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Updated about 11 years ago,

User Stats

116
Posts
10
Votes
Kim H.
  • Real Estate Broker
  • Dallas
10
Votes |
116
Posts

Would you walk away from a property with a bad past?

Kim H.
  • Real Estate Broker
  • Dallas
Posted

The property I am currently doing due diligence on had a gas explosion a year ago. The particular structure involved is no longer on the property and the explosion was caused by a company digging in a nearby location. I have copies of inspections done on the remaining structures after the explosion which show them to be sound, except one which needs $15k to repair the pier and beam foundation. I have my own inspections scheduled two days from now. There is an ongoing lawsuit between a family member of the tenant who passed away and the company, not involving the property owner or the property. I have already determined that I like the numbers on this property and the location is excellent. It's just what I am looking for as my first investment, if it weren't for this issue. Anyone else ever continue with a property that had a tragic past? What was the outcome?

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