Lead Paint Remediation

[Ryan Butler]

Hello all. I'm a new investor who is anxious to buy my first property. I've been doing a ton of research. My main strategy is to purchase rental property that will provide positive cash flow. I am especially impressed with Mike Rossi's methods. I have read through his book a few times now.

My question involves lead paint. The properties that will properly cash flow in the central Massachusetts area ALL tend to be 3 family units that are approximately 100 years old. Obviously, most will have lots of lead paint. The lead laws are now very strict. Any kind of lawsuit over lead paint would probably bankrupt me; and proper lead paint remediation is extremely expensive (tens of thousands of dollars). How do you successful investors with older properties handle this lead issue? I'm not sure I could get $30K - $40K off the price of a property because it contains lead paint. Is simply painting over old lead paint with new latex paint enough? Or do you bite the bullet and hire a professional crew to remove it?