Good morning to everyone, you can share your experience about transactions you made to very old assets (1930 - ...
Original publication date on the United States Real Estate Forum on Facebook:
2019-01-02T17:04:33+0000
Good morning everyone,
You can share your experience with deals you made on very old properties (1930 - 1960 for example) what you did about asbestos or metals like Radon, what is very dangerous to the tenants' health, and have you ever heard of a tenant claiming the property owner got sick because the property owner did not take care About?
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We once canceled a home purchase because of it. What is important to know about "Lead-based paint" Led Base Paint that as long as you do not peel the wall there is no risk. But… If such a color is found there are two options:
1. Removal and external and internal pointing increases 10K or higher.
2. The City of Columbus Ohio has a plan to fund these paint repairs. They give a grant but have to wait for it - https://www.columbus.gov/development/housing-division/Lead-Safe-Columbus_M/
See if your city has a similar grant
?
Hey Avichai, what do you mean as long as I do not dismantle and tell proper disclosure?
The question is also what happens if you are sued for an amount that is beyond the value of the asset (assuming I have no additional personal property) What else can you take for me? Is there also a danger of arrest? Regardless of my opinion, it is recommended to consult a lawyer on such matters.
I made a number of deals
Such,
As long as you have not dismantled and provided proper disclosure about this it is all right
In case you have to dismantle there are companies that specialize in this and then "responsibility" falls on them
I know of a lawsuit against a friend who flipped a house with asbestos and was sued by a mother whose son got sick because of it
She got nothing out of it. He lost a few good days of work, thousands of dollars to a lawyer and a few more white hairs.
A fascinating post
The question is why invest in such houses? Because it's cheap? That so-called high yield?
Radon lead and mold
Must be handled.
I would move away from fire,
It's a risk, and why take risks when you do not need to.
There are many houses even without Lead or Radon
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Black Mold
I would get away,
Especially if you are inexperienced……or …..don't tell anyone about these "diseases".
Asbestos, if they have not started to decompose, you can consult the experts... there is a treatment with a special paint to avoid the decomposition
Thanks Jun, are you always just switching completely? Was there a case in which you left it because according to a report / city inspector it was said that there is no health hazard?
Hey, I did a lot of these.
As for asbestos and welds, you must take them down. I am now purchasing a property that has a claim on it (for a child who fell ill with LED poisoning).
Renovation is more expensive but there is no problem in doing it.