All Topics / General Property / Car Park investing

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of BeginnerBeginner
    Participant
    @beginner
    Join Date: 2003
    Post Count: 7

    Hello..

    I am new to investing in the property market and was wondering if somebody can tell me the pro’s and con’s of investing in Car parks??

    thank you

    Profile photo of FFCommFFComm
    Member
    @ffcomm
    Join Date: 2004
    Post Count: 627

    Pros:
    ~Hnds off (you just get the cheques in the mail
    ~No tennant hassels
    ~Can be CF+ in metro

    Cons:
    ~Banks dislike lending on car spots
    ~High deposit req.
    ~Hardly any Capital Growth
    ~Fees are usually involoved

    Rgds.
    Lucifer_au

    Profile photo of YorkerYorker
    Member
    @yorker
    Join Date: 2004
    Post Count: 306

    From experience, I recently purchased a couple in Pyrmont. I purchased them via my superfund and am just going to take the cashflow. The yields are very minimal, say around 3% and quarterly levies are amazingly high. There is no opportunity to add any value to them and I’ve been told by several developers that they are very difficult to resell. I wouldn’t really borrow too much on them.

    Profile photo of BeginnerBeginner
    Participant
    @beginner
    Join Date: 2003
    Post Count: 7

    Thanks for the advice…

    [wink3]

    Profile photo of Mad-CatMad-Cat
    Member
    @mad-cat
    Join Date: 2004
    Post Count: 30

    I purchased them via my superfund.

    How can u purchase things threw your super?

    Profile photo of PropertyGuruPropertyGuru
    Participant
    @propertyguru
    Join Date: 2003
    Post Count: 1,502
    Originally posted by Mad-Cat:

    I purchased them via my superfund.

    How can u purchase things threw your super?

    You can manage your superfund your self. And can buy properties or share using your self manged fund but return will go back to super you can’t use return for your daily expense. check this website
    http://www.onlinesuper.com.au/

    Cheers
    PropertyGuRu
    [sultan]

    Mortgage Consultant

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544

    Hi Mad-Cat,

    As PG said set up your super fund as a SMSF and you can buy whatever you like provided it complies with the legislative requirements.

    If your superfunds are limited you can set up a trust like structure and borrow the remainder of the funds needed – bear in mind costs and income is apportioned in accordance with the ownership ratios.

    SMSF cannot invest in your own place of residence, they can invest in residential property and are able to invest in commercial property – including the property your business is housed in, if appropriate.

    PG has provided a link to a company that can assist with these matters. SMSF are not something you should try at home without first seeking good quality professional advice.

    Derek
    [email protected]

    Property Investment Support Available. Ongoing and never stopping. PM welcome.

Viewing 7 posts - 1 through 7 (of 7 total)

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