Flipper... this ain't no Dolphin... - Posted by David (CA)

Real Estate Investing
#1

Posted by Charles Steed on March 01, 2001 at 19:20:16:

How do you know the material is asbestos? Asbestos is certainly a pain to deal with, but in my experience it has to be documented that the stuff is actually asbestos. That comes from a simple lab analysis. Has this been done? If not, check local regs on testing and proving the stuff is actually the real deal. You can inquire anonomously.

I brought several loads of asbestos siding to the dump several years ago and (I feel kinda dumb admitting this) told the attendant I had a special load. He told me, “we can’t be sure what that stuff is without a lab report.” Maybe he simply didn’t want to do the paperwork, but I took that to mean keep yer mouth shut in the future, Charles. Good luck.

#2

Flipper… this ain’t no Dolphin… - Posted by David (CA)

Posted by David (CA) on March 01, 2001 at 11:21:09:

Hello all,

I’ve got flipper by the tail and need some help.

House is estate sale, no court approvel,no loan balance!
Asking price is $61,500.00. After repair value is $88,000.00 - The market here in northern calif. is very hot, cannot buy garbage houses for less than 70k normally.
Owners want out bad. I sense that I can buy this for 30k or so.

1090 sq ft.
2 bdrms
1 1/2 baths
1 car attached garage
newer 1 year old roof
newer 1 year old water heater.
house is 50 years old
structure is sound

aluminum siding front and two sides

back is “ASBESTOS” ! I suspect that the asbestos siding is under the aluminum siding as well. My question is: what problems might i or my buyer run into with the asbestos siding? I will be wholesaling this house.

The house needs new windows, 10 of them. Will this be considered disturbing the asbestos? The numbers look great for the house, but I do not want to step into alot of problems with the asbestos. The clean up and disposal of asbestos is very costly i’ve been told. Also Can it be just painted over or install new siding right over it?

Thanks for the help. I need to act on this fast if I am going to do this. The only thing I need to clear up is the asbestos issue.

Warmest Regards,
David

#3

Not a problem! - Posted by Paul_MA

Posted by Paul_MA on March 04, 2001 at 03:27:02:

You don’t have to remove the asbestos siding. So what if it is under the aluminum. In the northeast here, there are many houses with asbestos siding.
Here is some things you can do:

1.Yes, paint over it

  1. Yes, put siding over the existing shingles to match the other 3 sides.

  2. Replace any broken ones. Home Depot sells fake asbestos shingles.

If you change the windows, you don’t have to disturb the existing siding. Buy the windows that fit the existing opening.

You should have the new buyer sign off stating that they had the opportunity to inspect or know about the asbestos siding.