Hello All,
I have a vacant lot on a busy corner in a bad neighborhood. Most of the people around are on welfare, social security or other.
I am wondering what might be the most profitable use.
- i was thinking to use it to get my car dealer licenseto enjoy the tax saving while buying and selling cars
what other businesses do well in the bad areas?
- check cashing
- cig and booze shop
- ??????
Have you considered some type of convenience retail? As a landlord's rep, I would not steer clear of the check cashing and cig/booze shop. Maybe a pharmacy, small convenience store, or fast food. Just make sure that whatever retail goes in that location matches with the surrounding demographics and needs of that market. [addsig]
I agree with the convenience store. Make sure you have an ATM as well. ATM machines are money makers for high traffic low income neighborhoods. In fact my company sells them. www.metropaymentsolutions.comm
Check Cashing, Cig and Booze shops are a great start.
Then there is always Bail Bonds and believe itor not 99 cent stores.
Don't restrict yourself to type of business, just keep in mind what the real estate should look like (e.g. if retail, build retail). It may end up being a bank, restaurant, hair salon, store, check cashing, etc.
It does not matter, just focus on the real estate that has to support the business. Once you start advertising, the businesses have experience servicing that area will come by themselves.
think about a cell site / wifi on the roof.