Investing in Parking Spaces

[Steve Franco]

Hey All,

I'm in Chicago and my girlfriend owns a condo in Bucktown.  Recently saw someone selling a deeded parking spot because they dont use it. I had a thought to start buying parking spaces at condo buildings.  In our previous building people would sell them all the time.

Generally around here the spots go from around $15k-25k, and you mostly can't find a spot to rent for under $200-250 a month, $150 if you got REALLY LUCKY. That's a great ROI especially if you can get into it on the low end, and no maintenance, etc. Anyone have any experience in this?

[Chris Titcomb]

Steve Franco , I have a number of clients that implement this strategy, mainly due to the low acquisition cost. However, keep in mind that standard title co rate card closing costs of a 30k parking spot in Illinois are basically the same as a $200k condo, so they’re more expensive to buy/sell.