Buying a vacant gas station located on college campus

[Account Closed]

Hi,  

I'm new to investing in real estate.  I'm a junior at FL State University and I was curious about purchasing a vacated gas station and flipping it.  Would you recommend this or are there hidden regulations and other fees I should expect?

[Dawn Jett]

I would start with a residential flip first. A gas station will almost always have to be a gas station, unless someone wants to hold it for a loooonnnngggg period of time. I can't remember, but I want to say ten years before it can be used for something else. It's been quite a few years since I sold (and yes, I actually have sold one) a gas station, but I doubt it will be a quick flip. If you're hoping to do a simultaneous close, then you could always try. Worst case, you lose your earnest deposit. 

Dawn