All Forum Posts by: Zain B.

@Kelly Arthur thanks for sharing your experience. Looks like things worked out for you. Did you buy from a private entity? Whom did the seller use to remediate the issue? I am dealing with Fannie Mae and its a pain the A** to get them to do anything. I even volunteered to soil conduct the test to find out if its an oil tank or just a abandoned septic tank but the seller will not work with me here. They do not want me to dig at all which leads me to believe that (1) they either know more than I do or (2) the agent has no interest in selling the property as I am sure he/she collects property maintenance fees. In either case, I think I am going to back away from the contract since my lender will not finance without knowing what's underneath the ground. Just a big waste of time and money. Glad you were able to work your issue out.

@Gary Harris the advise that you are giving is what my realtor also gave but i want to explore a bit more before I give up. 

@Tom W. I agree I should not make an assumption about the one line oil system.  The $2,500 quote which I agree is on the high end covers the removal of the tank and if there are any holes than they will test the soil sample. 

@Jason Timmerman @Liz Faircloth and @Matt Faircloth. I live in Northern NJ and having the same issue with not being able to find cash flow properties. Elizabeth, I agree with you that in NJ, the key is to find properties where you can realize some forced appreciation. Anyone you could recommend to connect with on Northern NJ properties? Looking into Hudson and Essex County, Hudson and Bergen County. Any help will be much appreciated. 

Thanks

I had a magnetometry survey (fancy name for an oil tank sweep) conducted at a property I am looking to purchase in Northern New Jersey. The scan detected an anomaly between the grass and driveway. While a metallic footprint consistent with a large metallic object present, the absence of a fill pipe or vent pipe necessitates the need to excavate the area with shovels. The seller is Fannie Mae and the seller's is not allowing to dig to find out whether its an oil tank or not. Also present is one Oil line in the basement that leads to the general area of the anomaly (apparently there should be two lines but only one is present). No other anomalies on the property exist. Last time the property was sold was in 2004. The town does not have any records of permits for the removal of an underground storage tank. Property has been in foreclosure since 2014.

The cost to remove an oil tank is ~$2,500 (quoted by the same environmental company that did the inspection above). The issue is to confirm if the soil is contaminated and the extent of the soil contamination. The seller is not allowing to dig the area. The property has probably $30,000 - $40,000 of in the money equity in its current condition.

Question to the more experience investors is whether I should do the deal or not? Also, is there any other way to find out if there is an oil tank or not? I discussed the possibility of a non-invasive scan but the environmental company suggests that's not going to help us here. The non invasive scan is only going to tell us that there is an anomaly there (which we already know) but not tell us why there is an anomaly and what really is there (septic, oil or dry well).

Any help will be much appreciated. I clearly understand no one will be providing legal advice. But if you folks were in my shoes, what would you do?

Thanks

I had a magnetometry survey (fancy name for an oil tank sweep) conducted at a property I am looking to purchase in Northern New Jersey. The scan detected an anomaly between the grass and driveway. While a metallic footprint consistent with a large metallic object present, the absence of a fill pipe or vent pipe necessitates the need to excavate the area with shovels. The seller is Fannie Mae and the seller's is not allowing to dig to find out whether its an oil tank or not. Also present is one Oil line in the basement that leads to the general area of the anomaly (apparently there should be two lines but only one is present). No other anomalies on the property exist. Last time the property was sold was in 2004. The town does not have any records of permits for the removal of an underground storage tank. Property has been in foreclosure since 2014. 

The cost to remove an oil tank is ~$2,500 (quoted by the same environmental company that did the inspection above). The issue is to confirm if the soil is contaminated and the extent of the soil contamination. The seller is not allowing to dig the area. The property has probably $30,000 - $40,000 of in the money equity in its current condition. 

Question to the more experience investors is whether I should do the deal or not? Also, is there any other way to find out if there is an oil tank or not? I discussed the possibility of a non-invasive scan but the environmental company suggests that's not going to help us here. The non invasive scan is only going to tell us that there is an anomaly there (which we already know) but not tell us why there is an anomaly and what really is there (septic, oil or dry well). 

Any help will be much appreciated. I clearly understand no one will be providing legal advice. But if you folks were in my shoes, what would you do? 

Thanks

thanks @Chris cavigioli. Appreciate the insight. 

@Jefferson Gan, can you please tell me how you ended up proceeding with the property discussed above? I am purchasing a property also where I am responsible for the CO. Any insights you can share from your process?

@Robert Davis what kind of tiles did you use on top of the heated floors? Do you have any pics that you can share? Did the heated bathroom floors increase the value of the property (i.e. appraiser added more) of just get you more offers / less negotiations from the buyer? 

To be honest with you, I just think for $2/sqft, dapple grey is not a bad choice but I am completely lost as to whether it goes on the floor or the wall. I like you idea of dapple grey on the floor and the white subway tiles on the shower wall. My contractor was concerned about the dapple grey looking too dark. Where do you guys buy the subway tiles. I wonder if there is a cheaper alternative to HD / Lowes. 

@Sean Walsh, I just googled and there is a Floor&Decor in my area. Thanks for the tip. I will check them out.  Any pics of the travertine tiles that you have used on your projects? 

@Dejahn Renrick, congratulations on your flip. The property looks amazing. I am curious to see before pictures. Post when available.