Tips For Buying Repurposed Parking Lots

You have probably seen the television commercials about the people that buy repurposed and recycled building material and turn it into a money making real estate properties. These are called "REO" properties and you can find them almost everywhere. They offer great bargain basement prices, because they are only a few years old and not blighted by the rest of the world's waste. People have been doing this for a long time but it is a relatively new phenomenon on the real estate scene. There are some basic tips that you can follow to get started with your own REO investing and to help others do the same.

First of all, before you even look at a property that needs to be repurposed, make sure that you have a few ideas about what you want your new home to look like. Do you want an apartment block, or would you like to own a little villa in the mountains? Are you interested in housing a big family, or are you thinking of turning the vacant lot into an office complex? This will help you narrow down the parking lot options to something you will actually be interested in buying. It also makes it much easier to decide if you really want to spend the money on that one lot.

It is a good idea to check out the tax records of any property you are thinking about buying, especially if it is a foreclosed property. If it has been previously sold, then you will probably have to go through the paperwork again, but the information is still there and easy to find. The same is true for foreclosures, so make sure that you take down the number of the previous owners and contact them to find out if they are still interested. If they are, then that is a good sign that you can purchase a repurposed parking lot for cheap.

One of the first things you will want to do is take a look at the parking lot itself. If it is an older parking lot, then you may want to consider calling the previous owners to see if they are interested in selling it or if they would rather keep it for future use. You may be able to get a great deal if you offer to buy it "as is." However, it may be necessary to hire a professional company to inspect the property first, just to make sure you don't have any structural problems that would make the parking lot unusable.
If you are looking for repurposed parking lots that are still in good condition, then don't overlook the possibility of contacting a junk removal company. These professionals will come in and pick up items that are broken or damaged and will then either repair them or throw them in a truck dumpster. There are several companies that specialize in this type of service, so it shouldn't be hard to find one in your area.

Places to park can make for a great addition to any home. By investing in them, you can get a nice spot for a party or get-together or even turn them into a business venture. Just remember to get all of the details before you sign on the dotted line, so you don't end up with a lot of problems later on. Don't forget to call around to make sure you are getting a good price on the lot as well, because often when a property has been sold, the price goes down. Get a general overview of the topic here: https://en.wikipedia.org/wiki/Parking_lot.