Panama real estate has been the subject of a lot of press, both good and bad. If you?ve done any research into the lively market in this country you have probably already encountered some ?horror stories? of scams, frauds and other tales of buyers getting burned by unscrupulous or just ignorant sellers. While there is a great deal to be said in favor of buying real estate in Panama, you would be well advised to keep in mind that this is still an emerging market that experiences growing pains once in a while. Some mistakes are just that?mistakes, others are intentional deceptions. What matters is that you, the buyer, educate yourself in every possible way so that you can make intelligent and profitable choices.
The first is that the banks need money. Banks are in trouble, they need money to survive. Not all banks of course. There are many regional banks that avoided this economic crisis we?re in by following sound business practices and lending money to people that could pay it back. The problem is that the responsible banks will still pay for the greed and bad practices of the big major conglomerate bank/finance companies. The way banks make money is by charging interest rates for money they lend. OK, simple enough. This contraction the economy is in has put most of these big banks in the red. The best and easiest way for them to become profitable (and pay back all that money they owe us, the taxpayer) is to make more money, and they do this by raising interest rates. Credit companies are already doing it.
What to Look for in a Gas Station for Sale
Location. Traffic & accessibility are the keys here. An ideal situation may be access off of a major highway with little or no competition. A busy street with good access from several directions is also highly desirable.
Convenience Store. A large convenience store will attract traffic. The bigger the better, in fact. Generally, all things being equal ? a service station with a large convenience store will attract more customers than a similar one that has a small convenience store.
?Curb Appeal?. What shape is the gas station for sale in? Is it clean? Is it attractive and welcoming or is it run down, dirty and needing of some significant TLC? This is important. A gas station that is clean and welcoming will attract more traffic.
Neighbourhood. If crime is a concern for you (and it should be) some neighbourhoods are more prone to crime than others. Gas businesses can be targets for criminals so choose your location wisely.
Some Issues to Consider
Environmental Issues. Consult with an expert regarding the environmental issues surrounding a gas station business for sale. You may encounter issues such as contamination, tank lining and remediation. If there is an environmental issue to contend with you will want to know before you buy the business. Clean-ups can cost into the thousands of dollars. Investigate if there is any pending or past law suits or actions taken as a result of environmental issues. The new owner of a gas station may be held liable.
Fourth, it is always best to have independent legal council. Be wary of real estate offices who claim to ?handle it all? for you. Your real estate representative should be able to present you with a choice of attorneys from which you can choose the one you are most comfortable in terms of communication skills, pricing and responsiveness.? Although it is tempting to take the easy one-stop-shopping way out, you can never be sure that the legal counsel who is also employed or affiliated with the real estate agency is working for your benefit exclusively.? Take the time to find someone who is truly independent of any obligation toward the agency, or for that matter, the seller. It is not unusual for a seller to use the same attorney as the buyer, but it is always wise for the buyer to make that choice from the start.
Buying a filling station business for sale can be a great investment. It is important to also remember that buying a gas station is not necessarily a ?hands off? investment ? contrary to what some people may think. It involves a lot of hands-on work to make it a success. A gas service station business is like most other small businesses in that books needs to be kept, employees need to be managed and proper planning must be in place to make it a success.
It is very important to do thorough investigation and to consult with legal, accounting and environmental experts before you make the purchase
Sinji Mikami presents the following posts
Home Equity Line of Credit NEWS.
Benefits of a Fixed Rate Home Equity Line of Credit
Home Equity Loans vs. Home Equity Line of Credit ? What?s the Difference?
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