Purchasing the Right Property for You

The other evening I was doing a Success Academy Phone Seminar. My subject was entitled: "Environmental Concerns and the Real Estate Transaction". During the call I mentioned the following Items: Radon, lead solder, lead paint, asbestos, as well as safety concerns such as carbon monoxide and aluminum wiring,and electrical grounding. I stated that homes built in the 1970's(and earlier) may have some or all of these items to deal with. So-a new client said to me that she was nervous about getting into real estate investing because these (environmental and safety) concerns, if not properly dealt with, may trigger a lawsuit buy the new buyer if not corrected prior to reselling, or worse the invester may simply overlook them because he or she is inexperienced and resell a property with some of these concerns unintentionally. I suggested to the group that everything is a "choice" a new investor does not have to be involved with properties that have these concerns. In other words if you are doing Contract Assignments, the actual buyer is the one who needs to deal with any of the aforementioned items. In addition I stated that just because a property was constructed during this particular time frame, often homes have been updated or remodeled by previous owner(s) and may not be a concern to the new purchaser. The point I was trying to make was; if you don't know what you're getting into, how can you make an informed choice. Knowing what is potentially wrong with a property gives the investor the ability to "opt-out" of the deal or Assign the deal to someone with more experience who is willing to tackle any problem to reap a hansome profit. In the end it's YOUR CHOICE. You are not committed to any property until you sign the dotted line. Remember, you protect yourself in the contract with "Escape Clauses". So go ahead and start looking at Real Estate and making offers!