Oh the interestingness of real estate investing. This morning I received the preliminary site report. Just a bit more than I anticipated - by about $30,000. I had estimated $20,000 in site work but the estimates came in closer to $50,000 so I did what any investor would do.
Withdrew my offer of $60,000 for both lots.
Then re-offered $30,000 for both.
The issue wasn't just needing to pipe the storm drainage through the property and cover it with loads and loads of dirt as I had hoped but we will have to pipe the storm drainage so that it will bypass the properties then enter a large, fenced retention area which will have to be maintained.
The fortunate condition is that there is plenty of room on the larger lot for the retention pond and that will put the liability for care on one owner, not both, which would have required a miniature HOA for those two little low priced homes!
That's really all there is to add today. This is the slow part.
More Rockin Hills for the interested investor or the bored reader.
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