Buying Parking Lots and Parking Garages: Finding the Most Profitable Locations

Buying Parking Lots and Parking Garages: Finding the Most Profitable Locations

There are plenty of successful investors out there, but many work so hard that it’s hardly worth the money-because they’re never freed up to enjoy the fruits of their labor! It’s far more worth it to find an investment strategy that would allow you to make considerably more money and create more time to be able to reinvest, spend that money, travel, enjoy time with family, or have fun with that “Bucket List”.

Owning a parking lot or parking garage is a Sealcoating great investment because they can offer you two things: free time and exponential amounts of income. Finding these gems is the hard part because most existing “cash cow” lots are sold before they are even listed. And most are purchased by other parking lot owners-they know what they have, and they want more. If you can find these potential parking lots and garages before anyone else, you can find these extremely rewarding profits too.

Think ahead

Most parking lot locations were never designed to be just that. Parking lots are built out of necessity, plain and simple. Someone would never build a parking lot and then proceed to build something that draws people who need to park; never! It sounds simple, but you need to be ahead of the building curve and search for land before it holds great value. You can do this by recalling where you would need to park a car. Think for a second: Where do people really need to park? Let’s brainstorm: shopping malls, schools, sporting events, entertainment districts, government centers…the list goes on.

Now let’s look at these ideas: malls will provide parking for customers because they want shoppers (so scratch that); schools do the same, but there always seems to be no parking at some schools (possibility here). Every time I see a concert, I end up paying to park; keeper. Last time I got a traffic ticket, it took me 30 minutes to find a parking place at the courthouse to fight that traffic ticket. Ding, ding, ding-got a good one here. Where have you needed to park? Where have you paid to park? I used the same thought process and search techniques you just practiced to purchase a one acre plot of seemingly worthless land across from a new 380 million dollar courthouse that was yet to be built. The property owner had the land for 30+ years and did nothing with it, including not reading any local newspaper that clearly highlighted the new courthouse: funding was approved, a date for the ground breaking ceremony had been set, and the severe lack of parking was already projected in the overly-crowded area!

 

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