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dafly

Problems in owning your own building

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I was currently looking into purchasing a building to operate a outdoor sporting goods store. The problem we ran into came from the environmental testing. The building use to be a Service Station many many years ago with a potential hoist being buried in the concrete. The attorney handling the real-estate transaction closed out the contract without my consent went AWAL after the Phase 1 test discovered these REC’s which I told him would come into play before we spent this money. Now after all this, I ended up learning a few things on EPA, property, and Enviromental REC’s.

The property wouldn’t be able to be turned back into a repair shop as theirs one right by the building and is a small town. Plus think their would be major issues with even getting approval from the township. The building simply inst setup to be a repair shop anymore. It’s been changed too drastically.

I originally wanted to own my own repair shop. However, do to my finances this is probably out of the question, but maybe still possible just not to the capacity I wanted, or maybe at least a detail shop.

How are you guys dealing with the environmental issues in purchasing a building? Older buildings would already have REC’s such at possible UST’s, LUST’s, ground contaminations, and so forth. Not to mention even doing a BEA, surly this line of work would only cause failures to prevent making the situation worse, or am I wrong here?

Plus if you were to by a clean property with no REC’s, what to do when selling the property? Seems to me that the property would need cleaned up before it could be sold.

I am now scared to even want to open a shop after this whole ordeal after this mess with our attorney.

Paying for Phase 1 after Phase 1 to find a property is insane. You then are looking at a Phase 2 and cleanup costs associated. I really do not know How anyone is buying commercial property anymore, not alone for a repair shop. I’m sure the attorney has really got me filled with so much wrong and inaccurate information and really need someone in the industry to clear the air here for me, regardless if we can get negotiations opened back up for this property and do the sports store, open a repair shop, or open a detail shop.

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