Updated about 8 years ago on . Most recent reply
How to Buy a Parking Lot
I am interested in buying a parking lot, but I have no idea where to begin.
- Where do you find listings?
- Is there a way to locate distressed listings?
- Any suggestions on how to finance a purchase like that?
Most Popular Reply
If you know what you are doing it can be a profitable business!
The way you buy and finance it would be the same way you buy and finance vacant land. Only difference is how you evaluate it and how you do your due diligence. I would suggest becoming an expert in a metro area. Learn who the owners are and the value of vacant land. Look at owner financing and long term leases. Maybe get an option on a piece of land and work with a developer who will exercise your option and share in parking profits.
Best of luck!