I kind of want this property

[lampshade]

Two acres of property? Can you rent out space to store RVs? Do you want to earn money from this purchase?
And a firm NO to living there.

[4legsgood]

Quote:

Originally Posted by Fermion ...They are asking $90,000 and it looks like it was last sold in 2007 for $140,000. ...

Can you find a current comp?

Is water source good? I know someone who built a beautiful house near Oroville, and then the well ran dry. Might not be a problem in this area.

[Texas Proud]

I know people have mentioned contamination, but I would think that it would have to be remediated before they could sell it..


It is easy to get a test done if you want to be sure..

[HI Bill]

Quote:

Originally Posted by Texas Proud I know people have mentioned contamination, but I would think that it would have to be remediated before they could sell it.. It is easy to get a test done if you want to be sure..

Testing isn't so simple if it wasn't done. You'd need to test the soil and potentially groundwater in multiple locations to be moderately sure. Lab tests, drilling and consultant fees would exceed $10K, easily.

[brucethebroker]

Quote:

Originally Posted by canuck5 If it's convenient for you, for snowmobiling .... I bet it would be for a lot of others. Storage racks to put them 2 high? Maybe enough room to store an additional 6-8? Make a little money making enterprise?

Would she "buy it" if you told her you were going to rent out spots for other's storage and that it would reduce your tax burden because of the business deductions?

No? How about this: "Honey, think how much time I will spend out of the house if I buy it!"

[brucethebroker]

We purchased a small home on a large lot with a huge pole barn (cement floor) years ago. It was located on a busy highway. Rented out the house, (without barn "privileges) then rented out two storage slots in the barn. One was a guy with a 59 Ford he wanted to restore someday. The other was a guy with boxes of stuff. (We used the rest of the barn for our stuff and lawn tractor). Rented by word of mouth. Never even put a sign in the yard. Worked out well.

[brett]

If there is the slightest chance that the ground is contaminated RUN away as fast as you can.

[Surewhitey]

I know why the wife doesn't want it...what the heck is a "chick desk"?!

[MarieIG]

Money pit.

The RE agent made the seller disclose the history up front. There is a reason for that.

[zedd]

If what you really "need" is a man cave, shirley you could get a lot more for a lot less if you were willing to find an empty lot and stood up a pole barn. Take a look at these guys [url=http://mqsbarn.com/url] These are $12-$15 sqft depending on options. Essentially what you get is the shell (steel roof, walls, windows and doors.) Concrete slab extra

[Fermion]

Hey, excellent answers all!

I wasn't really even thinking about there being tanks still in the ground or contaminated soil. That would be a no go for sure.

As far as the idea of buying a lot and building a barn, it is not nearly as cheap as you might think. Wells in this area can be $20,000 and you pay even if they don't hit water. Septic is $5,000 to $7,000 and hooking up to the grid can be anywhere from $2000 to $20,000 depending on how far away the lines are.

We just built a pole barn ourselves with no help. 30x40 with no walls and just the materials alone were about $9,000. Heck, the metal roof is over $3,000. And this is us doing everything ourselves even the grading, concrete and post setting.

That is why initially the $90,000 seemed cheap. It has winter easy access being right on hwy 20 which is plowed all the time, it has water, power, sewer, and what looks like a solid building with new roof.

Too bad about the former gas station thing though.

[Fermion]

Quote:

Originally Posted by Surewhitey I know why the wife doesn't want it...what the heck is a "chick desk"?!

Hah! You hit the nail on the head there. That was the first thing my wife saw and she was miffed. She said she wouldn't buy it just because they put that line in there. Nothing wrong with women working at a reception desk but it is certainly not the only thing they can do. She went to Brown, majored in software engineering, and before we retired was pulling in $270k as a senior dev.

[Spanky]

Quote:

Originally Posted by Fermion Hey, excellent answers all! I wasn't really even thinking about there being tanks still in the ground or contaminated soil. That would be a no go for sure. As far as the idea of buying a lot and building a barn, it is not nearly as cheap as you might think. Wells in this area can be $20,000 and you pay even if they don't hit water. Septic is $5,000 to $7,000 and hooking up to the grid can be anywhere from $2000 to $20,000 depending on how far away the lines are. We just built a pole barn ourselves with no help. 30x40 with no walls and just the materials alone were about $9,000. Heck, the metal roof is over $3,000. And this is us doing everything ourselves even the grading, concrete and post setting. That is why initially the $90,000 seemed cheap. It has winter easy access being right on hwy 20 which is plowed all the time, it has water, power, sewer, and what looks like a solid building with new roof. Too bad about the former gas station thing though.

Are you going to make an offer? Any plan to do an environmental assessment of the land?

[Keim]

Agree with others. Get an environmental assessment done.

Unless you're very close by, id skip the business idea. Aside from, maybe, renting out the part you aren't using.

Cusick is s beautiful area. I can understand the wish for a cabin. We have one at the southern end of the state. Love it.

[Texas Proud]

Quote:

Originally Posted by HNL Bill Testing isn't so simple if it wasn't done. You'd need to test the soil and potentially groundwater in multiple locations to be moderately sure. Lab tests, drilling and consultant fees would exceed $10K, easily.

Not from what I had seen... so, I looked it up to see what current prices are... as low as $1500...







https://www.rmagreen.com/rma-blog/bi...ssessment-cost

[njhowie]

I think folks are likely making too big an issue out of the soil/tank thing.

For the property to have been changed from a gas station to anything else and sold, I have to believe that complete testing and whatever remediation might be necessary was previously done. I would even bet that the information is on file with the state department of environmental protection. When we had our underground oil tank pulled (which in fact had a leak), there were very stringent rules/measures which had to be followed, reports put on file with the state DEP, and both soil and water testing were required, documented and put on file. Further, if we ever sell our home, if I remember correctly, we have to notify the state DEP. I haven't gone through the materials since it was done over 10 years ago.

First, call the real estate agent and ask your questions. He/she likely already has the answers. If that does not satisfy you, contact the state DEP and/or county, ask for the records they have on the property, and ask your questions. They will likely say the same as what I have - they would have had to do all the testing and remediation before a sale could take place. These are easy things to do, and even if you have to pay some token fees for getting the info, it would be worth it to satisfy your conscience.

Personally, if it is a good price for the area, you have a desired use, it is a commercial lease-ready property, go for it. Convincing the wife shouldn't be an issue if you have the funds available - it's going to pay for itself, and you have what looks like a small storage shed/"building" on the side for your toys. Worst case, you put up a small additional shed.

[street]

Exactly >>> One call and if that RE agent can't answer the question they should be able to in a very short time. I would bet they could tell you and show you, at the time of asking.

[copyright1997reloaded]

Former gas station = run away.

There are properties around here (NY State) where you could get them for $0, and even at that price they won't sell. Why? Because YOU inherit any liabilities associated with the clean up effort, even if the property had already been converted to another use. Even if those issues are found years or decades later.

I have a friend with an auto repair place that has serious hassles associated with a property he acquired which long ago (previous owner) was a gas station. It is a night mare.

One thing is for sure - IF you do this, talk to a lawyer about how (if at all possible) you can isolate your personal wealth from this property. I don't know enough whether a LLC for the property would be adequate.

[street]

I know of at least 5 places that had old stations on lots. They owner had to do all clean up and they where all sold and all have new businesses on them. Here in my state clean up has to happen or nothing can be done but be fenced and no occupancy can take place on that property. Once it is cleared it is cleared for what it is zoned for. If bought and this came up is a whole different story where I live.

[ziggy29]

Sounds to me like it's not an "investment" but something you just want to have. And there is nothing wrong with that as long as you can afford it.

But yeah, a VERY thorough inspection of the property and all environmental factors is in order.

Even if that turns up less than ideal, it doesn't HAVE to be a dealbreaker if you can negotiate the right price (much lower) and find a usage that isn't going to make it a huge problem. But other than that, yeah, I'd worry. A lot.