Property of the Week

This week's featured property is a two unit investment property in Albany.

Finally, a fully rented investment property that cash flows! This two unit residential property in Albany has updates including a new roof and furnace in last 2 years. There is a large yard and off street parking. There are separate meters and private entrances. The location is great, close to downtown and Sugar River as well as near a village park. As the end of our tax year approaches, this is a great property to use for investment or in a 1031 exchange.

Property of the Week

This week's featured property is a two unit investment property in Albany.

Finally, a fully rented investment property that cash flows!  This two unit residential property in Albany has updates including a new roof and furnace in last 2 years. There is a large yard and off street parking. There are separate meters and private entrances. The location is great, close to downtown and Sugar River as well as near a village park.  As the end of our tax year approaches, this is a great property to use for investment or in a 1031 exchange.

Changing rules for rental property owners

The rules, like the times, keep on a-changin'

New rules went into effect on April 22, 2010, with regards to lead based paint. Owners of a housing property or child-occupied facility built prior to 1978 must adhere to new standards with remodeling.

If the project disturbs more than six square feet of paint in a room, 20 square feet of exterior paint, or involves any windows, the work is now regulated. Every regulated project must have at least on certified Lead-Safe Renovator to monitor compliance with lead based paint regulations, train uncertified workers and complete a final cleaning verification.

Painting projects are obviously ones that would be covered with the new regulations, but it is more than just that. Any project that qualifies under the 6/20/windows rules is covered. This includes, but is not limited to, anything that cuts into paint. Plumbing work, kitchen remodeling, redoing painted wood floors, carpentry work, and much more are all subject to the new regulations.

This new rule does not apply to homeowners working on their own residence themselves. It only applies if a homeowner hires a contractor to paint, repair or renovate the home. If the home is a rental property, the owner must hire only compliant companies or become a Certified Lead-Safe Company by having at least one Certified Lead-Safe Renovator on staff.

To become a Lead-Safe Renovator, a person must complete a one day Lead-Safe Renovation training course and them apply for certification through the Department of Health Services.

Visit the DHS website for more information on this new law or a list of approved trainers.