My new shop ........... Maybe

[Charley Davidson]

Just went and looked at this building to buy I can buy it for $21,000.00 with $5,000.00 down owner finance. It's 1700 sq ft. on a 60 x 140 lot with all crushed gravel. Needs a lot of work, new roof, electrical upgrades and other cosmetics. The real downside is no water or sewer. Upside, is it will be mine, and it will be paid for in 5 years or less.

 

[Sam_Fear]

How much would water and sewer cost? That would be my big question.

 

[ratrodz]

the fence around it is a big plus. hope you get it

 

[Charley Davidson]

How much would water and sewer cost? That would be my big question.

Not sure at this time if it is even available. There is sewer that was just run about 50 yards or so away on the main road but everybody in that section of road/area has wells and septic.

 

[ratrodz]

outhouse it is tennessee LOL

 

[donsrods]

Charlie, be very careful about owner financing. It can be good but if the owner gets into trouble you might lose your money and your shop. It happened to us, almost.

Lots of years ago we were a young family and wanted to buy our first home. There was a local business man who we knew and he sold us a fixer upper that he financed for 10 years. We remodeled it and treated it as our own, and paid him faithfully for 5 years. One day a banker we knew said he would pay off the house and finance the balance through a bank loan and give us some cash to finish remodelling it.

As he was processing the paperwork to approve the loan he called me with bad news. The guy who was financing it for us got into financial trouble with a trailer park he owned and the bank had put a lein on everything he owned, and technically, he still owed our house ! We had a lein on our home for 2 years and never even knew about it.

Long story short, we almost lost everything we had in the house and the only thing that saved us was the bank agreed to release the lein on our property only if the first guy would guarantee the payoff money would be set in escrow until the suit against him was settled. At first he refused to do it but I went to his business and threatened to choke him unless he got us out of his problems. He did sign and we were able to get a bank loan.

Sorry for the long story, but when you are relying on an individual to finance something you have no protection in case they go belly up or die or something else like that. Just thought I should mention it. Go see a lawyer and get his advice to protect yourself before you sign anything. You could pay it all off and never see title to the property. A lot can happen in 5 years, a messy divorce for him, a lawsuit, etc.

Don

 

[Vince69]

Looks like a great place to fix up and call your shop.

We started a body shop in the mid 70's that was an old gun range.
We had no bathroom or water either so we got used to dropping the kids off at the pool in the morning and taking an Ice chest with food and drinks. Once we got some work in we had a roach coach come by with some goody's every so often and things were good. I am sure you have laid in bed and thought this thing through. good luck and most important have fun with your new adventure.
Once you get all the paper worked reviewed and in place everything else will fall into place just remember to keep your eyes open and your ear to the wind.[cl

Vince69

 

[RPM]

Looks and sounds like a great investment.

Does it have enough electrical power for what you intend to do in there. Upgrading electric can be very expensive. In our shop we have 200 amps coming in. While we have not tripped any breakers we are running real close to the max. With plasma cutter running and a big compressor, and lights, computers, heat all running at the same time. We have to be right on the edge of overload.

Water and sewer could be added later. Maybe something you can do yourself.

Good luck to you!

 

[hankthebigdog]

Congrats. sounds like a great start to a transplant. As already stated, electric power and lots of it. Ya never know when you will need that new ? ? ? ? and you dont want to have to re wire. Keep us informed as you get in and mods are made.[cl[cl

 

[GJunktionMike]

Cool CD looks like a nice lot with that and alot of room[cl

 

[Old Iron]

Your new property

Charlie first off congrats and forgive this next few lines
(Legal disclaimer: The following is not legal advice and you should confirm it with a 30 second -or how ever long it takes- phone call to a qualified legal professional.)
That said:
Go to the records department in the county that the property is in and do a property search for any liens, previous contracts, and get the background on this property.

Right at the beginning is a great time to have a real estate attorney look over the deal, this is money well spent

If it's a promissory note and deed of trust (or mortgage) then you do it just like the bank would, you and the owner need to go to a title company and have them do a recorded deed of trust, this protects the buyer as well as the seller.
Good luck

 

[jfg455]

+2 on what Old Iron said. If you use a lawyer that is in the housing field you can set up the mortgage just like with a bank. The old owner can forclose if you are 3 motnh behind (protects him) and he can't put a lien on it (protects you.

 

[super56]

Congrats! Sounds like a great place, good luck!

 

[NewIronRats]

I hope you get it and that works out for you.Do what Old iron said and make sure everything it legit.[P[

 

[Charley Davidson]

I decided to pass on the property, the guy was pushing me to hurry up and make the deal so I just told him I'll pass. I'm sure I'll find something again that may even be better, gonna start watching the sheriff/tax sales.

 

[sgtpontiac]

I'm a firm believer in what is meant to be will be..

Wasn't in the cards....and if it is...it will happen....[P

 

[old lady's mad]

always trust your gut, if it dont feel right dont do it, especialy if the owner is to pushy. to me it looked like you would have been buying a lot and a concrete pad. the walls looked questionable . and you said it needed a roof.