Originally posted by @Rex Harris :
I found a 3 unit home, but the seller said it has asbestos sidings. As a new investor, what are my risk?, or should I simply stay away from this?
You can get a quote to find out how much for remove and replace with updated siding. As long as asbestos isn’t disturbed it should not cause harm or be an issue - from what I’m told by the experts but it’s also a case by case and the current condition. You can also use that as a negotiating tool for a low price. A 3 unit - that sq ft is a lot to replace - get a company to give an estimate of replacing - they should be free estimates. They are in my area.
@Rex Harris Asbestos is only harmful when it's messed with, broken, and being disturbed. Tons of buildings have asbestos flooring/siding, and other components. If it is in good condition, it can last a very long time. If the property you are looking at has areas where it is deteriorated, that may be an issue, but, overall - it's not a deal breaker in my opinion.
Thanks Daira and Megan. I appreciate your response. And will be looking for an asbestos removal specialist to give me a quote.
Asbestos siding last forever and 1 day . It causes me no concern what so ever . Its only a problem if you hit it with a saw or grinder . If it were a major problem lots of people would be in trouble .Most houses built in the 1960's and 70's have it .
My concern is with the bank. Will they lean me on a property, knowing that the sidings have asbestos ?
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.