Previous Gas Station Now Office Building
I recently bought what was thought to be a good deal. Appraisal in hand from 9 months prior showed building to be valued at approximately 150K and I purchased it for 60K. The bldg apparently used to be a gas station years ago and was converted to a small office bldg and the entire bldg is being rented by an equipment dealer. After buying the tenant mentioned that the gas tanks are still buried under a portion of the bldg and in the parking lot. Has anybody ever heard of this before? I have a short term mortgage on this that is to balloon rather quickly and I am having a difficult time securing financing due to the tanks. What are my options?
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