What do you think about an underground oil tank that has a leak ,

What do you think about an underground oil tank that has a leak ,

Member since 2018 · 4 posts · 0 votes

Would you bother to buy a property to be flipped that has an underground oil tank that is leaking , please advise 

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  • Rental Property Investor · Boston, Massachusetts (MA) · Member since 2016 · 2k+ posts · 2k+ votes
    7y
    Good god no, why?
  • Lender · Pensacola, FL · Member since 2017 · 658 posts · 626 votes
    7y

    There are no bad properties; only bad prices. I'm not sure what a LUST costs to repair:  Leaking Underground Storage Tanks Corrective Action Resources

  • Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
    7y

    It could be as cheap as a $25,000 remediation , and go into the $100,000 range it all depends on the site conditions and how far the oil has spread .    If the oil tank is close to the dwelling , oil could be under the slab .  It could be as small as a 275 gallon tank all the way up to a 1500 gallon tank .      Back in the day people would install the large tanks and got a great price on a fill up 

  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    7y

    Find out how much it would cost to remove it and go from there.  If it were me, I'd get the current owner to have it dealt with before I took possession.

  • Member since 2018 · 4 posts · 0 votes
    7y

    thank you good advice so far

  • Specialist · Grand Rapids, MI · Member since 2016 · 1k+ posts · 611 votes
    7y

    @Gus Rios

    Not unless you can get

    government funding and/or tax abatements to clean up the issue.

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