Russell McMahon wrote:

>> Gee Russell that must have been a lot of work
>> for you to personally ask ALL those people
>> if they knew about the race track.
>
>
> Due diligence / caveat emptor / common sense / NZ's best known 
> speedway and world famous for dirt track motorcycle racing.
>
> Anyone buying a house in the relevant area and not knowing about 
> Western Springs Speedway doesn't know enough about house buying and 
> should have taken far better advice from all the sources that offer 
> it, free or paid. Odds are they have far worse problems with the house 
> that they also don't know about. I sympathise with people who are 
> mislead by shonky sellers, but there are some things that you can 
> easily find out and should.  


OK, Russell. Now, hear MY due diligence story.

Once upon a time there was a young engineer who lived in Texas, and 
LOVED the Texas Gulf Coast, especially the Port Aransas area. He'd made
a killing on Datapoint stock and wanted to invest into a business that 
would make a few $. He decided he wanted to invest on the seacoast, so 
that he could check his investment and the drive to the investment was 
deductible, and at the same time be near his ocean.

With his nose to the ground, one day he got a tip that the Dairy Queen 
on the beach needed an investor, because the owner's wife needed surgery 
and the owner needed to raise quick cash. The young engineer quickly 
checked out the investment; $10K would have gotten 25% of that 
restaurant. The Dairy Queen was right at the start of the island 
highway, located in a good position, one mile from a favorite fishing 
spot just down the road.

This young engineer was smart; he took a day off to research it in the 
public records, and found out that alas, the freeway was to be cut and 
rerouted to another spot.  Quick thinking and careful research had saved 
the day. The investment was NOT made, and the young engineer saved his 
money for the usual: song and women, not necessarily in that order (he 
didn't drink).

Advance two years, and another visit to the beach. Indeed, the freeway 
had been cutoff. But at that good fishing spot was  now a long, LONG
public fishing pier, allowing hundreds of people to fish on a 
24hr-basis. The Dairy Queen restaurant was thereafter the highest 
grossing Dairy
Queen in the state of Texas, over $5M per yr. As far as I know, it still is

I know this story well.   _I_ was that young engineer.

--Bob
 
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