Experience in owning CRE with Water Retention Basins + Costs???
Reformatting original post to keep this short
- I want to buy commercial land and build a small shopping plaza
- Land has massive 1 acre+ water retention basin in addition to buildable land.
- Agents are being shady, will not disclose expenses current owner has paid for yearly maintenance for decades. It has been 2+ weeks of asking and no answer still. They are being very dismissive about costs involved.
-Paperwork deep inside the massive packet of papers tied the land show an agreement with the city and this commercial community that states whoever owns the parcel of land that the retention basin is on, is 100% responsible for the costs to maintain the basin.
- Online I am seeing yearly maintenance costs of $6-8k for just this stupid pond and every 15-20 years needing dredging that costs $200,000+. That is insane.
- Do you have a water retention basin on your land? How big of a pain is it?? Should I buy an adj parcel for 1.5x the cost to get away from the pond?? Or am I stressing over nothing?
Please share your stories and experience below! Thank you for your help and guidance in advance! 🤝🙏