All Forum Posts by: Gagan P.

The one in question was formerly branded but has been closed for a while, and has 8 dispensers (16 nozzles). Owner claims to have been doing 60k gallons/mo which from most stations I've seen seems low but comparing to other stations in FL seems high.

And I agree, the store is where the money is, but the gas usually covers the rent/utilities. Average I've been finding since my post has been 20-30cents/gallon (before credit card costs). The site is over an acre, so that's not an issue either.

Store building is around 4k sqft, and has a food counter inside (probably about 2-2.5k of the building is the retail portion, rest is kitchen/office/coolers)

The idea is purchase then lease out, but of course while running there should be enough money because if it isn't profitable for an owner it definitely wouldn't be profitable for a tenant.

Hopefully this post won't get deleted since the last 5 I posted regarding pretty much anything got deleted with a "you can't ask for advice" email.

So... Anybody here invest in gas stations in the East Coast? If so... Any experiences you can share with different brands/distributors? More particularly, average fuel margins?

 I was looking at the TREC form but the last two pages seem sort of redundant if the deposit isn't going into escrow, as well as the Third Party Financing Addendum needing to be separate from the actual agreement.

Anybody have any template for a FSBO sale form for Texas? The TREC form has lots of pages that won't be needed (Realtor info, escrow, and a few others). Just something nice and straightforward but that complies with TX law and of course lenders.

Hopefully this post doesn't get deleted as the other ones asking basic info have :)

Don't forget to factor in an additional parking space for Brampton, and furnace dampers (most municipalities won't require either of these so it's I'd say mostly a Brampton specific thing).

I think one reason rents are/were so high is the amount of students. Lots of cases of two students renting and it turns into 10 living there.

Sent you a message.

Thanks

Buy a property that has upgrade/renovation/rehab potential

Rehab the property (or renovate)

Rent it out at likely a higher rent than it was worth when you bought it

Refinance the property to take your renovation expenses out and ideally extra cash for the next place.

Repeat

 For Canadian postal codes put in your numbers and then 00 at the end.

So if it's M1N 6N3, you'd enter 16300.

Same applies if getting gas at a gas station in the US with a Canadian card.

The assessor doesn't know that it was your corp transferring to you.

Showing it as a sale rather than transfer is likely what triggered the reassessment, so you'll need to explain why it was shown as a sale and not a transfer, as well as proof of ownership of the corporation.

This site has some info but none pertaining to your situation:

https://www.deedclaim.com/cali...

As others have mentioned though, and could have a bigger impact than the property tax reassessment, have you considered the non-tax consequences of transferring (selling) from the Corp to yourself? Or did you do a 1031 and purchase something else?

That's correct. Reasoning behind it:
I have a FEIE (foreign earned income exclusion) for the gross income, so that is taken care of.

Plus, even if the loss (hypothetically) was say $6k and income was $6k, it wouldn't make sense to take the loss same year as tax payable would be zero even without the loss (based on the personal deduction).

So to answer your question, yes I'm trying to carry it over, to use in a future year when the rental income is higher and expenses are lower to cover the income at that point. Problem I'm  having is figuring out if this is possible or does total income need to be negative before that happens? And even then where would this show up in terms of tax forms?