That sounds like an awfully hard way to make a million dollars. I've done better than that in the stock market and I didn't have to waste my time maintaining properties, showing them, dealing with tenant complaints, getting rid of bad tenants, etc. And I didn't have any liability if someone injured themselves. I needed no maintenance staff, no attorneys, no police, no judges, no accountants. I didn't get any after hours or weekend phone calls.
Many people do build assets by real estate investing and it certainly can be done very successfully. But it's far more of a job than most people realize.
As far as operating parking lots goes...location, location, location. Unless they're fully automated wages are a killer. Employee theft is also a problem if cash is accepted. Profitability of parking lots can also greatly fluctuate depending on local government policy. It's the government that control how much parking is available and they are a direct competitor with private lots In addition, loss or relocation of a key facility or event (such as a sports team being sold to another city or a stadium/concert hall being torn down and rebuild elsewhere) can make parking lots a risky venture.
No one here can tell you if your plan is a good one or not because we don't know if you have any clue how to choose properties wisely and manage them to profitability.
Where are you getting the money from to buy the first properties?
The journey of one thousand miles begins with that first step. (First, get a million dollars, then...)
Sure sounds good. But buying a house and renting it out isn't cheap. There are laws about what condition that house has to be in.....plus there are always constant little things that need to be done. Of course you will have to also deal with people not paying their rent, insurance on the house itself. If it was easy everyone would be doing it already.
I plan on buying up all the cheap real estate around here and renting the houses out, eventually spreading to other states. I'll then use that money to build a chain of franchises and build parking lots you pay for in, in the city.
