All Forum Posts by: Stephen Masek

Originally posted by J Scott:

[b]DAY 64: BAD ASBESTOS NEWS[/b]
Two days from starting demo and we got some bad news today — apparently, the asbestos survey required for demolition indicated that we had a good bit more asbestos in the house than we had figured (mostly in the flooring/drywall). We need to rip it all out before the house is demo’ed, and the total cost is going to be $1800 (that includes the survey/testing).

Another good lesson for us: we should have gotten the asbestos survey BEFORE picking a demo company, so that we could get the asbestos removal work bid by multiple companies…now we’re pretty much locked into our demo company for this one and have to hope $1800 isn't ripping us off.

Just to be sure we're not getting ripped off, we’re going to get a few more bids on this work (even if we don't use the new companies on this job). In the meantime, we’re expecting the asbestos removal to complete in the next day or two by our demo company, and the house will be knocked down in the next few days.

Here is a link to Asbestos Survey Report:

[url]http://www.123flip.com/wp-content/uploads/Case_Study/8.pdf[/url]

Here is a link to Asbestos Lab Results:

[url]http://www.123flip.com/wp-content/uploads/Case_Study/9.pdf[/url]

Here is a link to the Asbestos Abatement Proposal:

[url]http://www.123flip.com/wp-content/uploads/Case_Study/10.pdf[/url]

Too bad I just noticed this interesting thread. Thanks for posting it. You can get the asbestos & lead surveys before purchase, and use the results in price negotiations. That survey price was VERY low for 19 samples, and the abatement cost low, so it still come-out well. However, we survey some houses and other buildings where there is noting but framing material and wood sheathing left after the abatement.

Is there anywhere that apartments make sense? Better returns are to be had from SRFs.

Have you looked at Austin? There is an apartment building boom, and an economic boom in general going on there.

We own all of our rentals outright, and have them in five other states, so we get those letters sent to out of state buyers, and put them in the trash with the other junk mail. Count me as skeptical that an owner being out of state equates to an opportunity to buy cheap.

Rima and I are also in Orange County, but own houses in several other states, and two in Victorville, California. The high desert is an easy drive.

Why limit yourself to driving distance? There is no need to see them in person. Earlier this year we finally visited houses in Florida we bought in 2004. Property managers will handle them for 8% of rents.

I doubt it would fit the "if I started over" title, but I'd be happy to write on environmental and property condition due diligence. I already have in a magazine article (see the News section of my company web site).

Originally posted by Dawn A.:

Even homes built up to 1978 may have lead paint in them.

Half those built 1960 to 1978 have no lead-based paint, the other half very little. Some in the 1950s also have little or none. Some even older have little or none. The most common locations on the older ones are exterior wood & metal, interior wood, and kitchen & bathroom walls & ceilings. Testing is inexpensive, and is done with portable X-Ray Fluorescence machines (we use the Thermo Niton units). There is more LBP in fancier neighborhoods, as the "best" paints had the most lead. Ben Franklin wrote a letter detailing his knowledge of the dangers of lead, so the fact that it is a poison is nothing new.

Originally posted by Joe C.:

Originally posted by Michael Siekerka:

That being said, the proverbial pot of gold is more like a long trail of gold coins.

Love your analogy!

+1

Ryan, glad to help. If the materials are in good condition and do not need to be disturbed to do other work, managing them in place is the least expensive approach. Only if there is very little does it make sense to remove LBP or A just to get rid of it.

Testing that building for A&L should cost something like $2,750, and you should get a nice formal report.

The age is good news in away for asbestos, as it was not used in many of the original materials 100 years ago. It may have come in during remodel and repair work. The most common materials which contain asbestos are drywall joint compound, sheet vinyl flooring (not linoleum), vinyl floor tile, floor tile, mirror, and other mastics, window putty, pipe, tank, and boiler insulation, HVAC duct insulation, asbestos-cement flues, asbestos-cement shingles (roof or wall), acoustic ceiling texture, stucco, roofing materials, and even sound insulation on steel sink bottoms. It is rarely found in interior gypsum plaster.

Without a contract with this other tenant, you are wide open to all kinds of problems. If they object to adding her to the lease without a rent increase, you know there is a reason, and not a good one.

We recently ditched a manager who leased to two military guys, then without telling us, allowed two more military guys to move into the house without adding them to the lease. I don't care if the Pope wants to move in (and I'm Roman Catholic), he better be on the lease.

Deborah, we all make mistakes, but we are trying.

We do have our property managers inspect our houses at least twice per year, and send us photos and a report. That definitely helps, but nothing would help renting to such a waste of oxygen as had occupied the house in the video, so screening is vital. Apartment associations provide screening and many nice services, so people can also join them to get help in their area if they do not want to hire a manager.

Indeed, the ones who are temporary seem to be few and far between. The same problems with foster children, with everything outside of basic constitutional functions which government touches. The agency personnel have no desire to be successful, as that would mean big cuts or the end of their agency.