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Coach
Not an owner but my parents own one for 7 years now. They’ve put in 100% of their time and doubled their profit since they bought the biz, taking home ~350-400K now. It’s worth it if you’re willing to put in the time and cost saving measures, like shopping around for deals and better wholesales. They also work a shift 5-6 days a week still and have 4 employees. It’s not glorious, but it is a cash cow if you do it right.
Yea that's the balance I'm trying to figure out. Right now between my salary and gas station I'm at around 350k/yr. I want to decrease my working hours which can't happen if I keep my job and continue adding properties
Mentor
Yes quit consulting and purchase a second. As you’ve seen over the past year, the entire economic and legal system is designed to protect asset owners. I’m sure you’ve benefited from hundreds of thousands in grants and massive tax deductions
Yes, the past year was solid but that won't happen again anytime soon. But glad I had this opportunity
Mentor
Not in that market but curious…what kind of margins do you make? What’s the business model?
What would you do that would make it more worth your time? Anything you do there, you can hire someone else to do it cheaper than you.
Keep working, buy enough of them that the cash flow from the additions is so much that your working your day job is entirely unnecessary, THEN quit.
I am not, but I’m always looking into opportunities to increase passive income! Currently I manage my rental properties but interested in how you got started and manage while working full time.
@Manager, I’m in VA as well and always looking to partner. I have some ideas, maybe we can sync up?
Not an owner myself but my dad owns a few gas stations and other small businesses. Could you buy a second gas station and lease it out? Obviously your ROI will vary based a few factors.
Have you looked into other small businesses?
It’s doable to run multiple businesses if you have the help from a family member. My dad would advise against having a partner even if it’s a good friend - speaking from his experience it can get messy.
To buy the whole gas station including land would be out of budget for me. So leasing another one out may not be possible.
Totally understand the concern around mixing business and family.
I missed out on one a few years back and am just now circling back to start looking again. If you're open, I'd love to connect to learn more.
Mentor
OP I’m in VA as well and have been looking into gas stations. Would love to pick your brain.
If someone had an interest to break into that market how do they go about finding a seller? Are there broker dealers out there?
Yes, search for commercial property listings in your area for gas stations. There are brokers as well but we happened to know the previous owner through a mutual friend