All Forum Posts by: Rob Bowness

@Sami Gren, I haven’t purchased any properties w below ground oil tanks. That would give me great pause and I would want an expert to come and evaluate before moving forward on deal I just know if their is contamination it can be very expensive to correct the problem. If you know for a fact their is no contamination than 5k seems realistic.

@Sami Gren, I would reach out to a company that specializes in oil tank removal and ask for guidance. I just wouldn’t want to be holding a property with oil tank issues.

@Sami Gren, definitely make sure that situation is cleared and determined safe, that can cause well over a 100k to mediate.

@Hud Floyd Hello Sir, I am a Trooper for 6 years. Thanks for all the first First Responders! I am currently under construction on a flip and closing on a second in under a month. It’s definitely challenging balancing it all but we are making it work. God Bless.

Bank reduced the price by 10k. Happy New Years!

@Russell Brazil thank you. I guess now when looking at bank owned properties I will assume that in my rehab estimation costs. The numbers are tight and the bank owned homes in my area of North Jersey seem to be very competitive. I never assumed the most difficult part about this process would be acquiring properties that are good investments.

@Bob Paxson thanks for the response. I am not sure the actual size of the direct vent boiler. We also estimated about 120 feet of baseboard replacement. He estimated 12,500$ for a complete replacement. We went high hoping the bank would meet us in the middle.

@Michael Noto @Kevin Sobilo , thank you for the response. It’s a direct vent boiler and the house is 2226 sq feet. We estimated about a 120 feet of baseboard replacement. Moving forward I will need to assume the heating system is broken upon my inspection and rehab costs. My HVAC guy said that the max would be 12,500. He said it should be less but hopefully it can’t hurt to ask the bank to reduce the selling price. I hope the bank doesn’t just tell me to take it or leave it. I should hear back from the bank today or tomorrow. If they will not negotiate I need to decide if I can still make money on the flip.

@Charles Carillo thank you for the response. I believe that it is a boiler. I should have a done a better inspection of the pipes myself. I will learn for next time. Hopefully the bank will get back to me today and be willing to work w me. I did make an all cash offer for a 1000 over asking so it is a strong offer.

I am in attorney review for my first single family, bank owned, investment property. I attempted to have the furnace inspected yesterday. My HVAC guy noticed prior to even attempting to run air though the state that the pipes connected to the furnace were disconnected due to not being properly winterized. He also saw multiple holes in a few areas in the baseboard heating. We obviously were unable to check the functionality of the furnace or the water. He said that he felt strongly that the furnace would need to be replaced. One cool thing was that he didn’t charge me anything but he wrote me up a quote of 13k. He stated it may not cost that but won’t know for sure. I am asking the bank to take money off the selling price. I did not budget to replace the heating system and the deal won’t work for me if that is necessary. If anyone has experience with this or having the bank work on the price I’d greatly appreciate any knowledge. I already have close to a grand invested and time. Thank you.