Finding parking in the downtown area of a big city can be tedious and time consuming. If you are going to a concert hall or sporting stadium, then there is only going to be so much parking. For these reasons, you have to arrive early when going to an event. However, you can turn a disadvantage into a lucrative business. Read on to find out how to start an event parking company.
Get Funding For Your Investment
You are going to need money to purchase the parking lots. Getting a mortgage loan is an option, but lenders do not lend below a certain amount. Real estate agents can refer you to a lender that has experience with approving loans for parking lots businesses.
A signature loan is another option. It is a good faith loan and a type of personal loan. Signature loans are offered by banks and financing companies. This loan is approved based on your promise to pay and signature as collateral. Another option is saving up the money before making the purchase.
Find The Right Location
You want to find a parking lot that is a good location, but the price must be within your budget. Real estate agents are going to be your best friend in researching listings. If you have a major league team in your city, then you want to get a parking lot near the stadium. The parking lot does not have to be next door to the stadium, but within walking distance. On the other hand, you can also find a parking lot near an event center.
Take Care Of Legal Issues
It is important to research the legal issues related to owning a parking lot. You should expect to pay property taxes and get liability insurance. Depending on the location of the lot, you may have to pay licensing fees. The liability insurance protects you from any criminal activity that may occur on your property.
You will also have to get your lot zoned by the city. Zoning refers to the intended use of the property. It is important when getting insurance. Lenders assign policies based on the zone that the property falls in.
Going through these steps put you in position to start making money with your parking lot. You will charge people a set price to park their vehicle in the lot until the event is over. It all starts with contacting your real estate agent and reviewing the property listings.
Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.