Ep 509: Dealing With Underground Tank In Development With Joe Evangelisti

In this episode of the podcast, Daniel Martinez welcomes back Joe Evangelisti, a returning guest known for his expertise in real estate financing and development. Joe shares various anecdotes from his experiences in real estate, including the complexities of dealing with underground oil tanks, a common issue in the Northeast which can turn into environmental and financial catastrophes if not properly managed. He recounts a particularly nerve-wracking incident where an unexpectedly discovered massive oil tank almost jeopardized his biggest project. Fortunately, the situation was resolved when the building inspector confirmed the tank had been correctly abandoned years prior, allowing the project to continue without legal or environmental repercussions. 0:27 - Introduction of Guest and Topic: Daniel Martinez introduces Joe Evangelisti as the guest who will share interesting real estate stories, focusing on deal breakdowns and complex scenarios they've encountered. 1:17 - Underground Oil Tanks: Joe explains the challenges of dealing with underground oil tanks in the Northeast, describing them as environmental hazards that can significantly complicate real estate transactions. 3:52 - Crisis Averted with a Large Oil Tank: Joe narrates a tense moment during a project when an unexpectedly large underground oil tank was discovered, posing a potential disaster that could have led to bankruptcy due to environmental cleanup costs. 5:01 - Relief from Building Inspector: The building inspector provides unexpected relief by informing Joe that the tank had been properly abandoned with sand back in 1996, allowing the project to proceed without any legal or cleanup issues.

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