Investment property built befor 1978 Lead Law

The lead law in older houseing is pretty straigh forward. Any home sold that was byukt before 1978 may have had a substance called lead that was added to the paint or plaster. It was a stabilizing agent still allowed in Marine & commercial uses wiht the discliamer that it is not allowed for residential property usage. The areas that it references are an peeling or chipping paint up to 5 ft on a mouthable serface or any frictional surface regardless of height or an peeling or chipping paint or plaster regardless of height. Over 5 feet the surfaces must be intact. Frictional surfaces are any surfaces 4 inches or under a child under 6 could put there mouth on or around or that dust could be created by rubbing surfaces. This includes all doors and windows. It is important to note that not all 1978 pain, plaster , or stain had lead added to them so testing maybe needed if a child lives in the property or visits the property on a regular basis and if you should delead the surface. There are lots of guidlines that the EPA puts out on this and each state further clarifies and inforces the law. Some states include soil testing for dropped dust or lead chips and some do not. ALL federal grants include all federal guidlelines, including the soil test. Sometimes lead is more suspect if the paint is cracking like an aligator or little squares. But some vanishes and stains may have a similar pattern without any lead at all. Newer paint types like latex tend to peel off in sheets. However, it not uncommon to see lead paint on lower layers covered by laytex or encapsulation paints. The only way to know if there is lead in the property is to have the surfaces tested either with kits or by hiring a licensed lead inspector. Seller are not obligated to test or delead on a sale only disclose there knowledge of lead, testing,& certificates unless they have been issued a violation order to correct based on an inspection.

Say yes to the ready willing and able customer and no to the "tire kickers"

There is nothing more important than to make sure your buyer is really a buyer. Lots of people unfortunately like tot waste our time if we let them. Make sure you ask your buyer or seller what they want to accomplish immediately after introducing your self. If there goal is anything other than to purchase then you need to decide if you need to ask more questions to see if your goal to sell a product or service is the same as the"buyers" goal. You should also always request how they plan on financing the purchase if is of any size that normally requires financing. Lots of people respond, I'm only looking or I'm looking for my son, freind etc. The sales presentation is a lot faster to these people as you don;t have the buyer infront of you. You also need to make sure if they are the only buyer. Don't be afraid to turn away none buyers or to shorten the walkthrough of the product or service, after all, you really want to sell to a true buyer. Once again in all cases your company may and should have a policy on how to handle none buyers. A simple sentence such as, I'd love to show this to your friend/relative/etc when they are available. Here's my business card I'll be happy to meet with them or send them infomration onlineor through the mail if you would like to pass theis on to them or I can do it now if you have the infrmation with you. The office policy is to only work directly with ready, willing, and able buyers for the security reasons. Then if they continue to object I turn the table sand say I'm sure you or your compnay has a similar policy. Thank you for stopping in and once again here is my card for your friend/relative/etc. This way I have time to work with only buyers that have the same goal as you; the goal is the sale. So keep your eye on the price. At open houses if two groups of people walk in and one is a buyer and one is previewing for others my focus would be the buyers that are the actual buyers. I'm sorry the previewer isn't a buyer but a hugh potential time waster as taste of one person is most often quite different from there friends/family/etc. But you be the judge based on your product and time. But remember the business card and to be polite but firm about company policy.

Investment property loan types

Type of loans: (a) Owner occupied: FHA loans for 1-3 units : property must be in function conditon per hud guidleines Usually 3.5 % down or more based on lender. (b) Owner occupied FHA rehab loans: property requires 12K-35K (streamline) loans or Full 203K loans. Usually 3.5% down or more, check with lender. (c) Commercial loans for investors or owner occupants of mixed use, all investors purchases over 4 residential units. Usually 10 to 50% down depending on lender, buyers credit, and property condition. (d) Hard money private lenders or investors. Lender sets deposit amount and terms. Remember if you have other investment property or are self employed you need current profit and loss statements for each business or property. Also lenders may cap the number of properties that you maybe able to purchase under each entitys name.