Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

Specifically, how are the numbers run for a gas station? What is the most accurate way to find the value of a gas station?
What are the risks in owning a gas station? Is it a sound investment? Or is it subject to certain market fluctuations?
What is considered a good monthly income from this type of property? What kind of contracts do you need with fuel suppliers, softdrink companies, candy companies, in-house restaurants, etc... What type of expenses would you run into besides the ones encountered with singlefamilies, multifamilies?
There is a gas station for sale in my town on the MLS, so I was curious.
I read once of an investor who landed a great deal in a really high traffic area, in a big city, and was bringing in about $50,000 a month net.
Thanks for your comments!

I am looking to purchase properties in Brooklyn, NY with the following criteria:

1) 40-50% off ARV
2) 1-4 families, commercial mixed-use
3) 1 million or less

That's it. Please let me know if you know of any and I can close fast.

Thank you.

I am working with motivated sellers that really needs to sell and I'm going to make my first deal and eventually alot more but, I don't want to waste anyone's time.

I would like to know how do I qualify a investor that I will be assigning my deals to. Below is a script that I'm using. But, after this script, is there a way to make sure that the investor is qualified?

>>>>>Script<<<<<

Hi, I'm (YOUR NAME),
I'm a investor also. From time to time I come across property that I need to buy and I cant put it in my portfolio. Do you buy property from other investors?

Is there any area of town that you want to stay in or out of?

What percent off the FMV do you like to buy?

How quick can you close?

>>>>>Script<<<<<

Hi Chris,

How are you? Pursuant to my last email my colleagues and I seek (2-4) family Rehabs at (,30 to .40) cents on the dollar Or (turn key Multi families) in the expressed areas to purchase at (.50-.70 ) cents .

Does the cents mean 30 to 40% of the ARV. Same with the 50-70 cents on the dollar. 2-4 is a duplex +.

Chris

I'm working on my first deal after being with DG for over a year. Found bank approved short sale on friday (10/28/11) from my agent. Looked at the property yesterday in the cold windy rain here in NJ. Bank approved for $75K, FMV 160-180K,Bank dropped price $100K. Made offer yesterday to tie it up while I get POF. First strategy is for double close using transactional funding. May look at selling retail at well below FMV. Only have a few buyers on my list, but will post adds today on this site & CL. Will also post flyers in local stores. Any recommendations are welcome. I got'a get this first deal under my belt.

Joe

I have reviewed and researched a few deals with alot of potenitial, and deals to be made. The problem is the deals i have to make needs money. For example, one of the deals i have going on now, the owner does not want her house anymore here in Missouri, because she leaves in Hawaii and this property is a mess she does not want to deal with it. So i gave her a deal and she countered with, "you occupy it and fix it up with six month free rent, and you, Hurst Tipeni(thats me), will have to find finance to buy the property."
Now i don't have good or fair credit, and any chance of getting finance, so i decided to think a little different. Here is what i think:
-I will get an inspection to see how much is it to get the proprety up decent and show a little bread and butter.

. There are a number of ways to find forclosures and it is the wise business person who uses as many options as possible.
1.
Locate paid subscription services online that provide updated listings on a daily or weekly basis, such as RealtyTrac, ForeclosureListings.com and FreeForeclosureDatabase.com (see Resources below). You can locate records across the United States, which is particularly convenient if you plan to invest in more than one state.
2.

I started reading profit from real estate right now again and been doing most of the action steps dean tells u to do at the end of each chapter and i called an fsbo seller about a bungalow with 2 rentable units which could possibly pay off mthe mortgage. His asking price is 134900 and his outstanding motgage is 90000 which leaves equity of 449000. Zillow has it estimated at 86000 and similar homes in the area sell for anywhere betwwen 50000-600000. He obviously is asking to much. But He is extremely motivated to sell cuzz of job relocation. I told him my exact intentions as a seller and he would even be interested in giving me the right to find a potential buyer for his property in 14-30 days or even lease optioning it with the right to sublease to other tenants.

Here is a scenario that is playing out: my friend owes $342,050 on her home with monthly payments of $2182. The tax assessment is $274,000. Her husband has accepted a job in another state, so they have not made payments since June and now owe $11,282. The house needs exterior paint and new carptes, otherwise it is in good condition (4BD/2.5BA). They are prepared to just walk away, but it would be nice if I could somehow help the situation. Is it even worth it? Your expert opinions are much appreciated.

Hi All,

I found a home with a FMV of 153,200, and hud is asking 34,900. This home is in the most prime location in my town.

I had my agent pull comps and homes are selling like hot cakes around there. Comps look good, anywhere from 143,000 to 153,000 on the same block sold last month.

My question is, how do I get proof of funds for my offer?

Thanks Frank,