Evaluating investment property in Memphis TN

Evaluating investment property in Memphis TN

Rental Property Investor · Fremont, CA · Member since 2018 · 27 posts · 8 votes

Evaluating a property in Memphis TN. Newbie investor.

Just got the contract and it mentions that it is unknown that there ever was a "sinkhole" there, or about the foundation, 

--Seller (is unknown) of a sinkhole(s) present on the Property. A sinkhole is defined pursuant to Tenn. Code Ann. § 66-5-212(c) as "a subterranean void created by the dissolution of limestone or dolostone strata resulting from groundwater erosion, causing a surface subsidence of soil, sediment, or rock and is indicated through the contour lines on the Property's recorded plat map."

--Seller (is unknown) that a single family residence located on Property has been moved from an existing foundation to another foundation.

--Seller (is unknown) of the presence of an exterior injection well on the Property.

Are any of these "red flags" for a property purchase in Memphis? Are these common issues? I have learnt a lot from BP and looking for recommendations on these from fellow investors and experienced folks!

Thanks!

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  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    8y

    These are common answers on this form. Not a red flag issue. If you are concerned you can always speak with the closing attorney. If I were selling you  a house it would say the same thing. 

    Good luck 

    Curt Davis - KAIZEN Realty538 Reviews
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