All Forum Posts by: Michael Lear

Hi Everyone,

I purchased a property to flip about a year ago.  Prior to purchase, as is customary in NJ, I had a tank sweep company come investigate the property.  They indicated that there were no oil tanks on the property.  Fast forward a year later, we get an offer and the new buyers find an oil tank as part of their pre-purchase inspection.  I was completely shocked given that I had paid to have some one to look for a tank.  Anyway, the tank sweep company said they don't do oil tank removal and to take matters up with their insurance.  The adjuster says over the phone that they do not think the tank sweep company should be responsible for any removal costs which could go into 5 figures.  Has anyone else had this problem?  How should this be handled?  Any advice would be greatly appreciated.

-Mike

Thanks for all of the helpful advice.  I’m still trying to find the right solution.

@Brandon Reed Thanks for the quick response. I am familiar with the concept of the BRRR strategy as I've been lurking for a while and listening to the podcasts. In poking around initially here there seemed to be an outstanding question of the asset being owned by an LLC being an issue? Several people mentioned that a quitclaim for the LLC was necessary, but there were others Also, as most of the conversation surrounding the BRRR strategy seems to be around rentals I was unclear if it could be used for flips such as in this situation. Another way to put it is could I refi and then still sell in two months?

Thanks.

Hi All,

I am coming to the end of the loan term for a fix and flip that I financed with a hard money loan.  Long story short, I used the wrong contractor and the property took almost 11 months to get on the market. The property has not sold and I am risk of default.  The property is finished.  Is it possible to refinance just to give us more time to sell?  Is it possible to switch to a rental strategy and get it financed that way?

Any advice would be greatly appreciated.

Best,

Mike