Quote:
Originally Posted by ASBSECU E93
OP - buy a car wash. Open 24/7 and makes money all year round....
Or better yet - a parking deck. I financed a parking deck for a R/E developer on a vacant lot in Charlotte, NC and this thing made so much cash....
He'd rent the spaces out daily from 7:00 AM to 5:00 PM - then rent to long term parking at night for folks that worked in the city M-F or lived in condos downtown...
362 spaces turning on average $40 daily, plus the LTP....I loaned him $4mm to acquire this property and it covered the debt at 2:1!!
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Funny you mentioned that. IMO parking lots are one of the most profitable businesses as it doesn't require much upkeep. Main issue is that land around here costs a fortune. Anywhere that has a lot of traffic would cost an insane amount of money in the Bay Area.