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Old 09-05-2017, 07:05 AM
 
793 posts, read 463,582 times
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Quote:
Originally Posted by vegasfan1985 View Post
I've decided to pass. It's not worth the risk. Looking at the market again. Thanks for everyone's advice.
Personally, I think it's a wise move. Unless you were buying this at such a great price you could buy it, abate it, and still have a good amount of equity, I'd just keep looking. And, as a buyer, I wouldn't even touch something that has been "abated", as they will never get it "all". Every property has some sort of negative to it, no sense buying one that most buyers will not even consider.
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Old 09-06-2017, 12:25 AM
 
142 posts, read 72,360 times
Reputation: 189
Looking at a rental property tomorrow from 1998. I think I'm gonna hold on to my money for a little longer. I have an almost 800 credit score and no debt.
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Old 09-06-2017, 09:01 AM
 
10,712 posts, read 3,742,867 times
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Originally Posted by beachhead View Post
Personally, I think it's a wise move. Unless you were buying this at such a great price you could buy it, abate it, and still have a good amount of equity, I'd just keep looking. And, as a buyer, I wouldn't even touch something that has been "abated", as they will never get it "all". Every property has some sort of negative to it, no sense buying one that most buyers will not even consider.
Serious abatement activity virtually never pays. Particularly on a condo. The problem is that the prices paid in that condo are discounted for the asbestos. You may clean up your property completely but the comps will not. And it is often not a very big hit so you never make back the cost.

If it is a threat to personal safety different story. But that is very rare. You need a source with friable asbestos. But few of the normal sources will be friable. So you just don't mess with them. As a for instance asbestos siding in good shape is simply not a problem.
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Old 09-06-2017, 08:53 PM
 
142 posts, read 72,360 times
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Quote:
Originally Posted by lvmensch View Post
Serious abatement activity virtually never pays. Particularly on a condo. The problem is that the prices paid in that condo are discounted for the asbestos. You may clean up your property completely but the comps will not. And it is often not a very big hit so you never make back the cost.

If it is a threat to personal safety different story. But that is very rare. You need a source with friable asbestos. But few of the normal sources will be friable. So you just don't mess with them. As a for instance asbestos siding in good shape is simply not a problem.
What ended it for me was a friend who lives in another state who is living with crushed health because of asbestos. They were an attorney as well who won a case for asbestos causing pain and suffering.
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Old 09-06-2017, 08:59 PM
 
142 posts, read 72,360 times
Reputation: 189
Found a nice gated community rental for around $900 within 4 miles of the strip on Jones Blvd. I truly loved it. Would love to convince the landlord to sell it to me at some point. Very nice unit from 1998.

I guess we're gonna hold onto the money for the first year, save some more and keep an eye on the market.
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