Lead paint and asbestos

[Michael Junior]

Looking to purchase a duplex. First investment property. Would live in one unit rent the other. Built in 1900’s so obviously has lead paint and asbestos. Seller will not give a credit for remediation. Is thIs a huge deal. For the first year the rent from the tenat would cover more than half the expenses.. after I move out it and have both rented would be positive cash flow! Need some guidance !!

[Bjorn Ahlblad]

@Michael Junior Welcome to BP and congrats on a potential deal. Here is my take on lead paint and asbestos. The problem arises if they are disturbed; this happens when renovating and removing walls etc. Lead paint can be painted over if it is not flaking and falling apart. Asbestos insulates heating ducts etc. It also is used in textured ceilings and insulation-Vermiculite. But if you do not disturb it you can ignore it. You must disclose to a prospective tenant-pamphlets are downloadable from the internet. Aditionally, don't rent to couples with infants and young children under 6, (I think?) as a precaution against lead paint. An owner rarely would give a credit toward remediation. All the best!