FINDING YOUR PROFITABLE GAS STATION
Meet with your broker and find out how much you can afford to pay for a a gas station.
While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You’ll also avoid being disappointed when going after a gas station that is out of your price range. With Pre-Approval on purchasing a gas station with property, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the gas station you’re interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan.
LIST OF NEEDS & WANTS
Make 2 lists. The first should include items you must have (i.e., the number of pumps you need for the size of the property you are looking for etc.
The second list is your wishes, things you would like to have (store, repair shop, car wash etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.
Consider hiring your own gas station broker, one who is working for you, the buyer, not the seller.
REPRESENTATION BY A PROFESSIONAL
OUR SCALE IS YOUR STRENGTH
With over $100 Million in sales in 2022 alone, Nationwide Brokerage Group has exceeded $500 Million in gas station sales. Jose and Marlene Pagan are the most connected, professional, and experienced brokers in the industry. Their global network, market knowledge, and dogged drive put them in a league of their own.
Sold in 2022
BUYING YOUR GAS STATION
Giving Your Dreams an Address
STEP 1: OUTLINING YOUR OBJECTIVE
Outlining Your Objectives
What is your motivation to buy?
What price range are you considering?
What is your timeline to move?
What are your ideal features and “non-negotiables”?
What are you looking for in a neighborhood?
Planning & Preparation
Discuss objectives and process with your Broker®
Discuss objectives and process with your Broker®
Obtain a loan approval letter Sign exclusive buyer-broker agreement with your Broker®
Research neighborhood of interest with your Broker®
Understanding the Market
Analysis of active, pending, and sold transactions
Review contracts and timelines
Personal timing and seasonal considerations
Market forces: supply v. demand, macro v. micro
Create Profile-Based Buyer Attraction Strategy
STEP 2: LISTING DETAILS
Browse and review online listings with your Broker®
Browse and review online listings with your Broker®
Notification of new and off-market properties
Virtually tour listings from the comfort of your homeSelect your ideal location and gas station
Offers & Negotiation Strategies
Learn about the Purchase Contract from your Broker®
Discuss multiple offer strategies (as needed)
Offer presentation and highlighting buyer strategies
Negotiate to optimize price and terms
Acceptance of offer or counter offers
STEP 3: GOING INTO ESCROW
The Escrow Process
Notify escrow of acceptance and send full executed contract
Wire initial deposit to escrow per terms of agreement
Notify lender to begin loan process and order appraisal
Sign and return opening package of escrow instructions
Contact insurance agent for business and property coverage
Provide escrow with vesting (title) information
Inspections & Disclosures
Schedule all desired gas station inspections, (i.e. tank,pumps)
Schedule all desired gas station inspections, (i.e. store,bays etc)
Approve/negotiate repairs based on inspection reports
Review/approve all seller and state required disclosures
Review/approve preliminary title report
Meet deadlines and remove contractual contingencies
Schedule final walk-through prior to close of escrow
STEP 4: CLOSING
Review closing statement from escrow
Virtually meet with escrow to sign loan documents
Arrange to wire down payment and closing costs
Transfer utilities to new location
Closing, key delivery, and celebration
Move into the property
Welcome to your new station
Working Together Again
Staying in touch and keeping you informed
Second gas station and investment properties
Providing resources and introductions
Referrals, testimonials, and reviews
FOCUS & ORGANIZATION
A file of the properties that your broker has shown to you, along with ads you have cut out from the newspaper.
Instant or video camera to help refresh your memory on individual properties, especially if you are attending a series of showings.
Paper and pen, for taking notes as you search.
Location: Look at a potential property as if you are the seller.
Would a prospective buyer find it attractive based on school district, crime rate, proximity to positive (shopping, parks, freeway access) and negative (abandoned properties, garbage dump, source of noise) features of the area?
In a convenient location, keep handy the items that will assist you in maximizing your gas station search efforts. Such items may include:
VISUALIZE THE GAS STATION EMPTY & WITH YOUR DECOR
Does the gas station looking inviting? Is there enough advertising for under new management ?
While knowing how much you can afford is the first step, sellers will be much more Instead of thinking with your heart when you find a gas station, think with your head. Does this gas station really meet your needs? There are many gas stations on the market, so don’t make a hurried decision that you may regret later.
A few extra dollars well spent now may save you big expenses in the long run.
Don’t forget such essentials as:
Include inspection & mortgage contingencies in your written offer.
Have the property inspected by a professional inspector.
Request a second walk-through to take place within 24 hours of closing .
You want to check to see that no changes have been made that were not agreed on.
All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please email me or call me directly to discuss any of these matters in further detail.
LOOKING TO BUY
A GAS STATION?
This CONFIDENTIALITY AGREEMENT is entered into between Nationwide Brokerage Group Inc (hereafter “Nationwide ”) and the prospective purchaser (hereafter “Buyer”) of a business offered for sale through Nationwide Brokerage Group Inc.“Seller”shall refer to any business being offered for sale by or through Nationwide Brokerage Group Inc, as well as the owners of such business. Nationwide Brokerage Group Inc and Buyer agree as follows:
1. Buyer understands and agrees that Nationwide has an obligation to the Seller to obtain a Non-Disclosure and Confidentiality Agreement and evidence of financial ability before disclosing certain Confidential Information regarding the Business.
2. The term "Confidential Information" shall mean any and all information regarding the identity of the Business, and any of the Business's customers, customer lists, products, technology, trade secrets, production, plans, designs, drawings, specifications, marketing, processes, methods, costs, prices, finances, management or personnel, plus any other information Seller treated as confidential which is obtained by or in the course of Buyer’s investigation, observation, or evaluation of the Business.
3. Buyer will maintain Confidential Information in strict confidence, and will not disclose it to any other person, except professional business advisers, partners, accountants, attorneys, etc. engaged to evaluate the business for the limited purpose of advising Buyer. In the event of such permitted disclosure, Buyer will advise such per sons of this non-disclosure provision, and shall be legally responsible for thefailure of such professionals to maintain the confidentiality of the information provided. Information to be kept confidential shall include the fact that the business is for sale. It is understood and agreed that this non-disclosure provision is intended for the benefit of Seller, who is a third party beneficiary to this Agreement. As such, Seller may bring an action to enforce its terms and to recover damages for breach of this provision.
4. Buyer further agrees not to circumvent or interfere with Nationwide Brokerage Group Inc contractual relationship with Seller in any way. Buyer agrees that if Buyer purchases, leases, becomes affiliated in any capacity, or comes into possession of the Business or its assets within three (3) years from today, whether or not the Business listing has become inactive, Purchaser must use their best efforts to protect and implement Nationwide Brokerage Group Inc commission rights, and will not interfere with or attempt to circumvent these rights. Buyer understands and agrees that buyer will be liable to Nationwide Brokerage Group Inc for damages in the event of interference with Nationwide Brokerage Group Inc contractual relationship with seller.
5. Buyer agrees that any and all information provided to Buyer regarding a Seller is to be considered confidential and proprietary, and that disclosure of any such information could result in damage to Seller.
6. Buyer will not contact the Seller, other owners, partners, members, stockholders, officers, directors, landlords, lessors, employees, suppliers, clients, customers, professional advisers, agents, competitors, or others who might have information concerning the Seller or the Business without the prior written permission of Nationwide Brokerage Group Inc or Seller.
7. In the event Buyer for whatever reason does not wish to purchase Seller’s business, Buyer agrees to immediately return to Nationwide Brokerage Group Inc any and all materials related to Seller without retaining any copies.
8. Buyer understands that financial institutions or others may pay a referral fee to Nationwide Brokerage Group Inc for referring potential clients, and that Nationwide Brokerage Group Inc may pay referral and/or co brokerage fees to others to facilitate a transaction.
9. Buyer understands that Seller, or other sources identified by Seller, provides all information regarding any business offered for sale, and such information is not verified in any way by Nationwide Brokerage Group Inc. Nationwide Brokerage Group Inc has no knowledge of the accuracy of ANY information provided to Buyer and makes no representation, promise, or warranty, express or implied, as to the accuracy or completeness of any such information. Buyer shall be responsible for making an independent verification of such information prior to entering into an agreement to purchase any business. Buyer shall be responsible for making an independent verification of such information prior to entering into an agreement to purchase any businessBuyer further understands and agrees that Nationwide Brokerage Group Inc shall NOT be responsible for the failure to disclose material information related to the purchase of any business. Buyer agrees to indemnify and hold Nationwide Brokerage Group Inc and its agents harmless for any claims for damages which may occur by reason of the inaccuracy or incompleteness of any information provided to Buyer with respect to any business Purchaser might purchase.
10. Buyer acknowledges that buying a business involves risk. Buyer accepts sole responsibility for the decision to buy a business and agrees to rely solely on buyer’s own independent investigation of the business being purchased. Nationwide Brokerage Group Inc has advised buyer to seek independent legal, tax, accounting, and other professional advice prior to making a purchase decision.
11. This Agreement may not be assigned by either party without the express consent of the other.
12. This Agreement shall be governed by and construed in accordance with the law of the State of New York.
13. In the event of any judgment, award, or arbitration decision against Nationwide Brokerage Group Inc, the maximum liability of Nationwide Brokerage Group Inc and its sales associates and agents shall be limited to the amount of commission actually received.
14. If Buyer is a business entity (e,g. corporation, limited liability company, limited liability partnership, limited partnership, etc.), the person completing the information and signing acknowledges that he/she has full authority to enter into this Agreement, and further agrees to be personally bound by the terms and conditions stated herein, including, but not limited to, personal liability for breach of this Agreement, including damages resulting from disclosure of confidential information.
This Is A Legally Binding Agreement, Please Read Carefully Before Filling out. Nationwide Brokerage Group Inc is considered the Agency first disclosing details of the above business(es) to the undersigned. The undersigned (Buyer) agrees to the terms of this Agreement and expressly acknowledges Reading, Understanding, and Receiving a Copy of this Document. Please type or print clearly: