Practicality of Flipping Old Properties

[Ofer Eyal]

Hi BP people,

For those of you who are flipping properties built prior to 1978, I'd appreciate if you can talk about dealing with things like lead-based paint, asbestos etc., nowadays (when market is crazy and you need to give an offer.

1. Do you inspect for lead/asbestos before deciding to give an offer?

2. If lead/asbestos is found - would you even consider rehab depending on the cost or stay away?

Any other experience-based-perspective are welcome.

Thanks,

Ofer

[Evan Polaski]

@Ofer Eyal, all of my flips have been in hoses built prior to 1978.  In fact every property I have ever owned (flips, rentals, primaries) fall into that category.  Never once inspected for either.  

Additionally, I have never had an issue selling any of my properties, and buyers never asked for an inspection either.

My only story is when my dad was selling a house we grew up in, built in 1898.  There was a little asbestos insulation on some piping or duct work in the basement where it started making a vertical run up a wall.  The insulation was a little disturbed and loose.  He hired a contractor to come and basically seal off the opening, removing the little (talking about 3" long by 1" wide) piece that was hanging down.  

A requisite for the sale of any property in Cincinnati is to offer the Lead Based Paint pamphlet and the buyer and seller both need to initial that it was offered and received as a required form with the sales contract.  Again, I have never had an issue with it because almost every property in my area is older then 1978.