Would you pay $100,000 for a parking space in the North End?
By adamg - Mon, 08/18/2008 - 7:17pm.
Somebody thinks you would (scroll down a bit).
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More garages?
We should just build more garages.
Of course, that makes perfect sense, which is against the law in Massachusetts.
Nice try
But it's the result of a ruling by the federal EPA, quite possibly from the Reagan era (anybody know for sure?).
Par-king KONG
look at it this way...
you got $100K to invest (LOL - cuz I sure dont, but go w/ me for a sec)...
So, you got a $100K to invest ---
At a MERE 4 points per year interest...
after 10 years you'd have...
>>>>> cah-ching <<<<<<
over $40K net (without paying taxes/ insurance/ interest/ finance etc -- of course)
Now...suppose you buy a $100k parking space in the North end??? and rent it out at a mere $700/ month (yes, i know -- dat's loco, but go with me for a sec)
At $7 bills/ month -- it would take you 12 friggin years TO JUST BREAK EVEN -- W/O taxes/ insurance/ interest...etc???
WTF?
Does it have a gas station on it? A nuclear power plant --- Free food at Strega?
shoot, that would ALONE kill you before breakin even...
I don't follow you
Suppose you rented it for $500/month (I have no idea what these things rent for). That's $6K/year. That's a 6% annual return - pretty good. Actually a bit more because you can take that money, put it in the bank and get interest.
At your $700/month, that's $8400/year, or >8.4% return.
I think your numbers are missing the fact that you can take that $700/month, invest it, and have it compound.
Also missing the part
Also missing the part where the value of the property itself presumably appreciates. After you're done renting it, you can sell it again.
Not that I want to buy a parking space.
What you get for $100,000
Not much, Boston Daily discovers:
Photo and details, along with this enticement: