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Updated over 7 years ago on . Most recent reply
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Should I buy income property w/ Lead-based Paint?
Hello,
I currently own 3 properties in Arizona and have recently moved to Florida. I've been hunting for a good income property here and found a solid triplex (2x 2BD/1BA, 1x Studio) around the Hollywood area. The property is expected to drive around 14% leveraged ROI including property manager fees. Knowing the property was built in the early 1950's, I wanted to protect myself regarding lead-based paint. As a result, I think I made the mistake of having a lead-based paint inspection. Now I am in the process of negotiating concessions with the seller for the cost of an abatement (which I believe can get as a high as $30,000).
I am at a point where, after extensive research, I reached a consensus that lead-based paint is not really that bad of an issue as long as proper precautions are taken to remedy chipping paint immediately when reported by tenants and disclosures are followed through properly at leasing. In addition, the lead-based paint is likely under layers and layers of paint since the 1950's and all windows are sealed shut. Do you guys agree? Do you still think it's a big liability even if I disclose and am not negligent regarding repairs?
Additionally, I feel bad for the seller. I almost certain he won't agree to the added ~$30,000 in concessions and he needs to put the property back in the market now legally bound to disclosing this hazard. I think it's a lose-lose in a way since even if the seller paid the full concession to cover my abatement costs, the abatement would still take time and cause me rental loss. This sucks... I don't think I'll ever do a lead-paint inspection again. In this case I am starting to think ignorance is indeed bliss... Was wondering if anyone had any similar experiences or advice on this matter.
Thank you in advance for your comments.
Kind Regards,
Tom