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Updated about 4 years ago on . Most recent reply

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Rajpuneet Singh Sandhu
  • New to Real Estate
  • Novi, MI
0
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Should I buy something from the 1940s?

Rajpuneet Singh Sandhu
  • New to Real Estate
  • Novi, MI
Posted

I live in the Greater Detroit area of Michigan and from my quick analysis so far just using the 50% rule I have found out that only the properties (single family homes) which are from the 1940s and 50s located in B, B+ neighbourhoods which have the blue collar population are priced such that I can get a positive cashflow and if I look at something even as much as 30 years old, it's either a negative cashflow or very CoC return of just 4-5%. So, my concern is properties built until 1970s 80s used asbestos for insulation and siding and it's very likely that most of the properties I am looking at would have it. Now, I searched through the forums and people are saying is asbestos removal is very expensive and if you don't touch it, it won't bother you but what I think is, if something was built 80-90 years ago and if not today then 5-7 years from now it could have problems with all this asbestos stuff, what then? I wanted to hear everybody's thoughts about this.

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Replied

I personally don't think you will ever have A problem, 

Btw there is an idea that instead of removing old siding you can rather just make new siding on top of it, in that way there is no need to touch the old siding.

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