Episode 38 – How to Make Money Through Parking Lots? Can You Really?
In today’s show, Pancham interviews Sam Wilson, Founder and CEO, Parking Your Investments.
The parking lot industry is an interesting alternative investment opportunity that can earn you stable returns. But there are many red flags to watch out for and a lot to learn before investing.
Sam reveals how he finds parking lots with good investment potential, conducts due diligence, and then streamlines operations. We also discuss how the current COVID crisis has impacted this niche industry.
We hope you enjoy this show!
- 02:19 – Sam shares his background information
- 03:15 – Why did Sam transition from single-family investing to investing in parking lots?
- 04:50 – How did Sam learn the ropes of the parking lot business?
- 06:20 – How do you find a good parking lot to invest in?
- 07:05 – Due diligence process for evaluating a parking lot
- 07:45 – How to find and hire operators to manage your parking lot investment
- 08:28 – How do you value a parking lot? What is a typical cap rate? What is a kind of returns can you expect to earn?
- 10:22 – Typical agreement that a parking lot owner makes with the operator
- 13:30 – What are some ideal locations for parking lots to invest in?
- 15:39 – Can parking lots be slotted into different categories?
- 17:25 – Are banks willing to finance parking lots?
- 19:00 – How has COVID-19 affected the parking lot industry?
- 24:04 – Taking the Lead Round
- 24:16 – When was the first time Sam invested outside the Wall Street?
- 25:38 – What fears did Sam have to overcome when he first invested outside the Wall Street?
- 26:55 – Can you expect one investment that did not go as expected?
- 28:32 – What is one piece of advice you would give to people who are investing outside of the Wall Street?
- 30:09 – Sam shares his contact information
3 Key Points:
- How to conduct due diligence when investing in a parking lot
- How to strike an agreement with the operator to manage your parking lot
- Typical returns that you can expect to earn from investing in parking lots
Get in Touch:
Welcome to the Gold Collar Investor podcast with your host, Pancham Gupta. This podcast is dedicated to helping the high paid professionals to break out of the Wall Street investments and create multiple income streams.
Here’s your host Pancham Gupta.
Hi, this is Russell Gray co host of The Real Estate Guys radio show and you are listening to The Gold Collar Investor podcast.
Pancham: Thank you for joining me today and I really appreciate you being here with me. I hope you’re enjoying the podcast and also learning at the same time. I used to drive to the train station every day to New York City for work. I had to park my car at one of the parking lots to catch a train. All the parking lots around the train station were first come first serve. Every time I was late. I would think that I would not get parking today. And if for some reason I would not find parking. And I was in a rush. I would pay 10 to $12 for the whole day to park my car at a private parking lot and catch a train. If you live in a densely populated area, you know that parking comes at a premium. In New York City itself, I have personally paid up to $25 for 30 minutes once. Sometimes you feel that you’ve been ripped off. But the entrepreneur in me always used to think that it’s such a great business that once you have the land, you can just start charging for parking. You have minimal things to fix. Just repave and restripe the lot, and you’re good to go. I was at a conference where I met Sam, who actually finds and invest in parking lots today. I’ve invited him on the show to learn how he does that. Sam, welcome to the show.
Sam: Thanks, Pancham. Appreciate you having me.
Pancham: Are you ready to fire up my listeners break out of Wall Street investments?
Sam: You betcha. Absolutely. I can’t wait.
Pancham: Great. Sam, before we begin, do you want to give a quick overview about your background?
Sam: Sure. That’d be great. Yeah. My background is in business. Grew up in family business. My whole family is entrepreneurs. Yeah, I was in own the family business until 2012. And I started actually investing then once we sold that I was that was up in Indianapolis and sold that business and then headed south or live in the south, now down in Tennessee, where it’s a little bit warmer, and I got into real estate in the middle of 2013. I didn’t really know much about it. But that’s when I started investing in real estate and I’ve been a full time real estate investor since then.
Pancham: Oh, great. You know, I met you at one of the conferences and I know that you’re actually in a very niche asset class right now. And that’s what I want to do, get in today is making money through parking lots, right?
Pancham: I’m curious, like, how did you get into that? Number one, and how does this work?
Sam: Sure, yeah. And there’s a lot we can dive into there. I started like most people do in single family investments, and I still have a handful of single family rental properties. But I did a whole bunch of fix and flip. I did a bunch of wholesaling, and it was all in single family. And what I found was that single families hard to scale. It’s hard to get the…you know, right number of deals under contract the right flow of deals, and then also just to budget for cash flow and other things. It becomes a full time job, just with the variables of each individual property having its own unique challenges. So that said in 2018, I was really looking for my next asset class. I said, man, this is this is a lot of work. And I know that there’s more scalable, efficient models out there. What are they? And so I was actually at the same conference that you and I met. I met my now business associate john, who was and is still in the parking business. And he’d been doing parking for, gosh, going on 20 years. And I sat down next time we started talking about parking. We hit it off kind of like each other, like the way each other think. And I said, man, I want to learn parking from you, how does this work? And I really just kind of made myself available to do whatever it took to learn parking. And so that’s kind of where, you know, fast forward two years, and that’s, that’s where I am…is in the parking industry.
Pancham: Great. So you said that you met John at one of the conferences. So you, you started working with him and kind of in his company. Is that how you kind of connected?
Sam: Yeah, in short, you know, a lot of these, especially in real estate, it’s easy to joint venture with somebody on things if you can bring value without necessarily joining their company, you know, for the way we the way we set it up was, hey, you know, he taught me how to find assets, how to value them. And, you know, I bring a deal to him and we split it down the middle. So we still have kind of our own separate investment vehicles, if you will. But we are relying obviously on each other very heavily to get these deals across the finish line. So that’s merely a paper formality, if you will. So I do work with John side by side on a daily basis.
Pancham: So now let’s get into this right like the parking lot. It sounds fascinating. I actually live in New York area next to Manhattan, not before and I used to work in Manhattan and you know, like, I used to pay sometimes, you know, if I had some urgent piece of work and I’m driving into the city, I would pay about sometimes for half an hour like $25 to park and you know, I always used to wonder that, oh my god, like you know, this business is amazing. There’s no tenants, toilets, so much money. That and you just park and that’s it right? It’s always used to fascinate me and so on to kind of understand from you like how you find one and how do you value it? And how actually you make money from it? You know, it’s kind of open field for you.
Sam: Sure. How do you find one? I want to start with that question that was your first one, the same way that you did. You know, we actually go to a city and walk the city and find the lots that we’re interested in so much like you looking for a place to park. We kind of do the same thing. There’s no database on this, you know. You can’t go to Google Maps and do a high level view and say, oh, good, there’s parking lots everywhere. You can’t even use a lot of the parking programs online. Maybe there is one of them. Parkme.com. I think is one, but the information even on those is wildly inaccurate. So you can’t go and necessarily just locate this information online. So you actually got to go to the city and find the assets you’re interested in. So that’s, first of all, how you locate them. And then once we find the asset, then you know, there’s a bunch of background work that goes in. Once you get back to the office, you’re, you know, locating owners locating phone numbers, locating members of LLCs and cold calling them, send them direct mail, doing the stuff that everybody else is doing in real estate to find assets off market. When parking parcels or garages…I don’t know if you’ve ever heard the phrase, that loopnet is where deals go to die, right? And so that’s kind of the same idea. If you find a parking lot on loopnet, deal is already dead. Numbers don’t make sense. You know, and maybe there’s one in a million that comes across Loopnet or something like that. That does make sense but nine times out of 10 it doesn’t. So that’s how you find them. That’s how you make offers on them. And then how does it make money? Very simply, I mean, you paid 25 bucks to park for 30 minutes. For us, we have an operator that operates and manages those lots so they put in the, you know, pay station. They handle the tow truck drivers, they handle the booting of cars, they build the people, you know showing up and they depart, that sort of thing. So they handle all the operations side of it. And we just have a lease with those operators. They come to us and say, hey, this is what we’ll pay you to operate your parking lot. We take what they pay us, and then whatever they make on top of it’s up to them. That’s the short of how parking works. I wish it were more complicated, but it’s not. And then your last question was, how do you value it? Same way you do an apartment complex, like how much money is it making? And I’m going to pay you a multiple of that.
Pancham: Right? So like, the cap rate on parking lots, I’m sure is very different from let’s say, mobile home park or, or an apartment building? It’s a very subjective question that like, do you have any numbers in mind before you start looking at a property, which could be a good parking lot that you want to hit?
Sam: Yes, sure. Great question. I mean, you know, if we’re buying on an eight cap, we’re doing really well. Six is probably more typical six to seven. And the interesting thing it for us at least is we don’t buy necessarily with redevelopment in mind. So if you buy a lot with the right size, yeah, you could redevelop it, and maybe the right shape rather, maybe you could redevelop it, you know, and maybe we’d be willing to pay a little bit lower, have a cap rate on that. But, you know, it is a subjective question with a subjective answer. So I would say it depends. But, you know, an average investors return, you’re probably looking at 6% to 8% cash on cash return year over year, and it’s pretty much as a slow and steady return. I mean, there’s just not a lot of, you know, wild fluctuation, there’s not a huge upside in parking, but it’s also an incredibly stable asset class. So even given the volatility of the recent stock market, craziness, you know, it’s pretty attractive to get a stable 8% return with no real change in the in the forecast. That kind of sounds nice right now,
Pancham: Right? No, that’s true. So yeah. We go back to the thing that you mentioned that you have an operator, right that operates it for you. So you basically sublease it to them. And you kind of just make the rent on the lot as a bulk, or is it like day to day P & L management? That, you know, these operators for you? At which model is it?
Sam: Yeah, so there’s two different ways you could do it. I would say the industry standard is more of a management agreement, which is what you’re talking about, which is where it’s, hey, look, you know, let’s say your lot did $20,000 this month, and we take 15% of it. So you know, you get a check for 17 grand at the end of the month, right? That’s a management agreement, which we’re not big fans of. We do what we call guaranteed leases with our operators, which is where I know exactly what I’m getting paid five to seven years out. So we know that hey, you know, you’re going to give me 120. I’m throwing out numbers here. We’ll say its $100,000 this year, and then we’re going to have 3% increase next year will be 103 in year one and 3% on top of that to 3%. So we just have annual increases on it. And that’s the way we do it. Like I said two different ways. One is a management agreement, one’s a guaranteed lease, we prefer a guaranteed lease, we don’t make as much money on a guaranteed lease. But again, it also presents for us a stability factor that we can really count on. So that’s just what the way we like.
Pancham: Okay, so in those guaranteed leases, so everything that happens to the parking lot if you have to repave it, I can only think of repaving or restriping really, and maybe some parking meters are broken, right, like fixing them and all that. So it’s the responsibility of the person who’s operating it right or do you? It’s your responsibility.
Sam: Every lease will be slightly different. Okay, so it kind of depends on where it’s out what condition it’s in. I mean, if you’re down here in the south, you might need to restriped and repave every decade. You know, you get up into Detroit or somewhere like that, and certainly with salt trucks and snow plows and or New York. I mean, there’s a lot more wear and tear that goes into those lots. So that happens more often. But again, that’s going to be on a per asset basis. And our operators may or may not agree to it for whatever reason. And then, you know, this lot, they may say, yeah, well, we’ll handle restriping repaving and that was the maximum they may say no. So it’s on a per asset basis.
Pancham: Right, right. Okay. So it’s more like if you have nothing that you have to take care of, in that case, it’s more like triple and lease, if you have a guaranteed ease, is that fair?
Sam: That’s a very fair analysis depth. Yeah, okay. And most of them are going to be triple net again. Depends on who our operator is, you know, because we have different operators in different regions. You know, some of them will do triple net and some of them won’t. But, you know, again, that’s a per asset. We figured that out on every single asset we buy. We have a different kind of setup there. But you know, most of them are net, net or triple Got a cold. So my next question is that, you know, you said that you have to drive in the city and to find these assets and figure out whether they work for you and you do cold calling and all that. But do you have any set criteria like okay, this city you we are going to go next to football stadium or we’re going to go to next to a college. It’s a college town and you know, there some specific areas or malls? Do you have any set criteria like that, you know, they’re probably, I would say four or five basic areas that you’re always looking. So if you can find any parking in any of those areas, you know, as long as the numbers make sense, it’s okay. And each one obviously is going to get valued differently depending on what the demand generator is, but we’ll answer your question there. First. You know, the criteria of course, where people pay for parking is pretty much the same in every town across the country. I mean, like you already mentioned, you know, they’re playing football game parking, beautiful stadium. They’re paying for night and weekend parking for, you know, bar traffic and things like the bar and restaurants, they’re going to pay for courthouse parking, they’re going to pay for, you know, short term business parking, you know, for whatever it is, I guess that’s probably the top four demand generators. And those are all generally going to be in the same basic central business district area. Maybe a ballgame. Parking will be on the outskirts of town or further out. But you know, where people pay for parking, there’s a limited, a limited density that our people are going to they’re willing to pay for parking and that we’re looking to buy anything in those areas in any city.
Pancham: Got it? Got it.
Sam: Does that make sense?
Pancham: Yeah, that makes sense. I would add one category which may be very common in the highly densely populated areas like New York, we have, you know, a train station here which goes into New York City. And all those train stations have parking lots surrounding them, and various cities which are very densely populated. So people come in the morning they pay $10 for the whole day, right? And they park their car 10, 12, 15…whatever the number is right? And they park their car and it’s a daily parking issue when they go out, they come in, out in their parking lots which are which take monthly parking’s.
Sam: Yep, like a membership kind of thing.
Pancham: So do you have any classification among these parking lots like, you know, in apartment buildings? Do you have a class a building Class B, Class C and mobile home parks? We have a five star, four star, three star, all that stuff. Do you have something like that for parking lots?
Sam: You know, we don’t. I wish we were that sophisticated. But the short of it is No, I mean, very little of what we do has any sort of long term tenants. We do very little long term parking, just because there’s not nearly as much money in long term parking. There isn’t daily parking. So everything we buy, we try to have it be a daily parking asset. So yeah, there’s no rating system, you know, for us. Again, how much money is it making? And why are people parking there? Those are the two big questions we want to know. And how long will it be parking there? You know, do we see this demand continued for many years? Or is it? Is this just kind of a weird one off place parking for a little while?
Pancham: I see. So like, above ground below ground, like concrete structures that you have? Do you look at any of that stuff?
Sam: On it? Absolutely. Yeah. When you get into when you get into garages, you’re looking at a whole different, you know, that’s, that’s a different animal. I see. You know, with those, yeah, there’s a lot of due diligence, a lot of structural reports, engineering reports, things like that. But that’s, again, not really necessarily a classification. It’s more of a, what is it going to cost us to own this?
Pancham: Right. And do you do look into those two?
Sam: For sure.
Pancham: For and the only difference between that and you know, just to land is you have to get into the structural side of things and make sure the sanity of the parking lot and structural integrity, you know, that…
Sam: Yes, then obviously you’re buying a building. Obviously not a not as many moving parts as, say a commercial, you know, building with tenants in it, but certainly you’re buying a structure with that comes a lot more, you know, just a lot more things that you have to take into account. Got it? Okay.
Pancham: So how does the financing on these things look to you? Can you get financing? And if not, like do everything cash?
Sam: Right? Yeah. So we’ve got relationships with a couple of banks that really understand parking. And the short of that is that you can we can typically get about 80% financing on it. Oh, wow. So, so yeah, the financing is good. And again, this goes back to the stability of the asset class. And, you know, the fact that their bank understands it, and because we have, you know, leases that are five to seven years out, banks are pretty happy to look at that and value it and say, okay, you know, there’s not a lot of risk to it. So, yeah, we absolutely would be a great…banks and get good financing on it. We can put 20% down, and we’re raising that from our investors. Of course, that’s kind of the way that works. I see. I see. Okay, so and in terms of the like, when you get 80% overall terms, or are they very comparable to the let’s say multifamily or they’re very different? Yeah, it’s going to be different. I mean, you’re talking typically on these five to 10 year balloons as opposed to multifamily Of course, I think you get you guys have some pretty attractive terms. You know, so that said, we’re not nearly as attractive on those terms. But you know, if you can get a 10 year 10 year balloon on a 25 year amortization schedule that’s going to be about typical for us.
Pancham: And in terms of like, you know, we are in a very crazy situation right now, given this coronavirus and in everyone’s staying home, has that impacted your revenue and this guaranteed lease situation like ours, the parking industry taking that?
Sam: Yeah. That’s a great question. You know, I’m sure that in order to leave this more as evergreen content, yeah, the short of it is obviously no one is working right now. Right? Yeah. Like, no one’s going anywhere. Right. So with that, I would say that we are in such a weird situation, that it’s almost not worth taking into account the craziness that we’re in when you look at the overall long term stability of the asset class. So that said in the answer your question directly, yes, parking is really, really taking it on the chin right now. Because you have all these operators, I mean, for us, you know, we typically budget a 25% decrease in revenue. And we said, okay, you know, if we go into a recession and 25% decrease in revenue, what’s this look like? Even with a guaranteed lease? I mean, operators are coming back to us right now saying, Hey, guys, we can account for a decrease in revenue, we can’t account for 100% decrease in revenue. So that said, everyone right now is working class. Operatively to try and make sure everyone stays in business, because there’s just no revenue coming in whatsoever. So a lot of our leases are, even though they are guaranteed we have had operators come back to us and we’re temporarily renegotiating those leases just because, you know, there’s just no money. So we have to be as not conducive. What’s the right word for that we have to be as friendly as we can and trying to work through this cooperatively, just because there’s really no one has any control over this. It’s not like we have a bad operator. Somebody made a mistake, right? No, that’s true.
Pancham: It’s actually across the board. It’s not just parking across the board. Like you know, hospitality is even hit even harder and airlines cruise lines, everything.
Sam: Sure, sure. So that said, yes, guaranteed lease or not, when our operators approached us and said, Hey, guys, we’re not bringing in one cent today. We can’t pay you $15,000 operate this lock this month. We’re going to have to work with him. Right?
Pancham: Right. Makes sense. I think that echoes across the industry, different businesses and everything. So that’s great food. So anything else that you want to share with us before we move on to the next section of our show?
Sam: For me…It’s a pretty straightforward asset class, especially for us as since we’re not operators, obviously, you know, if we got big enough to the point where we self operated lots, I think it would present a new, that’d be another business entirely that we’d have to learn to run. But for us being generally landlords that by I mean, essentially, we’re buying a cash flowing, operating business. That’s pretty hands off. That is super stable, other than obviously, the caveat being the stupidity we’re in right now. You know, so that said it for us that that’s one of the things that really attracted me to it was that it is a very stable, very simple asset class. Once you buy it for us. It’s practically a hands off investment that we can count on. For a long time, so that’s kind of why I got into it. And so far I’ve really, really enjoyed it and just good things for the future.
Pancham: Great. Well, thank you. We’ll be back after this message. Do you ever feel overwhelmed by the thought that you have no time after work and family time to learn about investing? Do you feel left behind that you are not putting your money to work for you? Do you want to create passive income but you do not know where to start? If so, I have good news for you. I have created an investor club which I call the gold color investor club for accredited investors. I will be putting together investing opportunities exclusively for this group. These are the opportunities where I have done my part of the due diligence for you and will be investing my own money alongside you. If you are interested, please sign up on thegoldcollarinvestor.com/club, I repeat thegoldcollarinvestor.com/club, I will reach out to schedule a 30 minute phone conversation to discuss your investing goals. Once you sign up, this can be a good opportunity to diversify and take some chips off the hands of Wall Street to produce some cash flow. And in case you are wondering what is an accredited investor? An accredited investor is someone who has earned more than 200,000 as filing single or more than 300,000 filing jointly for the last two years. Another way to qualify as an accredited investor is if your total net worth is more than $1 million, excluding your personal home. It includes your stocks, 401, K’s, IRAs, cars, etc. Just not the equity in your personal home. If this is you, I would highly encourage you to sign up so let’s move on to the next section of the show which I call taking the leap round. I ask these four questions to every guest on my show. The same first question for you is, when was the first time you invested outside of Wall Street?
Sam: Sure, it’s a great question. I think it was actually, in the second grade. I didn’t know and I say that, you know, tongue in cheek, but I didn’t know what hard money lending was in the second grade. But I had an older brother, who was not good with money, but had an opportunity to sell candy to all his classmates. But he didn’t have any money to go buy the candy. So he came to me and I was very frugal when I had my little piggy bank loaded with all my quarters. And so I would pay him or I would loan him the money, he would go buy the candy, and then we would split the profits 50-50 because he had the courage to go sell to his classmates, I did not. And so that’s when I first got the taste of what it was like to invest in a quote unquote business well, how to make money off of it. And so that that was kind of my story. First foray, and of course, my family. Again, they’re all entrepreneurs. Almost all of my siblings work for themselves. I grew up working for one of my siblings and then bought out part of their business. So pretty much my whole life has been investing directly in income producing companies or assets.
Pancham: Second grade…that’s probably the first time I’ve heard. So soon. All right, so what fears again, I think this question is probably not relevant for you. What fears did you have to overcome when you first invested outside of Wall Street?
Sam: I think it’s a great question. You know, my real honest like, first business I bought when I was 25, which was a company it was part of a larger company, my family owned and I bought out part of it at 25. I was in the in the industry and already knew it, but it was kind of a poorly run division that we had. So I bought that and that was in oh seven and to be honest with you, every Really, I didn’t have while I understood the mechanics of what we did, I didn’t understand how businesses ran necessarily. So it was you know, having worked in the business and not on the business, it was kind of a new a new foray into that, of course, when I bought that no seven that was right before everything went south. So that said, you know, fears getting into that was how does how does this work? Am I going to make it work? Do I know my numbers? Well, you know, what happens? When X, Y or Z occurred? Of course, I found out what happened we bought a company and really the worst fears did happen was the bottom fell out of market. And, you know, I went from having nine going on 10 employees all the way down to one. So you know, and having been through that, I guess it’s been good because want to kind of know what to look for and to once you get the worst of your fears out of the way, the rest becomes pretty easy.
Pancham: Yeah, that’s great. So my third question is, can you share with us one investment that did not go as expected?
Sam: Absolutely. Lately, I’ve got, gosh, not in parking. I don’t have any, of course, in the single family side, when you’re doing volume, you’re going to make a bad what I call a bad buy at some point. So I have at least a couple houses that we did where we bought it and ended up paying money to get rid of it. Wow, were in the end of it that you, you said, well, you know, we dumped a ton of money into this. And in the end, either you ran into unexpected construction problems, or you valued it incorrectly, or something along those lines. And again, you know, you build that into your model, if you’re doing things at volume. And, you know, let’s say one in 20 doesn’t work out. That’s probably par for the course for any business, I would think. But yeah, I mean, those are lessons you learn those the hard way and you try not to repeat them, of course. But yeah, I mean, that’s certainly possible.
Pancham: So you actually not only put money into those houses, but also in order to get rid of them. You had to basically pay someone.
Sam: Oh, no, what I’m saying by that. I mean, in short, if you’re all in on the house was 300 grand and you can only sell it for 270. You lost $30,000. Yeah,
Pancham: Yeah. No, but I call these things as seminars, expensive seminars, but you learn from them. And correct. And you just make sure the next time you’re more wiser, because so my last question is, what is one piece of advice would you give to people who are thinking of investing in main street that is outside of Wall Street?
Sam: Yeah, I would say really get to know your operators. And by operators. I mean, the people who are presenting the investment opportunity that’s more important than the deal itself, I think, is really knowing who you’re working with. So for me, you know, I invest in other real estate, you know, outside of parking. I’ve got friends in the self storage business, I got friends in mobile home parks and RV parks and all of that. And so we’ve kind of got some of our retirement money, which I use in my own investment deals, I’ve got those plugged in with some other operators. And these are all people I know fairly well. I like talking to their communicative I like what they do, I kind of like their ethos as a company. That’s what I would say is get comfortable with the people you’re investing with more than you are the project because the project can be amazing. But if you don’t know the people behind it, and you don’t have the confidence that they are going to have your best interests in mind when they do the project. And it’s kind of a…I would say your risk goes up quite a bit on that. So that that would be the thing I would say is to is to really spend some time getting to know the people you’re investing with.
Pancham: That’s great advice. And I hear that advice quite often that it’s the jockey, not the horse.
Sam: Correct. That’s a great way to put it.
Pancham: Right. Great. Well, thank you, Sam, you’ve added a ton of value. How can listeners reach you if they want to connect with you?
Sam: Sure, yeah, you can just reach out to me, Sam@parkingyourinvestments.com is my email. Just reach out to me directly there and I’ll get back with you as quickly as I can. You can also jump on our website and sign up for our email list. I don’t send out a whole lot of emails, but when opportunities become available, that’s how we let people know you know what, what we have on the horizon. So reach out to me either one of those places, and I look forward to staying in touch.
Pancham: Okay, thank you, Sam, for your time.
Sam: Thank you, Pancham. Appreciate it. Great to be on the show.
Pancham: So my feeling is that it’s never as easy as it sounds. I’m sure that there is a lot of hard work involved in finding and operating these parking lots. However, it can be a great distance. I really appreciate you joining me today. Thank you for listening. If you have questions email me at email@example.com. That’s firstname.lastname@example.org. This is Pancham signing off. Until next time, take care.
Thank you for listening to The Gold Collar Investor podcast. If you love what you’ve heard and you want more of Pancham Gupta, visit us at www.thegoldcollarinvestor.com and follow us on Facebook at the gold color investor. The information on this podcast are opinions as always, please consult your own financial team before investing