I wanna buy a gas station!

[Bengal]

Huh. Maybe somebody with some insight already chimed in.
I guess if I'm not an immigrant, I don't count.

In this issue, you don't count. You said you knew about what kind of money they make. I was asking about incentives legal immigrants get to open a business. If I missed that in your post, sorry. But I don't think you even addressed my question.

Nice try though.

[Cygnus X1]

Just to chime back in, because it feels a little like a pile-on, I think it's awesome that you are thinking about being your own boss, Robb. I totally encourage it, and you seem like the kind of guy who can pull it off. You're sharp, have varied skills & interests, you're motivated, and you get things done. Just find the right thing for you and jump in with both feet!

I would add, yes, and go with what you love to do.
I tried the music store route and found my talent laid more on the tech side, than the retail side. But, I didn't do bad at all. But I will say this-NO LOAN!.
I bought myself in, spent no more than what I budgeted, hired a very knowledgable acoountant, and bailed when I got nervous, but had plenty of cash to close out. If you're going to do it, work, work, work. I had three jobs, my wife had one and a part time, and saved the cash to do it. But it only took three years to gather up enough to start up.
And, except for a few consignments, I owned my stock when I closed. So
it was depreciable against my "business" for a few years after I actually closed the doors. And the lease was bought out at a 50% discount, then I found a new lessee, wiping out the remaining obligation on a handshake deal.

[RobRR]

Yes, legal immigrants. And no, small business do not get tax breaks usually... my step dad runs one, which I work for, and believe me, he gets no breaks.

The problem is that we worry about everyone else and forget about our own. Maybe instead of giving immigrants breaks, lets not, and take that extra revenue and help give AMERICANS incentives? Maybe pay of the trillions apon trillions of our debt? There are many options, but I dont think helping foreigners should be one of them. Weve got plenty of our own problems.

[Cygnus X1]

Is this thread about immigrants, or about breaking out of the mold, and starting a business?

I've known some Koreans, and yeah, been impressed with the awesome work ethic.
But, it usually goes no further than running a c-store or two. Not exactly living the high life.

[VinceV]

They get MAJOR tax breaks. I dont know all the specifics, but its pretty obvious that its not that hard for them to start a business on just about every street corner. Seriously, when they work at EVERY gas station, dunkin donuts and convenience store within a 5 mile radius, and our own people are living on the streets, theres something wrong, dont you think?

I think your way off base here.

The reason you see them is because they bust their ass. What usually happens is that Family A from Country X starts a business, then they all work there, in the mean time they live in a little apt. or house. That means Mom/Dad/Kids/Grandparent. So you have 6+ people living in a 1 bedroom 1 bath place, no frill no fun.

Then after years and years of 20 hours days they save and save, then they have some money put away, Guess what they do, they sell their business to Family B from Country X, so that that family gets their chance to bust their ass.

It's not that they are given special treatment, it's because they are willing to sacrifice all and live in conditions that almost no one else would want.

I thinks it's always kind of funny when Americans bitch about immigrants. Excuse me where are you from?

[RobRR]

Cyg, thats awesome that you did that. My problem is I cant safe that kind of money... hell, 80% of my take home goes towards bills alone. The rest... well, you know... just goes away. My current job is very physically taxing (construction/demo/remodeling)... so a 2nd job really isnt an option.

Im tired of being tired, broke and bitter. I need to do something, I just havent figured out what that is. But if these people can come here and do it, you bet your ass I sure as fuck can too, and better.

[RobRR]

RD, do some research... they get plenty of breaks and incentives.

[guitarsjb]

I think small business loans are available to all Americans. Check into it. I don't think it's an immigration issue.

But if someone can educate me on how immigrants get "all the good stuff" while us natural citizens get screwed, I'm listening. Not being a smart ass either, I'm naturally curious.

A lot of us live paycheck to paycheck. There is no middle class left. Sadly. Use to be able to afford a nice house and send the kids to college on a middle class income. Not so much anymore. I don't really blame the immigrants. If anything, I blame NAFTA. But thats another thread.

But like I said, I don't really know about this issue. Maybe it's just the immigrants that are willing to take the risk? Do the shit jobs like run a convience store? I know I wouldn't want to run one. But maybe someone with insight into this issue can chime in.

Well, in my personal case..I tried to buy a hotel. Got tired of working for Patels (Indians) who did nothing but cut my pay and expect more from me. I figured I could do it..I've managed them for years.

Here's the scenario from my end. A Patel can get a small business loan..NOTHING DOWN..and pay NO TAXES for 5-10 years (except appropriate payroll taxes), which they mostly avoid by paying cash to those that will take it. So, they get a fully floated SBA loan, work most of their family...make a huge profit.

Me..I have to have 20% down. How come?? I'm not an immigrant who needs a "hand"..WTF?? For the hotel I wanted..needed 64,000 down. Uhm..ok, not gonna happen.

One of the guys I worked for, built a brand new..from the ground up..3.2 MILLION dollar Comfort Suites in Rowlett, TX..never paid one penny up front. And he sold it last year for almost 6 million bucks. Not ONE DIME of that whole transaction came out of his pocket.

[Bengal]

Well if we don't give incentives for immigrants to come here legally, why should they go through those channels? Why not just come through the border of Canada or Mexico or where ever? We need to show that there are benifits for going through the right channels when it comes to immigrants or there is no reason to go through those channels.

I understand about America having problems. Home foreclosures are at an all time high. It sucks but I don't think tax breaks for legal immigrants small business is whats really taxing the system.

[Bengal]

Well, in my personal case..I tried to buy a hotel. Got tired of working for Patels (Indians) who did nothing but cut my pay and expect more from me. I figured I could do it..I've managed them for years.

Here's the scenario from my end. A Patel can get a small business loan..NOTHING DOWN..and pay NO TAXES for 5-10 years (except appropriate payroll taxes), which they mostly avoid by paying cash to those that will take it. So, they get a fully floated SBA loan, work most of their family...make a huge profit.

Me..I have to have 20% down. How come?? I'm not an immigrant who needs a "hand"..WTF?? For the hotel I wanted..needed 64,000 down. Uhm..ok, not gonna happen.

One of the guys I worked for, built a brand new..from the ground up..3.2 MILLION dollar Comfort Suites in Rowlett, TX..never paid one penny up front. And he sold it last year for almost 6 million bucks. Not ONE DIME of that whole transaction came out of his pocket.

Thanks! There is some good insight from someone who jousted with the system.

That does suck. We need to extend that to Americans willing to extend themselves and their future for the good of the country. Base it on income or whatever. If you have less than XXX to invest, we can give you XXX to help offset that. I could really get behind something like that.

[Cygnus X1]

In this issue, you don't count. You said you knew about what kind of money they make. I was asking about incentives legal immigrants get to open a business. If I missed that in your post, sorry. But I don't think you even addressed my question.

Nice try though.

Yes, I did indeed track off.
As far as tax beaks and small businesses, (or even larger ones), the taxation is based on profits, and pay. The details are no secret, just keep pouring the money back into the store, "hire" the relatives, and soon you have a small entity that doesn't owe taxes in the strictest sense. My other point was, they are running the store, but the money isn't much more than what a person would get working for someone else. So, the bracket is so low that they fall under the radar.
I admit I don't know about loan favoritism. I suspect a lot of these are bought in largely on cash. It isn't all that difficult.

Edit: Just saw Jeri's post...yeah, that stinks. I never even wanted a loan. I figured if I wanted the store bad enough, I could eat mac and cheese for a few years to do it myself.

[RacerX]

The money is in the convenience stores. You make jack shit on the fuel, no matter what the price is. His station had a tiny convenience store and a garage, which was a big part of the problem. Good mechanics are hard to find and keep.

As for the immigrant-owned stations & convenience stores (at least the ones around here), I think one of their big secrets to success is that they often have the whole extended family involved, and they are all willing to bust ass & sacrifice to make it work. Less reliance on hourly employees who don't give a shit.

This is correct. Although if you are in a economically vibrant urban area, you can clear low 6 figures.

Im a jack of all trades... not tooting my own horn, because I dont know it all, FAR from it... but I know vehicles in and out, computer/server/networks (MCSE), electronics (worked at lockheed martin for almost 6 years) guitars, carpentry/remodeling, plumbing, electrical, tile/hardwood flooring, sales (not that great, Im too honest ). BUT, knowing all that, hasnt gotten me anywhere in life. Sure, these skills enable me to do all of these things for myself and not to have to pay anyone, but without a "degree" I cant seem to get anywhere.

So Im going to do something myself. I dont know what, but Im going to do something.

Rob, maybe you can open America's first vehicles/computer/server/networks (MCSE), electronics/guitars/ carpentry/remodeling, plumbing, electrical, tile/hardwood flooring
store!

I thinks it's always kind of funny when Americans bitch about immigrants. Excuse me where are you from?

Long Beach, California.

[El_Kabong]

I got to thinking about all the breaks these immigrants get, to come here and start a business. Why cant I? see about that.

They got their visas because they had the capital to buy a business and give people jobs. People are still after the American dream, just like your relatives way back when.

[Shawn Lutz]

two fold, substatial tax breaks and willing to bust their asses to live the dream. Its not a career, its their lives and lives have no 8 hr shifts. Typically family ran so its covered internally 24/7 365. Most Americans want to work 40-60 hours a week and have lives outside of their careers. I'm willing to be a lot of those folks who run those businesses, if you consider the amount of time they put in, are not making a lot of profit or raking in liquidity.

[yard dawg]

Hey man I think if you really want your own business and are willing to do whatever it takes then try moving to another state. If you are really good at construction then why not move to New Orleans and go for it. There is a HUGE and I mean HUGE shortage of contractors there willing to work. My daddy works there and he said they need alot of help. Im not a construction guy or I would be there. Im sure you wouldnt have to live there forever either. You could make alot of money and then move wherever you want with a nice nest egg. Seriously man try a move to N.O....

Your other option is to watch the immigrants go for it and get left behind. They chose a HUGE move and it pays off most times.