All Forum Posts by: David H.

Hello BP

I have a question about underground oil tank. I want to make offer on a three family property that has an underground oil tank in New Jersey. All I know is that it the tank is there I don't know if it was filled or was being used. I have to replace heating with gas boilers. This is a buy and hold property. I will be purchasing the property using a hard money lender and refinancing with a portfolio lender. Do portfolio lenders have restrictions on underground oil tanks? Any information or insight on the topic would be helpful. Thank You

Hello BP 

I have a question about underground oil tank. I want to make offer on a three family property that has an underground oil tank in New Jersey. All I know is that it the tank is there I don't know if it was filled or was being used. I have to replace heating with gas boilers. This is a buy and hold property. I will be purchasing the property using a hard money lender and refinancing with a portfolio lender. Do portfolio lenders have restrictions on underground oil tanks? Any information or insight on the topic would be helpful. Thank You 

Thanks for your insight Stephanie. I will look for portfolio lender now.

Thanks you Tom I appreciate your input and for sharing your experiences. Best regards David

Hello BP 

My name is David I am a new investor and currently in the market looking for my second deal. First deal was a two family house hack using FHA. This deal we are looking for a distressed property and plan to use hard money for purchase and rehab. I know lenders usually want 10% of purchase price but does that include the closing cost or is it separate? We prefer small multi-family and use BRRRR strategy but we will do a fix and flip if the numbers make sense. Does it matter to hard money lenders if we buy/hold or fix/flip? Or do they just care about 65% ARV to fund the deal?