This isn’t a glamorous topic, but this is one that will save every investor thousands of dollars. Now, as investors, we should be able to walk through a house, inspect everything that we see, and kind of get an idea of what we think needs to be repaired. But, what you can’t see is the underground oil tank (if your market has this issue) and the sewer lines.
Now, these are two things you absolutely want to ask about. You need to know if the sewer lines need to be replaced, repaired, and how much that would cost. And, you need to know if the oil tank has been decommissioned and whether or not to get soil samples.
I know there is more to the process, but I bring up this quick tip for a reason: there was one time that I didn’t check for an oil tank. I just assumed the tank hadn’t been used in a while, so it must have been decommissioned. Well, I was wrong. And, it cost me about $10,000 in clean-up fees to excavate the front yard. It was an absolute nightmare. So, always be sure you as the seller if there is an oil tank on the property. This way, you won’t suffer a $10,000 lesson.
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