Oil Tank - remove or not to remove

[Helen M Leyzerovich]

Hey guys - 

In AR for a 3 Unit property that has an underground operating oil tank in place.  Oil is used for heat and hot water, but there are already separate gas lines (and meters) for cooking gas. Had an oil tank sweep performed to make sure that there are no other abandoned oil tanks (there aren't), and are currently awaiting results from the soil sample test. 

Plan was to maybe leave the oil tank in place, for maybe a year, maybe less, just to understand how things are working. Current owner does not have oil tank insurance in place. 

Trying to figure out what is the best solution. Should I get oil tank insurance once I purchase the property? If so, does anyone have suggestions on a good insurance co for this? Or, should I not bother spending the money on the insurance and rather put that money towards removing the tank and get the gas in? If anyone dealt with this before, your input would be greatly appreciated! 

Thanks so much!!

Helen

[Shain Ismailovski]

Hi Helen,

A lot of investors I work with with remove an oil tank if they can. The liabilities if something goes wrong with the tank are immense for the property owner and they would rather not risk it.