Questions On Lead Paint

[Shea Stringert]

Hello -

I am hoping to get some advice on buying investment properties that are known to have lead paint present. I'm buying in the Hudson County, NJ area for any of you who know the specifics of this market.

My question is how do you treat this? I know there are waivers you can have signed and notices you must give on this but is it to big of a risk to even take on or is it easy to deal with? I'm curious to know any legal situations that any of you have dealt with over dealing with a lead paint property? Is the liklihood of a lawsuit pretty high (obviously more when children are involved)? Can tenants get around the waiver in a lawsuit?

Lastly, how difficult is it to get rid of? Do those of you who buy homes with lead paint present remove it immediately or just get waivers signed and remove when you are turning over the apartment?

Appreciate any and all insight even from out of area!

Thanks,
Shea

[Stephen Masek]

1) US EPA is now doing audits, so people are being caught just for paperwork violations. Fines can be thousands or tehns of thousands of of dollars per unit.

2) How much lead-based paint? Known how? By a report prepared by a good consulting company that has performed a proper inspecting using an XRF machine?

3) Lead-based paint usage fell of a cliff in the 1950s, as the water-based paints became good enough to displace oil-based paints. Half of apartment buildings built 1960 to 1978 have none, the other half have very little. In older apartments there is more in neighborhoods which were fancier at the time of construction. It is most likely on exterior wood (almost 100% on 1940s and older), interior wood (50% chance), kitchen & bathroom walls & ceilings (35% chance), and then much less likely on other ewalls & ceilings.

4) You need to read the entire EPA regulations, and the entire OSHA regulations. Many states, counties, and cities also have lead regualtions, so you also need to read them. What you don't know can and will hurt you. All of this is on the Internet.