All Forum Posts by: Kate B.

Thanks Martin.  EPA specifically says do not test vermiculite  because 70% is asbestos and the tests are no good (serious reliability issues).    Removing it is the last option on their list.   The inspector simply referred me to the EPA webpage, after alerting me that he thought it was vermiculite.   This guy was an insurance inspector before he became a licensed home inspector.   Pictures help with identifying vermiculite.    Putting a floor in works for me.

Put a floor in the attic is the advice everyone agrees on -- my friends who are experienced real estate agents PLUS the pro who did the home inspection.   Encapsulate it.   So, I asked the sellers to do that.

Jeremy, I do not want to assume that people looking for work or doing a job for me have to be knowledgeable about asbestos unless that is their job.

Kate

I thought I had a great deal on a 4 plex, and got 20% off the list price.   We have a contract for a cash purchase.   The numbers are great.

The home inspection yesterday disclosed that there is vermiculite/asbestos insulation in the attic, with other insulation blown over it.   It was discovered when the inspector sought to measure the depth of the insulation.   He told me what the EPA says about it.   And he told me it will be a problem when I go to sell it.

The EPA says not to test it because most testing is unreliable and over 70% of vermiculite is asbestos.   They said it can be seen by pictures.   The photos at the EPA website match the pictures the inspector took.   It's a distinctive product.

The EPA also said to leave it alone if you are not going to use the space.   However, the inspector also said the attic needs more ventilation and there are exposed electrical wires that should be addressed, so people have to go up there.

Any thoughts on whether I should go through with this?  I wanted to pretend it didn't matter because everything else was solvable.   Also, I cannot find an asbestos abatement company in the area (eastern upstate NY), at least not through a quick google search.

Thanks for any insights.   I need help thinking this through.

Paul, my condolences for the loss of your wife and the immense sadness at losing your daughter's mom.   

I strongly recommend you take your time to learn and to find what interests you before making any major decisions.   I agree with Tyler about being very clear with family when you engage in any business venture together.

You will find a wealth of information at this website.   Take your time.  Welcome.

Thanks Randy!    I know this happens, and this is what the sellers' broker said:  the sellers were worn down by two prior experiences with financing falling through for potential buyers.    I came along with cash, but did not want to spend more than 81% of list price.  My cash has to go far.   I explained this to the broker -- I'm a broker too.  It surprised me there was no counter, and it surprised their broker.   Sellers said they had enough and want it to be over.  Cash mattered to them.

If anyone remembers my recent posts, you might think it's funny that I am buying another property.   Months ago, I started acting on my long held desire to find a new primary residence, but felt I reached my limit with investment property.  I thought my new primary would be one unit in a multifamily in NYS.  But instead of finding my new primary residence, I found an excellent deal on a new investment property.   Yesterday I offered 20% less than the list price on a four-plex, and early this morning my offer was accepted with no counteroffer.   My cash flow with generous allowances for repairs and capital improvements and vacancies is close to 14%.   It is fully leased.   And I do not want to live there.

So much of this surprises me.  I still do not know where my new primary will be.   But I added another solid property to my investments and am getting in reach of my income goal for life.   I feel very fortunate.  Thanks to all the people who told stories here that helped me refine my objectives and act when I see a good deal.

Thanks, Elizabeth!   It is all about being flexible!   That really struck a chord with me.

Thanks, Steve and Ana, for the things you said.   You gave me a lot to think about -- because I still find myself daydreaming about more property purchases!   For some reason -- probably because my computer is set to not allow pop up windows -- I can't tag you on this reply.  I appreciate hearing from you.

I'd love to hear from people who either knew it was time to stop buying more properties or set up a clear goal for when it will be time to stop.

In a nutshell, I own three properties free & clear (two bought with cash, one mort. paid off) and I am about to buy a 4 plex with cash.   I sense my limit coming, unless I scale up and hire a manager.   Soon I will be doing a cash out refinancing on a 3 family I bought with cash, but right now I expect to put the money in stock mutual funds and a money market account and sit on it.   I expect to buy a new primary residence when I have the time to search for the right place.   In the meantime, I intend to travel in the summer and winter and stay where I am (one of the flats in the 3 family).    

I noticed when I thought about "being creative" and buying another investment property and a new primary that I did not feel it would add to my life in any way that mattered.   I didn't want to take it on.   This caused me to decide to get away, wait on the primary, and just enjoy things.

I'd love to hear from people who made decisions to stop buying.