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Posted by David L on November 06, 1999 at 09:27:11:


I just came back from an asset protection course in Knoxville and there was some talk about lead paint lawsuits.
One story went like this. A lawyer in St.Louis was getting close to retirement without any retirement income coming in.
So he bought some REI courses and was able to purchase an old apartment building. I guess he didnt really think it thru because the building had lead paint and asbestos. His tenants all got together and sued him for over 5 million claiming of headaches, nausea and a lot of other BS.

Well of course he lost everything to these greedy tenants.

So how do you deal with lead paint and asbestos? If you remove it how do you prove that you did remove it? Do you get some sort of inspection?

Or do you just move on to another property?

Cordially,
David L

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Posted by Mark Mallen on November 06, 1999 at 13:10:57:

Almost all houses built before 1978 have lead based paint. You have to make sure your buildings have no peeling paint. Also make sure the window wells are painted and free from paint chips. It is not economically feasible to remove lead based paint in most buildings. Find out your local lead paint regulations and learn federal regulations if you want to make an informed decision regarding pre 1978 housing. I would recommend picking up Bill Bronchick's asset protection course to limit your personal liability. The lawyer you mention in St Louis obviously knew little about asset protection when he purchased his investment property. He would still have his retirement money if he would have purchased Bronchick's course. Asbestos is another matter. It usually is not dangerous unless it is disturbed. You will often find asbestos wrapped around pipes in a building with a boiler. Banks will sometimes try to make you remove it if you are getting a commercial loan that requires an environmental inspection.

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Posted by Mark (SDCA) on November 08, 1999 at 10:38:54:

Disclose, disclose, disclose. And get your tenants or t/b to sign waivers STATING that you disclosed and gave them the EPA info on lead paint etc.

Mark