Above ground oil tank

[Tristian Cox]

Looking at a lead and wondering if an above ground oil tank is something that is an issue? The oil tank is in the garage above ground. What should I take into consideration when examining this lead? Removal? Testing the ground ? How much does it cost to get rid of that and get heating units that are split ? in a tough market and looking to break in and secure my first property. Please comment your thoughts? 

[Teresa F.]

Hi Tristian,  Drywaller put a nail through an oil line which resulted in a minor leak in one of my properties.  I had to do an environmental clean up -- people in suits, etc.  Fortunately, the state has a clean up fund and reimbursed the majority of my expenses.  

If you are rehabbing and going to flip, you may want to consider changing the system (several thousand dollars) as oil is an expensive way to heat and some buyers will just rule them out entirely in their home search.

If this is your first deal, you may want to keep looking.

Best, Teresa