Meth or P related - it goes here, please.

[Cool]

Personally I'd use the "precautionary principle". Sure there's chemicals around the home but they're in safe containers, I'm not touching and breathing them. As far as I can tell from the literature, bad P contamination can slowly give you neurological damage and respiratory damage. Might be true, might not, but I sure don't want to find out the hard way.

I also don't want to be caught holding the ball on something that is slated for major clean up or demo.

Not only am I having tests done before purchase, but after looking into this issue, I decided if I ever start renting anywhere myself as a tenant, I won't sign a lease until I have had a p test done on the premises (at my own expense).

It's just not worth it, why take a risk you don't need to.

[Maccachic]

Personally I'd use the "precautionary principle". Sure there's chemicals around the home but they're in safe containers, I'm not touching and breathing them. As far as I can tell from the literature, bad P contamination can slowly give you neurological damage and respiratory damage. Might be true, might not, but I sure don't want to find out the hard way.

I also don't want to be caught holding the ball on something that is slated for major clean up or demo.

Not only am I having tests done before purchase, but after looking into this issue, I decided if I ever start renting anywhere myself as a tenant, I won't sign a lease until I have had a p test done on the premises (at my own expense).

It's just not worth it, why take a risk you don't need to.

The tests you are carrying out - what is the margin of error and exactly what chemicals are they testing for?

From my limited understanding P is produced from some common household chemicals and I am wonder just how accurate these are for actually assessing whether a house has had P manufactured in it.

[speights boy]

Real estate agent fined over meth property

A real estate agent who failed to ensure potential buyers were aware a property they viewed had tested positive for methamphetamine has been found guilt of unsatisfactory conduct.

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11393196

[crashy]

buying a meth house

I've done some research on meth houses, and have the following :

Meth lab status will stay on the LIM forever, making it difficult to sell.
This will affect the valuation by 10-30% forever.
Insurance may be difficult to get, and likely higher premiums.
LVR will probably need to be much lower.

Assuming no further cleanup costs, am I missing anything? We are looking at a property that has completed cleanup. I've started by reducing valuation by 20%. Then deducting estimated reinstatement costs estimated at 60k. Then deducted another 10k for further cleanup contingency. Then deduct a profit of 10k per month for the duration of the project (50k). That takes a 400k property down to 200k. Seems unlikely to me. But knowing that 99.9% of people would run a mile, would they have a choice? At 50% LVR I can handle the 100k deposit and 60k remedial work. Rental appraisal 500, so return is good. Insurance might be $10/week higher than normal, but no biggie.

Thoughts?

[speights boy]

Rental appraisal 500, so return is good.

Is that based on full disclosure to the tenant of past meth contamination ?

[jimO]

[crashy]

Law does not require disclosure to tenants

[chrisgoh]

Does LIM still reflect Meth Lab status if the meth house was entirely removed and rebuilt new one?

[speights boy]

Law does not require disclosure to tenants

What about disclosure to property managers.
Should they be informed ?

[donthatetheplayer]

Do banks even lend for meth houses? Personally, I wouldn't go near it. I'd rather get out of property investment than buy a meth house. Invest your time into finding another deal.

[Maccachic]

Buy at land value bowl over and rebuild

[drelly]

Law does not require disclosure to tenants

I can't see that lasting much longer!

[speights boy]

I can't see that lasting much longer!

My thoughts exactly.
What do our PMs think, should an owner disclose to you ?

[drelly]

My thoughts exactly.
What do our PMs think, should an owner disclose to you ?

It's an easy vote winner if it's tenanted properties only but imagine if it was all properties... could cause absolute chaos!

[speights boy]

..... imagine if it was all properties... could cause absolute chaos!

Why, if it's already on the LIM ?