New landlord seeking any bit of help

[Account Closed]

Hello and happy new year,

I just closed on my first 3-plex today. Here are some high-level description and concerns about the property:

-The property is fully rented by the same tenants for the past 5 years. 

-Tenants are paying below market rent (with cash only).

-They're not acclimated to English completely and poses a communication hurdle.

-The property was built back in the days, where lead paint is prevalent, and the lead paint disclosure says 'unknown'.

-There are children living in the premise.

Here's what I want to accomplish: 

-Raise the rent to match the market by giving out a notice.

-Decrease my liabilities.

Please feel to give me some of the action items that I need to address as new landlord with those factors in mind.

[Charlie MacPherson]

@Account Closed out, but that is some AWFUL and DANGEROUS advice regarding lead paint!!!

Here are the Massachusetts laws:

http://www.mass.gov/eohhs/gov/departments/dph/prog...

A few points to pay close attention to:

1. If a child gets lead paint poisoning, the landlord IS liable.  I 

2. You cannot evict or refuse to rent to a family with children because of lead paint.  The Mass Commission Against Discrimination will eat you alive if you try.  See: http://massachusettslandlords.com/lead-paint/  This guy got off with only a $75,000 fine and having to remediate.

3. If the property was built before 1978 and there is a child under 6 years of age living there, you are required by state law to remediate it.  

When I took my real estate pre-licensing class, they said that the amount of lead paint required to cause actual brain damage in a child was about the size of a quarter.

Slacking off on your obligations can mean life-changing damage to a toddler.  Like organ damage and learning disabilities.  Can you imagine what a personal injury lawyer would do with a case like that?

Call a lead abatement company TODAY and get the property tested.  Look into state assistance too.  They may help with the cost.

PS - regardless of what others may think, I routinely see MFRs with de-leading certificates.