Rental Property Investor · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
7y
@Gulliver R. You could buy an existing parking lot in a good market. There's usually a problem because like @Ronald Rohde mentioned these are held as covered land plays by long-term investors. You'll have to pay a very dear price to acquire them and unless you are developing these to their best and highest use, it would not be a solid investment (all things being equal).
BUT if you can find a parking lot asset in a solid location with good traffic - you should (like I said earlier) close your eyes and go for it. They are easy to operate and if bought at the right time/location can provide an unreal return.
I was wondering where is some good resources, books, websites, and boot camps where I can learn more about investing in parking lots?
Also, other than Loopnet where can I find some to buy?
Thank you,
Gulliver
What do you mean investing in parking lots? Usually its a covered land play to cover costs until the land is worth enough to develop. Unless you have a 20-30 year horizon, I don't see buying in demand parking land will generate a return.
Rental Property Investor · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
7y
@Gulliver R. I would echo the comments made by @Ronald Rohde. Plus, you don't need a boot camp / mentor to do basic cash flow analysis as you can get all that info for free on YouTube/Google.
Honestly, if you can get land in the path of progress, at favorable rates, and have a long time horizon (5+ years), just close your eyes and go for it.
Rental Property Investor · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
7y
@Gulliver R. You could buy an existing parking lot in a good market. There's usually a problem because like @Ronald Rohde mentioned these are held as covered land plays by long-term investors. You'll have to pay a very dear price to acquire them and unless you are developing these to their best and highest use, it would not be a solid investment (all things being equal).
BUT if you can find a parking lot asset in a solid location with good traffic - you should (like I said earlier) close your eyes and go for it. They are easy to operate and if bought at the right time/location can provide an unreal return.
Developer · Charlottesville, VA · Member since 2018 · 4k+ posts · 4k+ votes
7y
Parking structures, paved parking lots, gravel parking lots, RV and storage lots and even vacant lots near event venues can be very lucrative if you can buy them at the right price. They key is to make sure you have the proper zoning and approvals before buying properties to use as parking.
Do you analyze them just like any other deal it’s dollars in dollars out. Your only expenses are typically taxes insurance minor maintenance and maybe a little utility cost if you have a ticketed parking machine, gates , elevators etc.
You can find these deals through brokerage firm’s in the areas you are interested in as well as loop net, CREXI, craigslist and driving for dollars. In some areas the city will own the lot or structures and they will lease them to an operator.
@Gulliver R. You could buy an existing parking lot in a good market. There's usually a problem because like @Ronald Rohde mentioned these are held as covered land plays by long-term investors. You'll have to pay a very dear price to acquire them and unless you are developing these to their best and highest use, it would not be a solid investment (all things being equal).
BUT if you can find a parking lot asset in a solid location with good traffic - you should (like I said earlier) close your eyes and go for it. They are easy to operate and if bought at the right time/location can provide an unreal return.
The only problem is the acquisition.
What is interesting is that with the growth or uber/lyft and scooters, people could be panicking and selling cash flow assets at a slight discount to the "dear developer" price. But if you think those worries are overblown OR can integrate electric charging stations OR automated taxi stand waiting center. You may value the lot greater than the sellers.