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Who Should You Turn To When You’re In Financial Crisis?

Muzahed I.
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Who Should You Turn To When You’re In Financial Crisis?

There are few things more depressing than when you’re having financial troubles, and it is very tempting to bury your head in the sand and hope the problem disappears. Of course, the problem won’t disappear at all though, and by ignoring it you will only make your troubles worse. The only way to face a financial crisis is to deal with it head on and make small but effective changes to your financial affairs. As much as you feel like you are dealing with your problems on your own, there are plenty of people out there who may be able to help. Whether it’s offering a sympathetic ear or professional advice, you should take advantage of the people around you that are there to help. So, who should you turn to when you are facing a financial crisis?

Your Family & Friends

The first people that you should confide in are your family and friends. They will be able to offer an empathetic ear, and they may also be able to offer you a loan at a far better rate than the banks would offer. It may hurt your pride to admit that you are having financial problems, but the chances are that whoever you speak to will have been there themselves at some time or another so they are very unlikely to judge you and instead they will be pleased that you sought their help. They will help you talk through your problems and they’ll offer up a few ideas on how you could regain control on your financial affairs. Be open and honest with them and you will immediately feel better.

Your Accountant

The next person that you should speak to is your accountant. They will be able to cast their eye over all of your finances and tell you about areas where you could be saving money. They may also refer you to a debt counselor who will be able to show you great ways to consolidate debts and manage your finances better. Listen very carefully to their advice and follow it to the letter – if they can then they will be able to guide you until you and back on the right tracks again.

An Attorney

In worst-case situations you may find that your only viable option is to declare yourself bankrupt. This has serious repercussions and you may struggle to get a bank account or mortgage for a few years afterwards but for many people it is the only option left available to them. If you have exhausted all other options and you feel that bankruptcy is the only way forward for you then it’s time to instruct a bankruptcy attorney who will guide you through the process.

Financial problems are terrible and they will keep you awake at night, but dealing with them head on is the only way forward if you want to get yourself out and move forward with your life. If you have financial worries then it’s time that you started using the people around you to help you recover and move on.

 

Jamie Peters, the author of this article, is a freelance blogger, currently working with Goldbach Law Group, well-known chapter 13 bankruptcy attorney in Whittier. Jamie loves to play chess in her spare time with her daughter, Annie.

Image source flickr.com/photos/canvaspixel/6038521768/sizes/z/in/photostream/

The Long Road to Investing in Real Estate with Your Self Directed IRA

TessYoung
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0
The Long Road to Investing in Real Estate with Your Self Directed IRA

One of the investment options available to anyone with a self directed IRA, or self directed 401k for that matter, is an investment in the real estate market. If you want to start from nothing and build/renovate your own properties, you need to tread carefully.

There are a range of restrictions put in place by the Internal Revenue Service (IRS). It’s remarkably easy to fall foul of these restrictions. It’s why a reputable custodian is essential for providing you with advice.

For the purposes of this article, we’re going to assume your self directed real estate fund will go towards either building a property from scratch or renovating an existing property.

Self-Dealing

 Self-dealing is a serious penalty and can lead to a termination of your account plus an additional 10 per cent of the account’s value to be paid in tax. You need to avoid the appearance of self-dealing, so most custodians will tell you to stay as far away as possible from questionable practices.

You can’t lend or borrow to the business. The business must act alone and can’t connect to you or anyone within your family setup, even if it would make sense to do so.

What Work Can You Do?

 You aren’t allowed to involve your family or yourself in the building or renovation of your properties. Investors need to pretend they’re managers and have no trade skills, even if they do. They need to employ independent tradespeople to carry out the work for them, even if this just happens to be a basic repair.

Of course, many of you will be thinking changing a light bulb by yourself won’t be noticeable. And in most cases it won’t because no money comes out of the business itself. You must remember you do these things at your own risk. If you do get caught putting sweat equity into the business, you have nobody to blame but yourself.

For most investors, it’s safer to simply pay for someone else to do the job. The financial penalties of getting caught far outweigh the cost of employing someone to simply do the job for you.

Financing

 A self directed IRA does have financing options. It can borrow money from lending institutions. On the other hand, these loans can only be on a non-recourse basis. In other words, they have restrictions for the lender where if the borrower defaults they can only seize property. They can’t take any personal funds.

Such restrictions severely limit the lending options available to most self directed real estate funds.

Furthermore, there are no traditional mortgaging options. People who have small amounts of money will struggle to invest in real estate. In the past, some investors have started on small projects, such as mobile homes, before upgrading to condos and on to large houses.

The Difficulty of Diversity

 The main obstacle you’ll face is the lack of diversity. Most IRAs will only have enough capital to fund a limited number of properties. If a natural disaster occurs, or if a tenant leaves, it could leave the fund in a difficult financial situation.

This is why most investment analysts recommend spending money on a complex where multiple people can live. If a tenant leaves, or doesn’t pay the rent, there are still other tenants to turn to.

Overall, opting to put all your money into real estate requires an understanding of the market. If you don’t understand the market, stick to something safer like bonds and precious metals like gold and silver. It’s safer in the long-term, and you can always move into real estate when you have more money available for your venture.

Featured image used under creative commons license

How Binding Financial Agreements Protect Your Relationship

Rose Lawyers
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How Binding Financial Agreements Protect Your Relationship

As it is not a particularly romantic idea, it may not have occurred to you to contact a lawyer when entering into a long-term relationship. However, it should be one of the first steps you take when deciding to share your life (and by extension, your assets) with someone.

Here’s a secret Disney doesn’t tell you: Most of the time, ensuring your happily-ever-after requires a Binding Financial Agreement.

No one enters into a relationship imagining that it will end one day. Everyone wants to believe his or her relationship will last forever. From the moment you meet and decide to marry your beloved, your thoughts are most likely filled with building a life together and having a hand to hold through new careers, homes, and life stages.

It is easy to get caught up in the excitement of new beginnings without giving any thought to how things may end. Unfortunately, sometimes relationships end and love requires equal amounts of practicality and sentimentality.

A Binding Financial Agreement is how you protect your assets even if you can’t protect your heart.

In Australia, a Binding Financial Agreement can be established between married or de facto couples, before, during, or after their relationship. A Binding Financial Agreement is a term that includes several different financial agreements:

  • Pre-nuptial Agreements
  • Post-nuptial Agreements
  • Cohabitation Agreements
  • Separation Agreements
  • Divorce Agreements

A Binding Financial Agreement allows couples to decide how their assets will be divided in the case of separation.  Without ever having to appear in court, couples can decide on the agreement that best fits them and their unique circumstances. Couples are afforded a flexibility that would not be possible in court and can avoid the uncertainty, cost and stress of a course settlement.

You don’t have to approach Binding Financial Agreements with a sense of resignation or sadness. Instead, think of your Binding Financial Agreement as a way of saying to your partner: “I love you so much that I want us to prepare for every possible outcome of our relationship. I respect you enough to want you to protect your own assets while I also protect mine.”

While it is true that establishing a Binding Financial Agreement introduces a new way of looking at your relationship, you can view the agreement as a necessary, practical, and beneficial step. Don’t let worries about your personal assets negatively affect your relationship; prepare for all outcomes with a Binding Financial Agreement.

This type of agreement is especially important if there are dependents involved. In many cases when couples separate and children are often forced to choose who they will live with. The additional strain that comes with dividing assets (which can require mediation or in the worst of cases, the involvement of the courts) just adds additional pressures and stress, which increases the toll separations take on young dependents caught in the middle. So if you needed additional motivation to seek advice from an estate lawyer on Binding Financial Agreements, you need only think of the children. Remember too, that even if you don’t currently have dependents, you may end up having them one day. Seeking advice now will take one potential future stress or out of the equation, so you can get on with planning your future worry-free.

Featured image used under creative commons license

The Cost Involved In Day Trading

Gregory Johnsons
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The Cost Involved In Day Trading

Day trading can be extremely profitable for some traders. However, these day traders must also take in consideration the costs incurred in this trading activity, so that they can manage their profits well.

Most strategies used by day traders need state-of-the-art software and systems. Most of these systems can cost at least $45,000. Because more and more individuals have joined the trading bandwagon, there are now strategies being offered for $5,000. A lot of day traders also use different computer devices to place their orders. There are traders who also take advantage of a filtering software program, which can send financial instrument symbols to the screen when they meet the preset criteria in real time. There are also day traders who use tools provided by chat rooms and forums.

Discount brokers aren’t used by day traders due to slower trade executions. They charge higher commissions and usually trade against the flow of orders. Day traders deal with direct-access brokers because the former can place their orders directly to the electronic communication networks for faster transaction speed and better trade prices. Day traders outside of the United States of America often take advantage of CFD for similar reasons.

Direct-access brokers charge commissions based on volume. Therefore, if the day trader wants to pay less commission, then he has to trade more shares. In general, a day trader pays $5 for a complete transaction. A retail broker often charges at least $7. A direct-access broker charges as low as $0.0002 per traded share. He charges $0.25 per contract of futures. A scalper has to pay the commission even if he gained a minimal profit from a transaction. Some brokers pro-rate the charges and commissions, depending on the volume traded. However, there are brokers who charge a flat rate.

The bid-ask spread is the difference between the two prices. Most market makers use this spread. The ask price is the execution price for quick buyers while the bid price is the price for quick sellers. When a transaction is executed at a quoted price, a trade which is closed immediately can make the trader suffer losses. The reason behind this is that the bid price is always below the ask price. This spread can be seen as a trading cost or bonus by different techniques and various entities. However, if the trader doesn’t want to wait for his orders, then he has to pay the cost of the spread. If he wants to queue his orders, then he receives the bonus through the spread.

Day traders rely on market data. Although there are sources offering free market data, they are often delayed by a few minutes or even hours. Pattern Day Trader pay a fee for real time market data. Although the fees are relatively low compared to other trading costs, they can be waived for traders who meet the required minimum volume of trade per month. Some brokers also offer promotions waiving the fees. Day traders also buy advanced data, charting software, and complicated analysis. This helps them earn profit in day trading.

Featured image commons.wikimedia.org/wiki/File:A1_Houston_Office_Oil_Traders_on_Monday.jpg

How to manage your debts wisely

Darya Tokareva
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How to manage your debts wisely

If your monthly payments are very high, and you are not able to cover them fully, you can take advantage of the procedure known as debt consolidation in order to reduce them and make your life easier. For many people in Vancouver, this term is still relatively new. Its essence is not yet understood by the ordinary borrower.

However, the consolidation principle is quite simple. You obtain a new loan with a lower interest rate in comparison to your existing debts. Then you use this money to pay off all existing loans. In this case, you need to make just one monthly payment instead of several. What is more, as far as you take a new loan with more beneficial interest rate, your new payment will be lower than the sum of all payments you made each month before consolidation. This means you can pay off your debt much faster.

Many people still confuse consolidation with refinancing procedure. Of course, these two procedures have some common features, but Vancouver specialists in the sphere of finance emphasize that the essence of these two processes is different. In particular, refinancing is a change in the terms and conditions of a single loan contract. This means the person takes a new loan on better terms, in order to pay off the previous debt. Thus, the borrower saves a lot of money on the overpayment.

One of the tasks of consolidation procedure is also to save the money of the borrower, but the regulating of the debt is still in the first place. The focus must be made on the word debt. In particular, a person may have several loans in different financial institutions. Such a situation may seem desperate to borrower, who doesn’t know how much money he need to pay and when. Different amounts of payments, different schedule, the terms of transfers – all this makes it impossible to pay off debts in a timely manner. In case you delay the payment only once it will be enough for you to earn a fee from the creditor financial institution. Consolidation process allows you to organize all existing debts and reduce payments to the same indicator. It is very convenient, isn’t it?

How to establish an order? Vancouver experts say that in order to solve the problem with loan debts it is enough to find a qualified broker, who has experience in this field. At the same time, not all representatives of the above professions are able to help in the process of loans consolidation. First it is better to try to solve the problem on your own, without the involvement of expensive specialists.

Start with the reading of all existing credit agreements. You need to make sure that they are really very expensive and unprofitable. Now, it makes no sense to blame yourself for improvidence, it is necessary to analyze the situation and try to find the best way out of it. Before to start working on debt consolidation, Vancouver finance specialists advise you to decide on two things: how much debts you have on each of loans, as well as what is the sum of overpayment. If you have a bank account statement, it is a great plus.

Consolidation is the great opportunity to regulate and control existing debt and find the optimal solution to the situation.

Feature image used under a Creative Commons license

How To Find The Best Binary Options Signals

Muzahed I.
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How To Find The Best Binary Options Signals

One of the biggest advancements in financial trading in recent years has been the advent of binary options trading. This simple form of online trading has opened up the global financial markets to many people who would previously not have ventured into the world of financial investment. As a result many individuals are now turning to this method of online trading in an attempt to increase their wealth.

Although the mechanics of trading with binary options is simple, many people mistake this with believing that it is also easy to make a profit. However this is not the case. While it is simple to get started, if you want to make money you will need to spend some time educating yourself about the finer points of trading. This is needed in order for you to analyse the financial markets, identify the appropriate times to trade and manage your money.

For many people who take up trading with Binary Options this can prove to be their undoing. Many will not want to spend the time analysing markets or learning the skills required for successful trading. For these people, making use of trading signals can provide a solution.  As well as negating the need for analysis, they make the whole process of trading much simpler. In fact all the individual needs to do is place the signal in their own account when received and await the outcome.

If Binary Signals sound like offering a good solution for your trading then the only real decision that needs to be made is as to which service to use. There are a great many different providers offering signals so you will need to make a decision as to which to use.  The following points offer some guidance and advice to help you in making a selection of the best Binary Options signals.

1. Results – Check the results of the service and make sure that they can be verified. You will of course want to make money when trading and therefore it is vital that the signals will help you to achieve this. Check the ‘Strike’ rate and accuracy of the service over time to see if it can deliver you a profit.

2. Price – This is linked in with the above and should be factored into the overall profitability of trading with the service. A cheap fee for the signals is of course preferable. At the very least you will need to cover the cost of the signals with the profits made from trading them.

3. Delivery–To be able to place the signals that you are sent, you will need to receive them in a timely manner. Many providers make use of SMS in addition to email to ensure that signals are delivered sufficiently quickly to allow accurate placing at the returns that are advertised.

The best verification of any service is to try it out. However don’t be tempted to do this with your live account. Instead speak to your broker and open a demo account for testing the signals. Combine this with any trial periods that the binary options signal provider has available. You will then be in a position to properly verify the performance of the signals on your account prior to trading them live.

Featured image source http://www.casinoaffiliateprograms.com/blog/wp-content/uploads/2013/05/Binary-Options.jpg

Secure yourself and be safe with Income Protection Insurance

Gregory Johnsons
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0
Secure yourself and be safe with Income Protection Insurance

Income protection insurance, as the name suggests is a cover that helps the beneficiary to prepare for uncertainties of life beforehand. Many times, protection insurance plans are such that these are helpful in cases like accidents or unemployment. For instance, if for any reason, the only earner of the family gets stuck with any tragedy and doesn’t work for some time, the income protection supports the family and the beneficiary financially. A fixed amount is credit to the beneficiary’s account every month just like the salary. However, the amount to be credited depends on the amount of the policy enrolled.

Taking up policies for different purposes

Generally, there are short term and long term policies meant for people fitting their requirements. Some of the people take up long term policy considering the benefit of investment for a long term. This long term is meant for people who plan for their retirement or for any other purpose in life. On other hand, short term policies are meant for people who want to save money for a shorter duration, say 3-5 years.

Short term policy

The short term policy is taken up by people who have just entered the work life and wish to save something for their futures that can be used effectively as per the situations. People have different conceptions about insurance policies. Most of the times, folks are not aware enough to decide the best policy for them. They don’t decide with proper research and planning and end up deciding wrong.

Taking up any policy requires research and planning. Beneficiary must discuss the policy with the company and ask for any doubt right away. Since you are saving for your future so policies have to be taken up with full clarity about the premium and matured amount. Income protection insurance offers diverse benefits-

Great investment for future and for uncertain situations:

Income protection insurance is a great investment because it does what an investment does, which is using the money at right time. Generally, we buy investments to feel secured about the future of ourselves and our family. The purpose is fulfilled by the income protection insurance.  It gives an individual a sense of security by guaranteeing him/her that their family will be assisted in their helpless circumstances. Hence, insurance cover acts an amazing investment for future and in uncertain situations of life.

Long term saving for future goals:

In case, something uncertain doesn’t happen, the money invested in an insurance company is not lost. The money is saved for future goals and can be used, which is what any savings policy does. Hence, insurance protection policies inculcate a habit of saving money in people, particularly if the policy holder is still in early stages of his/her life.

Since insurance policy offers appealing benefits so it is must for every individual for a safer life. But every policy must be taken with careful consideration of all the clauses and discussion with the insurance company.

Featured image flickr.com/photos/98665119@N08/9249170862/

How Soon Do You Need to Start Preparing for Tax Season

Cassie Costner
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How Soon Do You Need to Start Preparing for Tax Season

Although it may seem like tax season just came and went it is fast approaching. Start preparing for the next tax season before it is too late. You will find it easier to get all your documentation together and organized before the scramble begins. Start preparing now and take the steps necessary to help things run as smoothly as possible this coming tax season.

Government shutdown

This past year a federal government shutdown lasted from the first of October to the sixteenth. During this time it was uncertain whether an agreement could be reached, or what the future of the economy would be. The debt was examined as a funding gap was created. The two chambers of Congress could not agree on a resolution for the situation.

The shutdown of 2013 was the third longest shutdown in the history of the United States, lasting sixteen days. The longest shutdown was between 1995 and 1996 when the federal government was down for twenty-one days. This year after the government shutdown was ended; the IRS stated that they would need more time to prepare for the coming tax season. It is stated that the tax season for filing your past 2013 taxes would start no sooner than January 28th but no later than February 4th of this coming year. Before this deadline hits, do all you can to prepare yourself. It is better to do this than scramble at the end of the tax season to get everything done that is necessary.

Start early

Get your documents together now before you receive your W-2. This will give you the best chance for getting the most money back that you deserve. Pull together your school documents, donations, and other factors that will make an impact on what you pay. Try to keep these organized throughout the year, making it easier come tax time.

Although you have a couple of months to file your taxes, it is better to get it taken care of sooner rather than later. Statistics show that seventy-five percent of tax payers received a refund last year. Starting your taxes early will bring you that much closer to your refund. It is better to get this sooner rather than later.

Unfortunately problems with identity theft and refund crime are higher than ever. Each year more and more people have their identity stolen, taking away any refund that they had hoped to receive. The earlier you file your taxes, the smaller the chance will be that identity thefts can steal your refund. If there are any issues with your taxes besides this, the earlier you file, the greater your chances will be that you can find the mistakes and get them fixed in a timely manner.

Start gathering your documentation for the upcoming tax season now. The earlier you file, the easier it will be. Most people will end up with a refund this year, which should be encouraging to file at the beginning. Rather than waiting and cramming all the paperwork together at the end, start out by planning, and finishing your taxes as early as possible.

Featured image source flickr.com/photos/teegardin/5512347305/

Bankruptcy: A Complete Guide to File for Chapter 7

Robin Fitzpatrick
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Bankruptcy: A Complete Guide to File for Chapter 7

Bankruptcy is defined as the process by which one can make payments or get rid of some of their debts under a federal court’s protection. Under the guidance of a judge, you and your creditors will work out an arrangement where the creditor may give you more favorable terms or forgive some of your debt. In return, you may have to give up some of your assets.

Needless to say, bankruptcy is bound to mess up your credit meaning that you are likely to find it difficult to borrow money for many years. Generally, there are two categories of bankruptcy i.e. Reorganization and Liquidation. The former entails the creditor and debtor working out a new payment plan while the latter is where the creditor seizes the debtor’s non-exempt assets and consequently forgives almost all if not all of the debt.

The main types of bankruptcy are Chapter 13 (reorganization) and Chapter 7 (liquidation). While the former is often preferable, it is much harder to qualify for. Below, therefore, we take a look at how to file for Chapter 7 bankruptcy as follows:

1. Determine Whether Bankruptcy is a Viable Option

As a rule of thumb, bankruptcy should only be used as a last resort having explored and exhausted all other available options.

2. Qualification

Find out if you qualify to file for chapter 7 bankruptcy. Such qualification is usually based on your family size and income relative to the state that you intend to file in. The process is commenced by filling a form referred to as the “Means Test”. If you qualify, you can proceed to enlist the services of a bankruptcy attorney. If not, your only option would be to file for Chapter 13.

3. Consult an Attorney

Enlisting the services of a bankruptcy attorney will allow you to determine whether filing for Chapter 7 is the best option available to you. In addition, the attorney should be able to guide you throughout the entire process.

4. Undergo Credit Counseling

This is a mandatory step that should set you back anything between $30 and $50 although the fee may be waved in certain circumstances. Remember, if you file your case without undergoing credit counseling, it is likely to be dismissed before you have had the chance to obtain your discharge. In case you are unsure of where to get credit counseling, there are plenty of Bankruptcy Trustee approved agencies across the country.

5. Fill Out the Paperwork

Besides the petition, you are also required to file a schedule of liabilities and assets, current expenditures and income, debts to be included in unexpired leases, executory contracts, and in the bankruptcy, a schedule of exempt assets, and under the newly revised bankruptcy code, a means test that is used by the trustee to determine any possible abuse of existing bankruptcy laws. These forms are free and can also be obtained online. However, they can be very user un-friendly especially to people who have very long names due to lack of space.

6. File Paperwork with Bankruptcy Court

As a debtor, you should then file your petition along with your completed paperwork and credit counseling certificate with the bankruptcy court that serves the area where you reside, or where you have most of your assets, or where you own a business. Once filed, you get a reprieve in that most legal actions will be “stayed” and your creditors will not be able to initiate or continue lawsuits against you, contact you demanding payment, or garnish wages. However, if you did not ask for a fee waiver in your application, the court will require a mandatory payment of $299 either through money order or cash. Also, the filing fee must be paid in full upon filing the initial petition although some bankruptcy courts do allow for the fee to be paid in installments.

7. Provide Pay Advice (pay check stubs)

At least 7 days before meeting your creditors, ensure that you provide your bankruptcy trustee with your most recent tax returns and a copy of pay check stubs.

8. Attend Creditors Meeting

About 25 to 40 days after filing your petition, a creditors meeting is held. You must avail yourself for such a meeting where the people you owe money will grill you on matters regarding your property and financial affairs. But in cases where most of your debt is non-secured, such meetings are a rarity.

9. Complete a Post-filing Instructional Course

Within 45 days of the creditors meeting, you are required to complete a Personal Financial Management Instruction Course that should set you back about $30. If you fail to do this, you stand the risk of having your case dismissed. Ensure you submit your certificate of completion as instructed.

10. Await Final Correspondence

Having completed the mandatory instruction course, you should now await final correspondence stating that your debts have been discharged. This should be a minimum of 61 days following conclusion of your meeting with creditors.

11. Time to Get Back on Track

The conclusion of the Chapter 7 bankruptcy process ends in discharge of all debts. You are no longer liable for the debts and creditors cannot take any legal action against you. You are now in a position to start the arduous task of rebuilding your credit.

Featured image source flickr.com/photos/lendingmemo/11702555793/

10 Ways To Maximize Profits On Commercial Parking Spaces

Muzahed I.
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0
10 Ways To Maximize Profits On Commercial Parking Spaces

Between purchasing land, construction, and operating costs, each spot of a parking lot needs to bring in a certain amount of cash to turn a profit for the lot owner. Is structured or surface parking better for your business? You will find the answer to this and other essential questions by studying the 10 tips below.

1. Build the Right Parking Lot

Structured or surface? Deciding whether or not the costs of building up are worth the benefits, look to the Victoria Transport Policy Institute. According to their research, a structured parking facility is only cost effective if the land you are building on is worth $1 million/acre or more. Otherwise, it makes more sense to build a flat lot.

2. Save on Construction Costs

Construction costs depend on many variables, including: the size of the lot, the shape of the land (if irregular it will cost more), the number of levels, the topography (if the land is sloped or has poor soil it means more work), the aesthetic look, and the location. Be sure to find good, solid land and a simple, yet attractive, aesthetic before you even start.

3. Find Green Tax Breaks

Environmental costs add up – from green space and wildlife habitat loss to the increase in greenhouse gases created by construction and increased car activity, it is important to find out how to build green and where you can receive tax breaks as a result.

4. Make Deals with Nearby Stores

When you shop at the mall, many stores offer a free hour of parking for every purchase you make. These stores benefit from having parking nearby, and you benefit from their customers. Explain to neighbors that you will be providing additional parking in the area and see if they are interested in striking a deal!

5. Price Each Spot Correctly

A parking spot is typically 8-10 feet by 18-20 feet. And the average cost of a parking space in America ranges from $15,552 to $32,000 for the lot owner. Given these basic statistics, you can begin planning how much you need to charge per spot per customer.

6. Figure out Your Costs

Operational costs include cleaning, lighting, maintaining, repairing, landscaping, dealing with snow and other weather, insurance, gates, fee collecting, labor, administration, and security. These costs add up to $200 to $800 per space a year. Get a handle on what this means for your pricing structure and where you can cut costs.

7. Make Money on Extra Spaces

Oops! You made your lot too big. If all your spaces aren’t being used, consider renting them out to other companies, or if there is enough space, sell the land entirely!

8. Buy Proper Equipment

Whether you’re constructing a lot in New York or Toronto, security gates and other equipment will come in many different variables for many different costs. Do your research ahead of time as to not make a rash decision last minute on this equipment.

9. Use LED Lights

LED lights will save you energy, money, and maintenance costs. The bulbs use much less electricity than regular lights and last much longer. Using these lights might also get you a tax break!

10. Outsource Some Maintenance

Maintenance crews on salary can use up a large bundle of money that you may not have as a new property owner. Instead, research property maintenance companies in your area. They will sweep, power wash, do light repair, and offer flexible schedules.

Now you’re ready to get started on your parking lot – keep your energy use and costs down and your profits will certainly soar!

Featured image source flickr.com/photos/bernardboygenius/5816038636/

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