Do you want to buy an existing car wash business in Florida? If YES, here are 8 best places to find bank owned car wash businesses for sale in Florida. There are many reasons to consider buying an existing car wash, and a low sale price is not the only one.

Buyers are always advised to exercise extreme caution; potential purchases should be evaluated on an individual basis to fit the buyer’s business model. Note that a so – called “good deal” may prove less appealing once all factors are considered. The reality of daily operations, the location’s future potential, as well as long – term municipal plans for the area should also be deciding factors.

Steps on How to Find Bank Owned Car Wash Businesses for Sale in Florida

However, taking the first step to seek out available properties is an important decision. The next step is just as crucial: locating the right property. As simple as this may sound, locating the right property may prove to be difficult. The obvious source to find available car washes is a commercial real estate agency. Commercial real estate agencies should have a short list of available car washes or at least properties potentially available for purchase.

Howbeit, when it comes to real estate investments, buyers are steadily reminded that location takes precedence over other considerations. It is believed that the location of a property determines the potential upside of the investment. This might be very well be true, but seasoned investors like to point out that in real estate, you make the profit in the buying stage and not when it comes time to sell.

It is a clear reference to the fact that when you buy at the right price, you won’t have to work too hard to hit the targeted rate of return on your investment. Banks and mortgage lenders are not in the business of owning and managing non – liquid assets such as houses or small businesses that may require a lot of resources to secure, maintain and market.

At this stage of the process, banks are not interested in holding on to properties that do not generate income for them. As such, pricing for these small business properties may be more flexible, consistent with market trends and cognizant of renovation costs.

The opportunity to acquire real estate and similar business investments at below – market prices may be one of the top incentives to browse and explore REO listings. This may be the perfect situation to test the old adage mentioned above: Make your profit when you buy not when you sell.

Note that when you buy bank – owned investment properties at the right price, you won’t have to push too hard to ensure positive returns whether you plan to fix and flip or rehab and rent the house.

8 Places to Find Bank Owned Car Wash Businesses for Sale in Florida

Bank owned commercial properties and businesses are those that have gone through the foreclosure process and are now in possession of the lending bank of the unpaid mortgage. These properties can offer investors rates as much as 30% – 60% below market, making them an attractive investment opportunity. Below are few places to find these businesses for sale, even Florida based car washes.

1. Reonomy

This is a leading property intelligence platform. It makes it quite easy to find the exact investment property you’re looking for, regardless if it’s listed or not. Note that by aggregating data and insights on 50 million off – market properties across the nation, Reonomy makes it easy to search any U.S. market and find bank owned property owners before they reach foreclosure.

From there, you can use the platform to filter and only see properties that are currently in pre foreclosure. Search by pre foreclosure category or by its auction date (or both, if preferred)

2. LoopNet

LoopNet currently has over 500 foreclosed commercial properties available on their platform, including retail, hospitality, business, and multifamily foreclosed properties, as well as land. LoopNet is a good source place to find foreclosed commercial property and land. Note that you can refine your search to the granular level with LoopNet’s varied search criteria.

You can search based on asset types and sub – types (think creative spaces or work units for the office asset class), country, states, metros, county, city, zip code, price, lot size, units, cap rate, and year build. You can also search specifically for distressed commercial properties or for auction properties only. Whatever you’re looking for, LoopNet is one of the better platforms for finding commercial properties.

3. LandCentral

LandCentral.com strives always to simplify the land buying process, priding themselves on the headache – free approach of, “No realtors, no paperwork, and no hassle.” Have it in mind that the team behind the platform specializes in land for sale and has over 20 years’ experience sourcing and selling land.

This allows them to provide extensive details and guidance on purchasing each plot. In addition, LandCentral.com has a dedicated section on foreclosed land. They post an extensive, monthly list of foreclosed land and properties for sale – which you can subscribe to in order to receive notifications as soon as the latest plots hit the market.

4. LandWatch

LandWatch offers thousands of bank owned domestic and international properties for sale listings. You can refine your search based on price range, parcel size, state, type (such as farms, businesses, and ranches), availability, and sale type—either fixed price or auction. You can also simplify your search and browse foreclosed land based on a map of each of the US states.

5. BankForeclosuresSale

BankForeclosuresSale is one of the most popular listing platforms to find foreclosed properties for sale. The site is comprised of a team of real estate professionals with over 30 years in the foreclosure industry.

Note that the experienced team calls on a wealth of sources to find the best available foreclosed properties on the market – such as government agencies, lenders, mortgage brokers, and bankers. BankForeclosureSale offers a selection of foreclosed residential property, multi – family property, and commercial property to choose from.

6. Foreclosure Support

Foreclosure Support provides over 1 million bank – owned properties for sale – including multifamily and other commercial property. Listings on their site include bank owned properties for sale, as well as REO properties and auctions.

7. Realtor.com

This is another solid resource to use to find multipurpose properties for purchase. You can refine your search based on size, price – tag, and property characteristics. Though the majority of listings on the site are single – family homes, when searching foreclosure properties for sale on Realtor.com, you can actually search for business properties specifically, and even land or farm properties.

8. Lending Entity Websites

You can also visit actual lending entity websites to see if they have listings themselves At times, when banks come into ownership of certain properties, they may use their own websites to serve search listings to those looking to buy foreclosed homes or commercial properties.

Conclusion

There are a lot of lucrative foreclosure deals to be found across all asset classes, whether residential, commercial business, or somewhere in between (i.e. multifamily and residential land). If you like to focus on car wash businesses, all of the sources above should provide plenty of bank owned carwashes to search through and potentially make your next investment.

Joy Nwokoro