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Real Estate Investing: The Complete Guide to Buying a Parking Lot
If you have some financially savvy, then you probably have a general idea of the best kind of long-term investments to make. You know how to play the stock market, how to manage rental properties, and how much money to put into a savings account.
What you may not know, however, is that buying a parking lot could be one of the best financial decisions that you'll ever make.
That's right — in this article, we'll take a closer look at how you can profit off of a parking lot purchase. After you read this guide, you may well be looking at the various garage lots for sale in your area!
Assess Economic Trends in the City
The first thing that you need to do when considering starting a parking lot business is assessing the economic trends of the city that you are purchasing the lot in. Remember that parking lots can only be profitable with a high level of vehicular traffic.
Has the city been moving towards a reliance on public transport? Is the industry in the city dwindling, causing there to be a smaller demand for public parking? If so, then you may want to steer clear of that city and try a different ... more
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