ELM DRIVE – DISSECTING A PROJECT And The Plans Change…

And The Plans Change…

At that point I dove deeper into the due diligence I had already started. One key item (that I had already suspected) was clarified: the little house had essentially been constructed with no permits and was illegally sharing the water, sewer, and gas taps for the mobile home. It had no taps of its own and the county was essentially unaware that it existed. In addition, it appeared to be built either against or over the property boundary line.

Hubby and the GC wanted the house and shop torn down. I could see how the house was becoming a building permit nightmare; but I wasn’t at all convinced about the shop. I am a Realtor and I see clients searching for shops (even ugly old shops) all the time. After attending the closing and meeting the seller my mind was made up. He told me several neighbors had inquired about buying the parcel with the shop. So I made a new plan.

We would focus on the trailer house lot (Elm Drive) and I would put the little house / big shop parcel (B Road) up for sale. If it sold that was fine. If it didn’t then I’d get back to it later… But a buyer got pretty serious and made an offer that included me paying to knock down the little house. I called my GC and asked for a bid on that work so I could decide whether the offer was worth it. My GC dutifully got me the number; but also made a confession. He had fallen in love with the lot and wanted it for himself. He would build his personal residence there. Hubby and I conferred. We decided we didn’t want to make a profit from him. We would have partnered with him in the first place if we’d known his interest was that high. He was offering cash and a quick close. So we sold it at “break even”. He is going to do something great there and it is just going to improve the value of what we are doing on Elm Drive.

Although we didn’t have any permits for building; we didn’t need a permit to destroy. So in a matter of days the trailer and outbuildings were gone; as was the little house and the outer layer of the shop. It is a naked skeleton awaiting its new clothes.

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