All Forum Posts by: Bryson Sumrall

  @Marc Rice @Colleen F. @Patrick Drury @Sylvia B. @Alecia Loveless

I wanted to thank you all for your advice and recommendations. I wish you all the best in your investing journeys!

@Colleen F.

Hey Coleen. Thanks for your insight! This may be beyond the scope of the forum and I may need to consult an attorney. However, my fear with leaving asbestos in the property, even if in good condition, would be the possibility that the asbestos would be disturbed by an act of the tenant. For example, if the tenant busted a big hole into the drywall exposing insulation that contained asbestos, the tenant would be at risk. If the tenant became sick, would I be liable? My second concern is that tenants will be dissuaded to rent from you due to the asbestos. 

@Patrick Drury

Hey Patrick. I appreciate your response and advice. I have seen where investors recommend sealing the lead paint rather than removing it, but it is my understanding that the owner will still have to disclose it to the tenant. In your experience, does a tenant knowing that a property contains lead dissuade them from renting from you? 

@Kyle Forbes

Hey Kyle. I have been scouring the forum trying to find some questions answered I have about lead paint. I noticed this was posted a long time ago and wanted to see if you had found an answer. Do investors test every house prior to 78? Was lead as big of an issue as you had originally thought? I appreciate your help!

First I’d like to apologize for the length of this post but have questions about lead based paint and asbestos that I can’t seem to find an answer too. I am a new investor in south Mississippi. My farm area is laurel, where the HGTV show hometown is filmed, and the surrounding areas. Most homes in my area were built before 1978 when lead and asbestos stopped being used.

1. Should I make the deal contingent on asbestos and lead paint testing? I feel like this would weaken my chances of getting the deal.

2. Do I risk running into asbestos and lead when renovating? Do I have to test if I find something that may or may not be asbestos?

3. What if when I am renting, a piece of popcorn ceiling falls and I don’t know if it contains asbestos. Do I have to test? Or what if ceiling trim paint starts to peal? Do I have to test?

I know so many people are able to flip and renovate properties that were built prior to 1978 but I don’t understand how your numbers would still work if you are constantly having to account for the potential to completely rid the property if the material. Thanks for the help.

@John Morgan

Thank you for your response! Good luck in your investing journey!

Hi, my name is Bryson Sumrall. Being new to the world of real estate investing, I do not fully understand how I can become secure in a property that I leverage. If I leverage a deal, what protects me from a bank calling my loan? The question stems from listening to Dave Ramsey's story of how a bank called his loan, and he had to file for bankruptcy. If my property has a positive cash flow that allows me to pay the mortgage, am I secure? Thank you in advance for any tips and advice!