PLEASE !! Don’t forget the new applicable lead based paint requirements. If it non-owner occupied (investment) and 1978 or older, any repairs covering 6 square feet or more (such as painting, repairing) requires you to have the special training and certificate. It is not expensive to get the docs. However, there is a $35,000 fine per episode if you are caught not handling it properly. That would surely negate any positive cash flow for a few years. Dennis
Thanks for making that good point about the lead based paint requirements.
These are new EPA requirements, and I don’t know any contractors who are happy about the size of the penalty. There seems to be some uncertainty about some of the new regulations, such as proper disposal techniques.
What’s your take on how this will play out?
Do you think there will be any modifications to the law?
I think the key point for new owner/landlords is to be aware of, and comply with, the new law when repairing a pre-1978 fixer upper house.
In dealing with tenants, be sure to:
1. give them a copy of the EPA-approved information pamphlet on identifying and controlling lead-based paint hazards;
2. Disclose any known information concerning lead-based paint on the property;
3. Provide any records and reports on lead-based paint and/or lead-based paint hazards which are available to you (the landlord);
4. Include an attachment to the contract or lease (or language inserted in the lease itself) which includes a Lead Warning Statement and confirms that the seller or landlord has complied with all notification requirements;
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PLEASE !! Don’t forget the new applicable lead based paint requirements. If it non-owner occupied (investment) and 1978 or older, any repairs covering 6 square feet or more (such as painting, repairing) requires you to have the special training and certificate. It is not expensive to get the docs. However, there is a $35,000 fine per episode if you are caught not handling it properly. That would surely negate any positive cash flow for a few years. Dennis
Dennis,
Thanks for making that good point about the lead based paint requirements.
These are new EPA requirements, and I don’t know any contractors who are happy about the size of the penalty. There seems to be some uncertainty about some of the new regulations, such as proper disposal techniques.
What’s your take on how this will play out?
Do you think there will be any modifications to the law?
I think the key point for new owner/landlords is to be aware of, and comply with, the new law when repairing a pre-1978 fixer upper house.
In dealing with tenants, be sure to:
1. give them a copy of the EPA-approved information pamphlet on identifying and controlling lead-based paint hazards;
2. Disclose any known information concerning lead-based paint on the property;
3. Provide any records and reports on lead-based paint and/or lead-based paint hazards which are available to you (the landlord);
4. Include an attachment to the contract or lease (or language inserted in the lease itself) which includes a Lead Warning Statement and confirms that the seller or landlord has complied with all notification requirements;
Here is a link to the EPA lead paint information pamphlet:
http://www.hud.gov/offices/lead/library/enforcement/pyf_eng.pdf
Terry
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[…] think the hardest part of the rental house business is finding good tenants. In many ways, the only way to get good at it is to just do it. You make a […]