Thanks for the reply, FishinRod!
I grew up in Georgia and are very familiar with both! I worry more about snakes and gators...
The property is grown up and I can't even see the entire lake at this point. May be stupid to buy something you can't entirely see but I assume the inspection process will protect me if there are surprises. Owner is supposed to clear more of the pond perimeter so I can see the entire lake.
Because of the overgrowth I can't tell if this is a natural pond or man made. If man made, it is obviously an older pond. I, too, am curious as to where the pond is overflowing and how much rain it takes to create issues.
This property is almost 10 acres, has a 2.5 acre lake, and cost about what you would pay for a new truck. It is priced lower because there is/was a used car graveyard adjacent to the property. On Google Maps it looks awful...I almost decided not to pursue the deal after seeing the satellite pictures. I decided to at least go look. Most of the old cars are now gone and the other surrounding properties are well kept.
It took me months to find a property I could afford without raiding the 401K or selling my current property. Every time I found something interesting it was sold for cash or was under contract... or it was a mud hole. I quickly learned the nice properties are 4 - 5 time what I paid and I may soon re-learn the lesson, "you get what you pay for."
The property needs work but, I *think* has potential. My big worry is the lack of proper overflow systems...the owner admitted the lake overflowed after a recent heavy rain and damaged a dirt road behind the dam. He said he has fixed the issue but that will obviously have to be verified by a civil engineer with a Georgia PE stamp.
I'm 3.5 hours away from the property so I can't spend as much quality time down there as I would like pre-sale.
My plan is to put a metal building with living quarters out there, clear some area for gardening and solar panels, and develop this as an escape property. Sell it...do it again.
