm interested to hear if anyone else has or had a similar investment. What sort of return did you get, sales price...etc. Basically I'd like to know if I am stuck with this lemon? Should we sell and take the loss or am I getting stooged and getting a lousy return - maybe I should be getting more? How do you change property managers when we are talking about big name car park operators?
Thanks, Parters