Announcement

Collapse
No announcement yet.

Deal 2

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Deal 2

    Start Small and make your big mistakes Early.

    Deal breakers- market, finance, zoning, footings, road type, water/sewer availability, Storm sewers, Storm retention ponds, don't over analyze and don't get to greedy. Everything else you can mess up and not get to hammered.

    Some of these stories will be ambiguous because they are still "live" items. I am intentionally not telling you all of the details and am obfuscating some of the detail, just telling you the Deal story.



    Well this one was me. So I will tell the situation.

    Setup:

    Found a great location. 8 acres. 4 is usable, the rest is up a 60 degree hill. About 4,000 vehicle per day traffic count. Right near the higher income population. Anchors on both sides (College, Humane society and a shopping outlet) to draw traffic. Apartment complex and timber on the back side. Land had been for sale for about 15 years (sucker??). Price was cut in half, 6 months ago. I made even a lower offer than list, subject to zoning "use" approval in Planned zoning. Accepted. City planning came back and said it was approved subject to me putting in a Water line. Need for Fire hydrant and a required bathroom.

    Right there along the side walk is a fire hydrant. Why are they saying I need a water line?

    The Fire Hydrant is the "Private" hydrant for the apartment above me. Coming "down" from the apartment. The same owner used to own both properties. Also the city requires a full water line along the whole road front when you develop. And you have to own it.

    Back to the offer. Realtor and owner, you didn't know about this? I really, really, like this land and location. Re-opened the negotiation (phone call). I had already offered below list price. If I backed out the $130,000 extra the city said I would pay for the water line extension, the price would be getting close to zero and the seller would back out. Chalked it up to the cost of learning, and took an extra $20,000 off the price.

    Cost of land plus the extra, I was still happy with the cost. Just a little mentally drained by the thought of, hey there's water right there.

    Deal Breakers- make sure your Water/Sewer needs are accounted for.

Latest Topics

Collapse

  • RandyL
    Reply to Disaster In Iowa
    by RandyL
    Clarkstoragellc T_Champeau

    Thanks for the great advice luckily this is not my first disaster. But I have come across many lessons learnt that I will need to improve on for the future. In regards to tenant notifications, and use of cloud computing software.

    I have just...
    Today, 01:46 AM
  • Clarkstoragellc
    Reply to New startup business in the midwest....
    by Clarkstoragellc
    Do your return and profitability calcs. Parking has a very low return compared to storage. Not a very good first storage investment, unless you happened to find cheap wasteground, or cheap ground that already had hardsurface....
    Yesterday, 06:23 PM
  • Clarkstoragellc
    Reply to New startup business in the midwest....
    by Clarkstoragellc
    Customer Considerations:
    CONSIDERATIONS FOR RV OR VEHICLE STORAGE




    A. Pull through- The front, pull as far forward as possible, gives the person next to you an easier angle to turn into, from behind you. Align your front with the fronts of all other vehicles. Be...
    Yesterday, 06:22 PM
Working...
X