I have been looking on the HUD website hmbireo.com. I have seen on a few listing where they say there is evidence of lead based paint,and the cost to stabilize is over $10,000. Can somebody tell me exactly what this means. I get that lead based paint is bad, but is there something you can paint over it with? Thanks!
Go to the source…the EPA:
http://www.epa.gov/lead/ (look at the verbiage there and in the lower right hand corner of the page, there is an area called “Basic Information”…
http://www.epa.gov/lead/pubs/leadinfo.htm#remodeling
Keith
Hey KD I love your sig line there. That is soooo true. Anyway those blooming idiots are the ones that go hog wild over this stuff such as lead paint.
After reading the link/pdf, it seems the the lead paint is only an issue if you have to repair the walls or in some way disturb the paint. Am I correct in assuming that if the walls are otherwise in good shape that we could simply paint over the lead based paint and be done with it? Obviously it has to be disclosed that homes built prior to '78 have LBP, but otherwise it could be a non issue, right?
I would be careful here. I have a property that was built prior to '78 and did a rehab on it and my contractor felt only a paint job was needed on most of the wood work and then put a renter in.
It was not long before I received a letter from the city informing me that a member of the family that resides there or frequently visits has been diagnosed with lead poisoning. (It was a child who frequents the premises). They came, they inspected and they cost me more money. I was required to repaint, remove old chipping paint and cover any painted stair with vinyl and then a reinspection.
So, I have learned if I am going to hold a property to replace all wood trim if the house was built prior to '78.
Thanks Rick…of course I have more questions.
Were you a convenient target for this family, was the child also exposed at other locations?
Had you owner financed, disclosed the lead based paint, would the outcome still have been the same?
Do you totally stay away from pre-78 homes now?
Thanks again,
Melissa
No, I was not a target. The child actually got it from where she lived but every home the child stays or visits got checked and I found out from the inspector that all the properties had lead.
Yes, I had owner financing and was given the Lead Paint memorandum. My plan was to originally rehab and retail but since they were mixed use buildings (apartment upstairs and commercial space down) a property manager I have been consulting with informed me that he knew of potential occupants I decided to hold. I have them full and the return is great on them.
No, I will not stay away from the pre '78 buildings. I like to rehab, something about taking a run-down place and returning it back to its glory. There is such great architecture in the old buildings. I will be removing all molding from my properties that are pre '78 that I plan to hold now though. It costs but there are some builder supply auctions I go to and get my molding cheep (about $.35 to .40 a liner ft)