All Forum Posts by: Kevin Barrett

Has anyone invested in a parking spot? With the growing population and influx of people coming into the city I thought it might be worth exploring this topic. In fact, about a month ago 2 tandem parking spots sold in the Back Bay in Boston, Mass for $560,000 (see article below). I understand this is not the norm and not a great data point, but decided to mention it purely as a fun fact. Anyways, in scanning the inventory of parking spots in Boston it appears that a few spots could produce a small cash flow. Are there factors that should be considered that aren't so obvious in buying a space? Condo fees definitely eat into profit, but not all spots have fees. How do taxes work? I haven't tried to look up parking on the Registry of Deeds, but I wonder how difficult that would be. I'd love to view a chart of parking spot prices in the past 20 years.

http://www.boston.com/businessupdates/2013/06/13/tandem-parking-spots-sell-for/tsdqLBPRmQFEojy2US5vXO/story.html

Agree with the consensus of the group which is that too much time has been spent and it's best to move on. I pretty much saw the writing on the wall, but wanted to see if there was a loophole. Thank you all.

I can't get him down enough in price to where I think it'd be profitable to wholesale to an end buyer. Contractor quoted minimum of $75,000 worth of rehab. I spoke to someone recently at an investor meetup about my experience with the seller and they would like to take a crack at it and see if a fresh face could return a different outcome. Is there any disclosure/form I could use so that I could pass on the address, but still get a fee for making the connection between the seller and buyer if a deal closes?

Scratching my head,
Kevin

Typically I'll listen to the latest episode at the gym or when taking a walk. Length is perfect. Could even add in some more jokes!

Joshua Dorkin The BP app is incredible! Not sure if it's possible, but for the Keyword Alert email which is generated I wonder if there's a way to click on a link or icon in the email to open up the thread in the BP App. That would be tight!!

Thanks Bill Gulley. Forgot to mention the second piece...the Assignment Contract with the end buyer. Thanks for clarifying!

The first thing that came to mind when I read your original post is why not use a Option to Purchase Contract? This type of contract can be a simple one page doc that has all the stipulations you need to protect yourself. You can try to get the seller to agree to a thirty day window for you to find an end buyer and only have as little as $10 of skin in the game.

Take action, take action, take action! Understood!
Can make adjustments later.

As of now the plan will be to roll out two sets of letters. For the rural territory we'll market to owners with > 60% equity and sold more than 30 years ago. Maybe target home owners that are ready to move into retirement homes. The urban campaign will be focused on owners that bought investment properties in their 20s and early 30s 10-15 years ago and now have a family etc and don't have the time/desire to manage their portfolio.

Mike Hurney, Is it the location of Wilmington (on the RT 93/95 belt) that appeals to you?

Thank you to all who contributed to this topic.

In the process of building a direct mail campaign and I'm wondering if anyone has thoughts on whether it makes a difference in targeting absentee owners in a town which is more in a rural, family community versus a town closer to the city. What about wholesaling in hot markets...thoughts?