Hi.
I am a new poster after discovering (and devouring the threads from) this forum a week or so ago.
My wife and I are looking at our first IP - and just to make it interesting it is a block of 7 units currently let as holiday units (we may revert back to more traditional long term leases).
One of the things that is turning me off is the fact the units have a big diesel hot water system which provides hot water to all units.(Circa 1979)
I know that for land where a service station has previously been operating there is a large cost involved with 'purifying' the land where the storage tanks have been and my question is does anyone have experience with diesel holding tanks in a residential setting?
IE if we were to convert to traditional hot water systems or at a later date demolish and rebuild new units would we potentially be up for large environmental cleanup costs etc??
Anyone with experience or an opinion would be welcome.
Cheers,
Mark.
I am a new poster after discovering (and devouring the threads from) this forum a week or so ago.
My wife and I are looking at our first IP - and just to make it interesting it is a block of 7 units currently let as holiday units (we may revert back to more traditional long term leases).
One of the things that is turning me off is the fact the units have a big diesel hot water system which provides hot water to all units.(Circa 1979)
I know that for land where a service station has previously been operating there is a large cost involved with 'purifying' the land where the storage tanks have been and my question is does anyone have experience with diesel holding tanks in a residential setting?
IE if we were to convert to traditional hot water systems or at a later date demolish and rebuild new units would we potentially be up for large environmental cleanup costs etc??
Anyone with experience or an opinion would be welcome.
Cheers,
Mark.