Thread: Parking Lot / Garage Owners

I've always mulled around the idea of purchasing a parking lot or a parking garage somewhere in Boston. Has anyone had experience doing this (in any city, really)? Would you normally start from scratch (buying a parcel of land), or purchase an established business?

Any idea on major costs of operating a lot? Insurance, security, and what-not? What other aspects should I consider?

How to Start a Parking Lot Business | eHow.com

I would think overhead is pretty low. Hire one person at minimum wage to run the gate/booth and thats about it.

I know a real estate agent that knows someone in the parking lot/garage business. I could ask him for you?

Originally Posted by Go Getter

I know a real estate agent that knows someone in the parking lot/garage business. I could ask him for you?

Yea, if you don't mind, that would be great. Maybe a few quick tips to point me in the right direction. I appreciate it!

Originally Posted by rockd

I've always mulled around the idea of purchasing a parking lot or a parking garage somewhere in Boston. Has anyone had experience doing this (in any city, really)? Would you normally start from scratch (buying a parcel of land), or purchase an established business?

Any idea on major costs of operating a lot? Insurance, security, and what-not? What other aspects should I consider?

How to Start a Parking Lot Business | eHow.com

I would say your honest, best bet would be go down to the Red Sox game and ask one of the parking lot attendants on game day if you can have his boss's email/number. Do this at a few lots and ask the owner your questions.

^ some of those major lots are owned by corporations. He might have a hard time getting to the boss man. I dunno though, it's worth a shot.

Rockd, PM me an email or something, that way I don't have to be the middle man, and I can let you talk to the agent. I think it might faster and more efficient that way.

Section 8 properties and trailer parks are another route you could look into as well. Too bad you don't live down here. I've been looking for someone to get involved in real estate with.

a lot are owned as you said by corporations, generally if it's a really good for business location, you are going to pay a lot for it (even if it's a grass field, that only requires adding a gate and some fences), If you're looking at Boston you would need to have a plow/salting contract for winter. some Parking lots are automated and dont even require anyone on site, obviously that would prob be your best bet as far as profits/gains, However I have no direct experience with owning such a business.

Here's an idea. Buy land out in the middle of nowhere, and turn it into a cemetery and sell lots at 4 to 5k a piece. You might have a moral objection to this, but it's a needed service obviously.

Originally Posted by Go Getter

Here's an idea. Buy land out in the middle of nowhere, and turn it into a cemetery and sell lots at 4 to 5k a piece. You might have a moral objection to this, but it's a needed service obviously.

Not really morally against it, but just not the type of business I want to be in. I'll send over that email!

Personally, me either. ok.

bump, any parking lot owners here?