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New Investment Property

b116757

5 year old buck +
My oldest boy graduated college in Dec with a bachelors of science in automotive tech with an emphasis in diesel. I offered to pay off his students loans he sent me a link to a property in town he would rather buy than have me pay off his loans. It’s a small 900sqft house with 30’x96’x10’ shop with six overhead doors on about an acre with 6’ chain link fence around nearly the entire lot. Brick/block House is very rough will need a bit of work for sure roof is shot inside is rough needs a new electrical service. Shop was full of auto parts old guy bought cheap cars and stripped them down sold any parts he could and scrapped the rest. So the building was full of car parts. We have taken out 4 trailer loads of scrap one trailer load of engine blocks 9 of them, transmissions 7 of them and enough heads for about 15 engines. One load of tires/wheels. One load of car doors and about 42 drive shafts. Four loads of just trash. We still have 6 rear axles to move. We have moved the good stuff to one of the farm barns for long term storage. He plans to either run a shop out of the building or just rent the house and shop out as an investment property. He already has a job with the UP railway starting March 23rd so he will likely rent it out. They where asking $125k we bought it for $90k mostly do to the rough nature of the house and the kids lived out of state/area and didn’t want to attempt to clean out the shop so it was sold with all the personal property as is. It came with three trailers a 1999 GMC 2500 and two gantry cranes also. We have been very busy cleaning up over there the last three weeks. Sort of a before and after photo here the shops not empty yet but it’s much better than when we started.
 

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