Converting a residential lot to a parking lot - Durham/Raleigh

[Mona V.]

I am looking at a sale of two lots together in a residential area, walkable to a small university. One of the lots has a house which can be fixed for rental and the second lot is currently vacant. Seems like the vacant lot actually was used as a parking lot at some point (marking and numbers, non-working flood light left behind). Earlier I was thinking to leave the second lot empty till I figure out if I can/want to construct a duplex or a quadplex on it, since its very close to the university. Now I am thinking of using it as a parking lot, instead of leaving it empty till I get a plan together for buiding on it (I am not a pro). Just trying to figure out the logistics of using the empty lot as a parking lot, if it makes sense or not or if its even feasible. I have seen students parking in that area, right in front of the lot on the street but it is 2 hr parking. I started to talk to the county to inquire about the zoning regulations/process but haven't heard any concrete information yet, still in process. 

It will be very helpful if anybody who owns/runs/invests in parking lots provide some guidance on how to go about it/pitfalls/problems in this area of investment. I have browsed through the information on the internet, general guidelines, how to maintain/running a lot e.t.c but not sure if its the nitty-gritty :). 

[Andrew Johnson]

@Mona V. I worked (ugh) for a parking company.  You don't want to run your own lot.  You really don't.  You really, really, really don't.  What you want is for a parking company to have it's a managed-agreement or lease-agreement with you.  Let them handle all of the headaches, claims, ticketing, if you want to automate, rates, rate adjustments, peak rates, etc.  Odds are there are other paid lots near you.  Go look at the bag of the ticket that you probably put on your dashboard.  I'd bet a box of donuts that you'll have a logo for LAZ, SP+ (Standard + Central Parking), etc. on it.  Do that with 5+ lots and you'll know who manages the lots in town.  There are huge economies of scale when it comes to parking so not every "major" company is in every geography.  If you do secure the property they can probably come up and give you recommendations on what to do with a property, terms and duration for a lease agreement, etc.  Again, you don't want to do it yourself.  You really don't.  Trust me, you don't.