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Lead Paint

Lead paint can quickly drain your investment property value

Old houses have a great deal of charm. In fact, some people greatly prefer homes built in the 1930s and 1940s to those that have been constructed in recent years. These houses often have special features, such as hard wood floors, built-in china cabinets, window seats, and other amenities that might be tough to find in modern homes.

However, older homes also have a critical liability: lead paint. Any house built prior to 1978 contains such paint, so you have to be cautious with your purchases.

We have had experience with three of our houses having lead paint. In such cases, the health department closely monitored the homes and tested them from time to time. Unfortunately, the presence of lead paint can represent a huge expense for the company.

Initially, the health department sends a certified letter to the owner of a home with lead paint. A report states that the house was tested for lead and that some elements of lead were found in the home. In essence, the report tells you where the lead 'hot spots' are located.

The company then contacts a lead abatement contractor. The contractor must apply for a permit through the city and must complete some paperwork for the government. When the lead abatement project has been completed, there's an inspection in which an independent lab does testing throughout the home.

A copy of the information is faxed to the health department, which reviews the report. In order to keep homes safe, the company must keep windows sealed and conduct yearly inspections of door frames. Careful monitoring can ensure that lead contamination does not become a problem in the future.

In order to address the problem of lead contamination, my office administrator took classes on lead containment. This education has proven valuable for the homes with lead paint.

However, the best preventive measure is simply to resist the urge to purchase older homes. While they can be quite quaint and pleasing to the eye, dealing with lead paint issues is a major hassle. It can also represent quite a drain on the company bank account. When a company is in the business of buying and selling houses to tenant buyers, it only makes sense to avoid homes with lead paint problems. That way, valuable company resources will not have to be devoted to cleaning up lead contamination. It's a win/win proposition for all concerned.

About the Author

E. Alan Cowgill is the owner of Colby Properties, LLC. and President of Integrity Home Buyers, Inc. Since 1995, Alan has bought and sold hundreds of single family and/or small multi-family investment properties in Springfield, Ohio. Alan uses Private Lenders, not banks, to fund his real estate purchases. By doing this, he has created his own private bank of $2,000,000 in funds. Alan looks for situations where the seller, the lender, and the eventual homeowner can all "Win". He is not a Realtor, but a Private Investor, author, consultant and national speaker. He has been asked to speak on the topics of 'Investing for the Beginning Investor.' and 'Finding Private Lenders.' His home study system, 'Private Lending Made Easy', shows new and seasoned real estate investors how to find private lenders for their own real estate business.

His website is
http://www.truthaboutprivatelending.com

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