Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 3 years ago,

User Stats

22
Posts
14
Votes
Matt Davis
  • Lowell, MA
14
Votes |
22
Posts

Offer accepted on a great deal, but there's lead paint AND kids

Matt Davis
  • Lowell, MA
Posted

I’m in an interesting situation with a deal and looking for some advice. We got an offer accepted on a great off market 6 family in Massachusetts.

We’ve discovered that there are children under 6 living there AND confirmed lead paint hazards recorded in the database. The failed inspection was about 20 years ago and we’ve been unable to track down the report.

The TAW tenant has refused to leave. She likes the low rent (about $1000 under market) and turned down $12,000 cash for keys! She is aware of the lead and maybe using it against the landlord.

We wanted to test for lead prior to closing, but the seller is refusing to let us do a lead test. He’s afraid it will bring the issue to light with the authorities and if the cost is too big we’ll back out and he’ll be stuck with a bigger problem. We’ve considered closing with the tenant in a hotel and doing abatement after closing, but don’t like the idea of doing this without an inspection So we can get an idea of what it would cost to remove the lead.

It’s a great deal, once stabilized it should cash flow great and we can build quite a bit of equity. The seller wants to sell, and we want to buy. We just need a way around this issue.

What would you do? Buy it anyway? Walk? Or is there is some sort of compromise we haven't thought of?

Loading replies...