Asbestos and lead Based Paint

[Bryson Sumrall]

First I’d like to apologize for the length of this post but have questions about lead based paint and asbestos that I can’t seem to find an answer too. I am a new investor in south Mississippi. My farm area is laurel, where the HGTV show hometown is filmed, and the surrounding areas. Most homes in my area were built before 1978 when lead and asbestos stopped being used.

1. Should I make the deal contingent on asbestos and lead paint testing? I feel like this would weaken my chances of getting the deal.

2. Do I risk running into asbestos and lead when renovating? Do I have to test if I find something that may or may not be asbestos?

3. What if when I am renting, a piece of popcorn ceiling falls and I don’t know if it contains asbestos. Do I have to test? Or what if ceiling trim paint starts to peal? Do I have to test?

I know so many people are able to flip and renovate properties that were built prior to 1978 but I don’t understand how your numbers would still work if you are constantly having to account for the potential to completely rid the property if the material. Thanks for the help.

[Patrick Drury]

@Bryson Sumrall 

I would not make it contingent upon lead paint and asbestos testing. You will just lose every deal you offer on, especially in this market. You want to slash as many contingencies as possible to be competitive. Not sure exactly how the South Mississippi market is though. Just ask for a price reduction if it's evident there is asbestos in the amount it would cost to remediate. Lead paint is in almost every older home, just unavoidable.