Many people with “daytime jobs” have work at home jobs on the side to prepare for retirement.
I interviewed one such part time “work at home” entrepreneur yesterday.
He plans to retire in a few years, so in the last decade or so he accumulated a portfolio of rental properties.
The mortgages are timed to be paid at the time he retires to create an ongoing income stream to supplement his pension.
Till “meth” became the “cook your own” drug choice of rural counties like his anyway.
Rental properties that are found to house “meth” labs are now being condemned and the deed amended to show that the property is a “hazaardous waste site”.
In his county, it costs $69,000 per home to destroy the house and have it properly removed so the property is no longer considered “hazardous”.
The county sheriff says that once he identifies meth labs in a rental property a large number “mysteriously burn” before the county can register them as “hazardous”.
The components of “cooking meth” are hazardous in themselves and the process of cooking “meth” is potentially explosive. The elements of the meho production process seeps into sheetrock and carpets so that they cannot be easily or safely “cleaned” and the home - so he was told - had to be destroyed to alleviate the problem.
A few years ago other sources told me that EPA clean up could be done… for $15,000 or more.
He decided to have a “fire sale” and liquidate his rental properties quickly rather than risk renting to a meth addict who decided to cook up some “poor man’s crack”.
Now he’s back to the drawing board on his retirement plan.
Don’t let meth destroy your portfolio. Be aware of the dangers and your options. Be sure to talk to local law enforcement about the problem and how it’s dealt with in your neck of the woods.
Richard Valdez on October 13th, 2005 at 7:26 pm
What a great warning! I know some might think it was a bit alarmist, but it is a valid point that few people consider. I live near a small town that consists of a Post Office, a Convience Store (no Gas), a “VW Bug Graveyard,” and several homes. They found a meth lab in a rental property with enough explosive waste material to evacuate the entire town for several hours! The owner of that home took a big financial hit later when it was time to complete the cleanup. I also saw a documentary about how meth shut down an entire town - for good! As in board up all the windows, shut down the post office and all the businesses, and leave! I wouldn’t entirely shy away from rental property, but I think I’ll just stick with my legal services business! With the EPA’s “cradle to grave” policy, if the originator of a hazardous waste can not be found, then the owner is liable for all costs, and that is typically very serious money. If you have any questions, please email me at rich@richvaldez.com