April 22, 2010 - AN IMPORTANT DATE FOR HOUSE INVESTORS

If you own rental property that was built prior to 1978 you will find that your operating costs are going to increase after April 22nd of this year. That is the day that you are required to use certified lead-based paint contractors to perform any repairs, painting or renovations that disturb 6 square feet (or more) of painted surfaces per room for interior activities or 20 square feet (or more) of painted surface for exterior activities. There are very few exceptions to this law and penalties can be high for non-compliance.

The problem with this new law is that trades people who have the skill set we need to solve problems may not have the proper certification. Additionally, the protocol required for painting, repairing or renovating pre-1978 houses will add to their operating expenses. We believe pre-1978 properties will become stigmatized and could be devalued by this law unless we can demonstrate that the properties are, in fact, lead safe. Some property managers have stated they no longer want to handle properties that were built prior to January 1, 1978 because of the additional work and liability involved.

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David Tilney has lived in Naples FL with his wife Mary since 2002. He and his wife manage rental houses in Colorado Springs CO without employees. David also teaches landlords across the country how to enjoy managing their property while avoiding potential pitfalls along the way.