zoned non-conforming - Posted by Dave(MI)

Posted by Mike Oldfield on April 12, 1999 at 03:13:40:

I’ll take it if you don’t want it! Just kidding.

Insure the structure for full replacement cost, then burn it down. Sorry just kidding again.

In all seriousness. You can’t lose.

If the property burns, or is hit by natural disaster, very often the damage is not 50% believe it or not. Plus the 50% is a judgment call which you can overcome with a little persuasion if you have your heart set on rebuilding. (You will find that you make out better collecting the insurance and walking than rebuilding because you can buy them cheaper than you can build them) KEY POINT Always insure for FULL REPLACEMENT VALUE They don’t depreciate the damage claim. It cost a very very few bucks more but when you have a loss hallelujah sp? In most cases damage is less than 50%. If it is more than 50% then collect on the insurance policy (All your investment and profit all at once instead of over a long period of time) scrape the remains (which should cost no more than a few thousand bucks and sell the land, or develop it into a traditional off frontage structure like mini-storage, boat RV and Car storage or a mobile home park. Stop worrying about zoning if you buy it right YOU BOUGHT IT RIGHT. You will do fine. Go for it. Write me at Good Luck Mike Oldfield

zoned non-conforming - Posted by Dave(MI)

Posted by Dave(MI) on April 11, 1999 at 21:55:11:

Have any of you more experienced ones ever encountered trouble owning property that is zoned non-conforming? For example there is a property located 200 yards from the main drag of this town.the road connecting the property to the main drag is a very narrow dirt road.This is ok for the residential property that is on the land now, however if the property becomes damaged beyond 50% the city zoning says that I have to rebuild not residential but commercial, The problem I have is that I really don’t believe that this would be a desireable location for potential commercial tennants because of being excessable by only a 200 yard, hard to find dirt road, thus causing vaccancy problems, I could be missing something, I would value any insight on this matter.Especially since there is a motivated seller owning the above mentioned property!

Thanks in advance for your time and consideration. Happy investing :slight_smile: