Lead Based Paint-Please Share Your Thoughts
Hi All.
I’m working on a great deal on a triplex in Ohio. I’ll get in for under 4k and cash flow around $400-$500/mo. The building is in good condition with paint, plumbing, electrical and roof all updated.
Here is the rub……it’s about 100 years old. So, the lead based paint (LBP) issue comes up. I have never purchased a building old enough for this to be a concern. There is no indication by the seller that LBP is in there. I have read past posts suggesting as a buyer I do nothing more than buy, and have tenants sign a waiver. Other posts suggest I do nothing at all, sort of a “you’re better off not knowing” approach.
From those of you who have been in the business for a while, or have dealt with this, please share your thoughts. Should I have the inspection and risk losing the deal? (My preference at this time) Or, do nothing/say nothing and hope tenants and future buyers do the same?
Thanks in advance for the input. Brian
Very helpful stuff, thanks all.
As hard as the market is in the coastal regions, it will be tough. If this is a home for you to reside, the realtor (if used) should be a good source for a referral. Also, if you are going to live there, ask the prior owner, if available.
If a rental, contact a local investor group for an Agent referral. Look at the "Groups" tab at TCI to find the most local group to the property...
This group looks to cover the Pensacola area:
http://www.thecreativeinvestor.com/commercial/Group-189-The_Estate_Group.html