When it comes to buying a bank-owned property, the Dayton, Ohio region is among the best in the nation. The Miami Valley ranks No. 2 for the best markets nationwide to buy a bank-owned home, according to a new report from RealtyTrac.
Lead paint is found in approximately three-quarters of the homes built before 1978. As a general rule, the older a home, the stronger the risk of lead paint.
Lead paint used in most homes built before the 1950s had higher concentrations of lead, with lower levels of lead used until 1977. In 1978, the U.S. Consumer Product Safety Commission banned the use of lead paint in housing. On April 22, 2008, EPA issued the Renovation, Repair and Painting Rule. It requires that projects disturbing lead paint be done by EPA certified renovators. Large fines can be given for not complying with the rule.
Lead paint may be found on any surface but is most commonly found on exterior painted surfaces, interior woodwork, doors, and windows. When properly maintained and managed, this paint poses little risk. Lead paint that peels or deteriorates is especially risky; friction surfaces (windows and window sills, doors and door frames, and stairs and railings) are also a concern.
A myth regarding lead paint claims that children must eat lead paint chips to develop lead poisoning. People are exposed to lead, not only through the lead paint chips and flakes that you can see, but also through the fine dust that forms. This dust can get on carpets, floors, furniture, toys and other objects, as well as on the hands of children and adults in the home. The lead dust is ingested when the lead dust on their hands is transferred by touch to their mouths.
The only way to positively identify lead paint is by using a test kit. As with any test, false readings are possible. The EPA approved test kits have high accuracy. You may want to repeat the test to ensure accurate results.
Real Estate Goals
Aka, getting the right deals for you.
Your goals drive the path to follow. Which deal do I do? Is it a good deal? Is it a good deal for me?
Each of you have different goals for different reasons, but there is commonality in all of them. Some of you are simply interested in Real Estate. Some want to make extra income or even go full time. Some are looking to expand your retirement portfolio.
Why are you here? What is your goal?
Take some time and think about it. Write it down and define it. What are you trying to accomplish?
Goal: Additional retirement income. Why: Work plan is not sufficient.
Now define it be very specific. Put a number on it. Give it a deadline.
Generate $5,000 per month net income from rental properties in 15 years.
Now expand the details a little bit is there anything else that completes the goal?
The properties will be free and clear, and managed by a property manager.
Now we have a solid and specific goal. Next is to start sketching out how to get there. This is where the education and experience really starts to kick in. If you’re still pretty new to real estate, you may need some help here. Ask others with experience for input.
I will acquire 1 rental property per year for the next 15 years.
Notice, it doesn’t say “I will acquire rentals”. It is specific. “I will acquire 1 rental property per year”. Can you do more? Yes, but this is your target. Again, expand the details a little bit. Is there anything else that explains how you are getting there?
In 15 years I will sell selected properties to leave the remainder free and clear.
Now you have a Goal, and plan to get there. The next step is to fill in the details.
- I will identify and study a primary technique to acquire properties by April 30, 2012
- I will interview, then select a licensed property manager by April 30, 2012
- I will learn property evaluation by May 31, 2012
- I will set my property criteria by May 31, 2012
- I will set my deal criteria by May 31, 2012
- I will submit 3 offers by June 30, 2012.
Continue to fill in the details. Keep referring to your Goal and Plan. Fill in every detail you can think of, no matter how mundane. Prioritize. Set dates.
Remember, this is the plan today. It will change in the future. That’s ok.
This is a great exercise to work with your partner, or another Real Estate Investor.
Know where you are going. Otherwise, how will you know when you get there?
Learn more at the Greater Dayton Real Estate Investors Association. GDREIA
By Darrin Carey
Welcome World! This is my little real estate website.