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Updated about 4 years ago on . Most recent reply

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Scott Cash
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Should I buy an old salvage yard lot for RV/Boat storage?

Scott Cash
Posted

Looking a 9 acre lot that used to be a salvage yard/auto shop. Anyone ever had to contend with EPA, Phase I, Phase II reports, Brownfield Designation? Many questions. What am I getting myself into? Any advice on what to plan for or expect would be greatly appreciated. How do I get an estimate for clean-upbefore making an offer? Does the current owner have to apply for Brownfield or could I after I buy it? Can adjacent properties sue me for cleanup later on? First time commercial buyer here.

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Henry Clark
#1 Commercial Real Estate Investing Contributor
  • Developer
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Henry Clark
#1 Commercial Real Estate Investing Contributor
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Replied

@Scott Cash

Doing this in reverse from a finance need.  Already have an existing Storage on a prior gas station location.  Go to your State DNR group and tell them your story.  They will give you a data base where you can search using the prior company name.  See if the state has them listed and what the status is.  Then go from there discussing with the DNR as to next steps if any.

Ours is noted as cleaned up back in 1991 and no further actions needed.  Do this easy step first.

  • Henry Clark
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