All Forum Posts by: Vinod Dasani

@Jack Tucker - A few things about gas stations that you need to keep in mind

Lenders will require that a Phase 1 and\or 2 be performed to ensure there are no environmental issues.  If there is an issue getting it cleaned can cost anywhere from $20K to over $100K.

Business - You can always sell the business to someone else and get goodwill which will lower your cost. 

To determine if this is a good deal you need the following information

1. Purchase Price (not listed above)
2. Inside Sales (Grocery, Drinks, Cigs and Beer Excluding Lottery, MO etc)

3. Gas Contract - Is this a branded\unbranded store?  Is there a gas contract with a jobber and if so how long is the contract for?

4. You mention price includes Business as well so I am assuming that after a year of running the business and paying you rent the seller will handover the business to you?

5. How big is the store (convenience store) in terms of Sq ft?

6. Gas Volume in terms of gallons

@Mark Forest - You can control access based on specific files and\or folders.

You can always enter into a purchase contract if its a good deal and you can state that you will NOT assume any leases and that tenants will have to sign a new lease with you.  Or you can during the feasibility period as the seller to get new structured leases signed by the tenants.  Regardless, you may want to check with an attorney though as laws may be different in each state.  

No, if you have a loan on the property which is in your personal name you cannot transfer the deed to the LLC. The loan will need to be paid off prior to transferring the deed after which you can do a cash out or you can begin with applying for a loan under the LLC to begin with.

If the seller has a loan on the property that they are going to keep in their name they will not be able to enter into a sales contract with you.  At the most they could enter into a lease to purchase contract and the property will be transferred into your name when the loan is paid off.  This type of contract would mean if you arent able to make payments you can lose your initial deposit of 25K (unless contract states otherwise).  From a sellers point its easier to evict you if you dont make payments in future and they dont have to go through the foreclosure process.  

Once you take a loan on a personal account the deed legally cannot be transferred to the LLC without you paying off the loan. You can get financing with an LLC and the banks will generally have the partners sign as personal guarantors for the loan.

If there is mold I would strongly recommend an inspection even before getting a general contractor.   

There maybe a switch in the attic where the unit is which maybe turned off.  The thermostat may have power but the Unit (where ever its installed) maybe turned off. 

@Bradford Myatt You can always have the tenant sign a waiver that gives them the no objection to perform the work that they want but a the same time taking full responsibility for work and ensuring that they cannot hold you responsible.

Save the pictures online (Cloud) and send a link to that via email. There are several free options such as DropBox, Google Drive, OneDrive to name a few.