Hello Garage Journal gang.
I'm posting about a house with a large shop I stumbled across and am looking to buy! I'm at the stage of inspections and survey so any tips would be appreciated.
I have a lot of project cars and currently doing more storing of parts then fixing up in a two car bay. I also had issues with the city about too many cars for my one bay. The city food pantry moved in next door and found out my lot is much smaller than landlord thought.
I wasn't actively looking to buy so I don't have money saved up. The seller kept dropping the price until I couldn't ignore it any more. It is grandfathered as a commercial property and is unincorporated. The main issue is a septic tank which he had a quote of $15k to repair. The steel shop roof leaks and the house I would call a fixer upper. I tried to get the price down but had to meet the sellers minimum asking price to keep the property from getting foreclosed on. Wasn't able to negotiate in the closing costs but did get the lift, compressors, exhaust fans, and crane included.
some info/specs from ad on the shop:
400 amp electric service
31'x60' x14' with 12' x 16' huge entry door
8'x8' entry door for the 12'x24' cross draft paint booth w 2 explosion proof fan
heavy pour concrete floor, 5/8 rebar tied on 2' centers throughout
3500 lbs asymmetrical vehicle lift
10' boom crane with winch that swings out
80 gal 2 phase and 60 gal 2 phase air compressor run tandem to paint booth
14'x 20' office upstairs, with a shower, sink and toilet and additional storage
The house also has a two car a garage.
Excited because of the potential but nervous.
If there are more issues I guess the deal will fall through because I only have financing for the cost of septic repair in the form of a 203k loan.
In that case I guess it will go into foreclosure. Which was due to have a starting bid of $55k less then the current purchase price! Not sure if I could somehow get a loan for a foreclosure property. Thoughts?
I'm posting about a house with a large shop I stumbled across and am looking to buy! I'm at the stage of inspections and survey so any tips would be appreciated.
I have a lot of project cars and currently doing more storing of parts then fixing up in a two car bay. I also had issues with the city about too many cars for my one bay. The city food pantry moved in next door and found out my lot is much smaller than landlord thought.
I wasn't actively looking to buy so I don't have money saved up. The seller kept dropping the price until I couldn't ignore it any more. It is grandfathered as a commercial property and is unincorporated. The main issue is a septic tank which he had a quote of $15k to repair. The steel shop roof leaks and the house I would call a fixer upper. I tried to get the price down but had to meet the sellers minimum asking price to keep the property from getting foreclosed on. Wasn't able to negotiate in the closing costs but did get the lift, compressors, exhaust fans, and crane included.
some info/specs from ad on the shop:
400 amp electric service
31'x60' x14' with 12' x 16' huge entry door
8'x8' entry door for the 12'x24' cross draft paint booth w 2 explosion proof fan
heavy pour concrete floor, 5/8 rebar tied on 2' centers throughout
3500 lbs asymmetrical vehicle lift
10' boom crane with winch that swings out
80 gal 2 phase and 60 gal 2 phase air compressor run tandem to paint booth
14'x 20' office upstairs, with a shower, sink and toilet and additional storage
The house also has a two car a garage.
Excited because of the potential but nervous.
If there are more issues I guess the deal will fall through because I only have financing for the cost of septic repair in the form of a 203k loan.
In that case I guess it will go into foreclosure. Which was due to have a starting bid of $55k less then the current purchase price! Not sure if I could somehow get a loan for a foreclosure property. Thoughts?
