The eerie world of Real Estate - PeachParts Mercedes-Benz Forum

strelnik · #1 10-05-2009, 06:37 PM

CASE 1:

I went to the latest place I'm looking at to stash cars.
AMAZING: 4000 sq feet 16 foot walls, central air and heat, 12 foot doors, and that's the mechanic area! With drywalled, painted walls and thermal windows!

The office includes all the cherry furniture and a glass partition left behind.

I got there three days LATE!

I have the back up offer. The guy did a Madoff with people's money and took off.
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CASE 2:Went to another place: 7000 sq ft, 30 x 30 paint booth, welder , compressor and milling machine left behind. Office with sitting area and complete bathroom with BATHTUB FOR THREE!

No one can find the owner to work out a deal. Hoping it goes for taxes! It's been vacant for three years.
--------------------------------------

CASE 3:
A city is selling its municipal garage put on sealed bid. Minimum 10,000 for 3500 sq foot bldg with several hoists. May involve paying a fee because the city never remove its oil, it dumped it!.
This has slowed the bid, which was supposed to be closed in June, but no one has bid more than 10K OR the dumping issue is a big issue so it's all open. Still waiting to find out.
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CASE 4:

3000 sq ft bldg with all amenities: power heat light toilet. Big doors on side. Front office, parking lot fenced with 16 foot hurricane fence and razor wire across entire top, front and back.
All kinds of Chinese writing on the front of the glass. The realtor is chinese.
Original Bid: 180,000: 100K up front 16k/year for 5 years- no interest! Very Cinese way of getting money and not paying taxes on iterest or profit.
New Bid: $ 88,000. No idea on how it's split.
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Still looking. If I get Bldg #4, I'm getting my CCW post haste. And buying a junkyard dog for the parking lot.

TheDon · #2 10-05-2009, 06:39 PM

ccw?

tankdriver · #3 10-05-2009, 06:45 PM

concealed carry permit.

Jump on case 2, maybe you can get a deal on the equipment.

PaulC · #4 10-05-2009, 07:03 PM

Property #3 is for those who have deep pockets and a development plan that will give them a killing, as the potential environmental cleanup costs could be quite pricy.

amosfella · #5 10-05-2009, 09:34 PM

If you're worried about the oil cleanup on #3, there are products out there that will clean up the oil spill post haste, without removing the dirt...

strelnik · #6 10-05-2009, 09:47 PM

Quote:

Originally Posted by amosfella

If you're worried about the oil cleanup on #3, there are products out there that will clean up the oil spill post haste, without removing the dirt...

I talked to a lawyer this evening about that and he said, since they admitted that they committed violations, the EPA will require them to clean it up or pay you to do it.

That would be nice, hope it doesn't involve a court battle.

I would be happy with any of these, they all provide more room than I need. I might even rent some out to people who need to store cars, like this one guy who owns a 6 x 6 army truck from Korea and will need a new storage area soon.

Hatterasguy · #7 10-05-2009, 11:42 PM

Quote:

Originally Posted by PaulC

Property #3 is for those who have deep pockets and a development plan that will give them a killing, as the potential environmental cleanup costs could be quite pricy.

Yeah you can make a killing on such places, I know people who have. But you have to be VERY careful because they can kill you...

You don't want to drop $10k on that place than find out it needs....$1m in remediation...or you need to spend years and tens of thousands in legal fee's going after the previous owner.

You need to know what your doing when you play with fire like that, or the EPA/DEP will burn you.

C280 Sport · #8 10-06-2009, 08:51 PM

Quote:

Originally Posted by strelnik

CASE 1:

I went to the latest place I'm looking at to stash cars.
AMAZING: 4000 sq feet 16 foot walls, central air and heat, 12 foot doors, and that's the mechanic area! With drywalled, painted walls and thermal windows!

The office includes all the cherry furniture and a glass partition left behind.

I got there three days LATE!

I have the back up offer. The guy did a Madoff with people's money and took off.
--------------------------------------------------
CASE 2:Went to another place: 7000 sq ft, 30 x 30 paint booth, welder , compressor and milling machine left behind. Office with sitting area and complete bathroom with BATHTUB FOR THREE!

No one can find the owner to work out a deal. Hoping it goes for taxes! It's been vacant for three years.
--------------------------------------

CASE 3:
A city is selling its municipal garage put on sealed bid. Minimum 10,000 for 3500 sq foot bldg with several hoists. May involve paying a fee because the city never remove its oil, it dumped it!.
This has slowed the bid, which was supposed to be closed in June, but no one has bid more than 10K OR the dumping issue is a big issue so it's all open. Still waiting to find out.
-------------

CASE 4:

3000 sq ft bldg with all amenities: power heat light toilet. Big doors on side. Front office, parking lot fenced with 16 foot hurricane fence and razor wire across entire top, front and back.
All kinds of Chinese writing on the front of the glass. The realtor is chinese.
Original Bid: 180,000: 100K up front 16k/year for 5 years- no interest! Very Cinese way of getting money and not paying taxes on iterest or profit.
New Bid: $ 88,000. No idea on how it's split.
-------------------------------------------------

Still looking. If I get Bldg #4, I'm getting my CCW post haste. And buying a junkyard dog for the parking lot.

Where are these houses located?

strelnik · #9 10-06-2009, 09:45 PM

Quote:

Originally Posted by C280 Sport

Where are these houses located?

These are all in the People's Demokratik Socialist Kollective of Michigan, the Honorable Jennifer Granholm, General Secretary of the Party and Governor of the Politburo, presiding.

SwampYankee · #10 10-07-2009, 10:07 AM

You're chasing every guy's dream scenario. Good luck from those of us who can only dream at this point.

pj67coll · #11 10-07-2009, 10:21 AM

Quote:

Originally Posted by SwampYankee

You're chasing every guy's dream scenario. Good luck from those of us who can only dream at this point.

X 2

- Peter.

Dee8go · #12 10-07-2009, 10:24 AM

Having once owned a piece of real estate that had "environmental issues," I would steer waaaay clear of #3! We had to have ALL of the dirt under the building dug up, hauled to a special dump for toxic soil, and then new dirt trucked in and replaced. We also had to pay to install monitoring wells on the property to insure that nothing else could leach into the ground water.

I wanted to give that land away before it was all over.

PaulC · #13 10-07-2009, 11:15 AM

...and if the building had floor drains in which oil or other products were dumped into, then kiss your a$$ goodbye.

SwampYankee · #14 10-07-2009, 11:31 AM

Quote:

Originally Posted by PaulC

...and if the building had floor drains in which oil or other products were dumped into, then kiss your a$$ goodbye.

That sort of thing happened right in our town. A garage had been in business for almost 75 years when it closed up shop about 10 years ago. They apparently had an in-ground waste oil tank with the fill in the middle of the shop floor. For the last 15 years or so they stopped having to pump it out for disposal. Not because they didn't have the waste oil, because the oil they dumped in it went away and the tank wasn't filling up. After it was sold to a mini-mart type place, levelled the building and started digging to install the new fuel storage tanks they discovered the underground tank, a 2000 gal. tank with 1000 gals. of waste oil. There were a series of holes halway up letting all of the excess seep out.

They ended up excavating the entire site down about 15' and replacing it with new soil. The previous owners filed for bankruptcy, liquidated and disappeared.

There are reclamation/remediation funds available if you can find them and if it's a munical property they may very well be responsible for those costs anyway. I wouldn't necessarily automatically discount the property but be sure to fully research it with the EPA and have a lawyer do the same before doing anything. Not something you want to be blindsided by!

Hatterasguy · #15 10-07-2009, 02:05 PM

You want ground contamination?

My dad was working next to a well know company's oil tanks...said company will remain unnamed.

When they got down to about 10-12 feet the hole starting filling up with what they thought at first was water...nope its diesel fuel!

They actualy had pumps going to pump the diesel fuel out it was flowing in so fast! Now that ground is contaminated!