While there’s no legitimate way to make money doing nothing, owning a parking lot or structure is one way to earn from real estate. Although there’s much to consider, being pragmatic is to your advantage. If you can visualize a parking lot investment in the Chicago, IL area that sounds good, you can compare startup costs.
Choosing a Good Location and Seeing Its Potential
What do you want to own, a single-level lot in a busy area or a multi-level structure in a business park? Will this be open for business seven days a week or during peak periods? Who’s likely to use your lot and during what hours? These are just some basic questions you should ask before looking at prospects.
Areas that are busy with foot traffic like shopping areas or large arenas are good options but depending on demand, the startup costs may be high. In areas where commerce is being developed, you can get in on the ground floor by purchasing land within walking distance. Depending on the local population, you may get a good rate but the overhead to construct property may be costly.
Getting Something You Can Maintain Regularly
The best way to learn more about investing is to research and consider those likely to use your service. By being realistic about resources and the location, you’re more likely to maximize your return on investment. Visit Parking Advisors website today to learn more about having a parking lot investment in Chicago, IL.
