The environmental issues alone will swamp their economy within the next five to ten years.

I have rehabbed several homes over the past 5 years while working in environmental engineering.I have gained considerable knowledge on REI and would now like to move from part time to a fulltime basis.

In my area most of the parks are in the rural setting or country where the Environmental people have come in and forced park owners to have septic plants that cost anywhere from 100-400 thousand dollars.

Greg it will depend on the portfolio of the bank and how many performing versus non - performing assets on the books.The bank might not want to refi that type of product with too much of that type of asset class non-performing on the books already.They might have too much defaulted commercial all together.For value add plays typically occupancy is an issue.The lenders will want certain occupancy levels obtained for at least 3 months depending on loan type and typically stabilized for 6 months to a year or longer.If you buy an apartment building at say 50% occupancy using a hard money lender or private money and the going vacancy rate is an average of 10% then the lender wants 90% occupancy averaged out over time.When you refi you will only be able to go up to a certain percentage to cash out or can just convert with no cash out to the lower interest rate.Regular banks do not lend usually on sub par occupancy levels for the area.They see it as too risky and the say 60% occupancy can quickly go to 30 or 40% and they have a foreclosure or short sale on their hands taking a loss,plus inspection reports,attorney fees,appraisal and environmental review etc.

Instead of polluting our forums with that crap, I removed all 19 posts and booted the user for injuring my brain with her garbage.

If answer is YES then I move on to the next lender.Sure some will require environmental and a few other costs.It's too much of a risk for a lender to hold my money and not close the deal and chase them down before closing.

You need to find a good environmental consultant in your area to inspect that 1955 building for asbestos and lead-based paint.

How are you on BOCA, OSHA, Environmental Engineering, Marketing, Planning & Zoning aspects, obtaing zoning variances, politics in the area, working with utilities and thier engineers, financing projects......I could go on....Point is, you won't get this out of a few books, universities offer degree programs and new grads still are only prepared to assist an established developer.Best thing is to work with one and learn.Many developers were GCs before they started, probably started with a small number of lots and built in phases or got an existing area and built to suit.

Buying a property that has environmental issues.5.

Is there anything that would affect the value of the lot (power lines, environmental issues, drainage, etc.?)