All Forum Posts by: Tzvi Balsam

@Marco Y. @Account Closed 

So I was played ?

@Account Closed

Is your advice based on what you know, or based on what you assume?

Made me Laugh I like that.

Why did you give up my plan thats just nasty.

@Marco Y.

I ran the numbers look like a decent deal, besed on the numbers you provided good luck keeps us updated.

https://www.biggerpockets.com/calculators/shared/5...

@Trell Brooks

home equity line of credit.

@Marco Y.

On A 6 family I pay $2700 on a 3 family I pay $1800.

@Marco Y.

I am in currently in contract on similar deals, and I would tell you Its risky, the numbers are ok but for a 5 Unit you would have a hard time getting a commercial loan (You do not qualify for a Fannie Mae Freddie mac loan).

Can you get seller Financing? What town is it ?

This is what I found.

The property I am buying has an underground heating oil tank that was decommissioned (taken out of service). The tank is filled with sand, gravel or foam and contains no oil. The seller has provided permits and reports from the town building inspector stating that the tank was properly abandoned and decommissioned. Is it still necessary to test the soil surrounding the tank to determine whether contamination exists?

A8. If a seller provides a report from a state certified environmental company with laboratory results from a state certified laboratory stating that the soil was tested at the time the tank was taken out of service and filled with sand/gravel or foam, additional soil testing would not be necessary as long as the soil tests were acquired from the appropriate locations and analyzed for the proper laboratory analysis. To verify this answer an environmental professional should review this report to ensure it is complete and thorough. If you do not have a statement that the tank did not leak than you have to answer that very important question.

If all you have is a copy of the local permit that the oil tank was removed and approved by the local township, then you STILL do not know if the tank leaked. IT is not the construction departments responsibility to comment on tank leaks it is a different department. So often times a local permit of a tank removal or closure in place of an oil tank incorrectly gives people the opinion that the tank did not leak. Only independent soil testing can confirm that an oil tank leaked. Lets be honest you can tell your cholesterol level without testing so why would testing a tank be any different?

http://www.currenenvironmental.com/tank-removal/faq#Q8

@Marco Y.

I am paying more like $1500-$2000 a year on insurance in NJ, $3600 sounds like a lot.