Your Investment Property Might Be Exposed to Mold, Meth, Lead, Asbestos and Radon
ICOR is lucky to have Clyde Wilson, from the EPA, presenting this month on the dangers of ignoring or improperly remediating mold, meth, lead, asbestos and radon.
Those are 5 pretty serious concerns all investors and landlords need to understand and learn how to treat properly. As investors—we’re required to keep our properties safe and protect the people who may someday choose to call them home. Unfortunately, these issues can be expensive to remediate, tiresome and time consuming; but as Clyde was quick to point out, it’s a heck of a lot less intrusive than jail time and certainly cheaper than the steep fines you’ll get if you choose to ignore the problem(s).
Here are the 4 things the EPA will cover during their presentation and why they’re important:
1. The rules, regulations and statutes regarding environmental safety: How can you be expected to deal with lead, asbestos, mold or radon if you don’t know how to deal with them in the first place? The EPA is big on having investors understand how environmental regulations will impact their business.
2. Clear understanding of human health responsibilities: Always remember you are a housing provider—that’s a huge responsibility in our community. As the rental population continues to increase and flip inventory remains primarily made up of homes built before 1978, chances are you’ll have to deal with one of these issues. You create homes for people to live in with their families and pets. Prolonged exposure to meth, lead, mold and radon can result in major health issues and birth defects. Human health is contingent upon you doing your due diligence and eliminating some of these environmental exposures.
3. How investors can approach their business safely and more efficiently: When you purchase a flip or income property you should have already budgeted for environmental exposure tests. It needs to be a systemized process just like checking the electrical and plumbing. Including the potential cost and risk within the investment plan helps you have a more accurate idea of what it’ll cost to rehab, flip or rent the property.
4. What tools can be used to mitigate personal and business liability: Imagine $76.6 billion dollars. Impossible, right? Not really, a national study in 2008 reported $76.6 billion dollars was spent on mitigation that involved exposure to environmental concerns like lead, asbestos, radon and chemical water. You don’t want to contribute to that number in the future. Use certified specialists, test your property for exposure and make sure you understand the risk. Being uneducated won’t be an excuse.
Learn more about these 4 concerns at this month’s ICOR meeting and come prepared with your questions—Clyde and his team are looking forward to having a proactive discussion about any and all environmental concerns you face as investors.
Tuesday, July 8th
Wednesday, July 9th
Denver Monthly Meeting -When Good Properties Go Bad: Lesson from the EPA on Mold, Meth, Lead, Asbestos and Radon with Clyde Wilson, EPA
Thursday, July 10th
Northern Colorado Monthly Meeting - When Good Properties Go Bad: Lesson from the EPA on Mold, Meth, Lead, and Radon