I've flipped a lot of houses that had meth contamination in them, but this one took the cake. In hindsight, it's pretty obvious that these sellers were dealers... and as it turns out cookers as well (is that even a word...?) Anyway, for anyone who has ever been scared to flip a meth lab I hope this 6 minute video takes away that fear.
Spoiler Alert! For those of you who want to skip the entertaining 6 minute video, this house tested higher than I have EVER seen before, but I had it professionally remediated and still made a 40k net profit on it. Tip of the day: If you suspect that the house has meth contamination, get it tested EARLY in the process, it will save you time, headache (no pun intended), and money. Enjoy. :)
In Utah do you have to disclose that it was a cook site? I imagine that would be a turn off to some buyers. I don't care how well it was re mediated I wouldn't live there.
But GREAT job on the profit!
Hey @Ryan Dossey , we did disclose it to the new buyers, and since it was professionally remediated and below the legal limit they weren't scared of it. I don't think you legally have to disclose it if it has been remediated, but I think morally you should. Good question.
I think a lot of people are really really scared of meth houses, but they really shouldn't be. It's just like any other repair, time and money.
Great video, haven't laughed this hard in a long time. Also Great profit!
Awesome @Andy M.
Great story and congrats on the success! ... but if they owned it free and clear it looks like the "Real Money" is in breaking bad!
Lol @Douglas Larson that's what we were all thinking after the fact. Makes me wonder how long they have been evading the authorities. I also wonder where they landed. It might be New Mexico.
The life of the real estate investor is anything but boring. May I ask what drives the cost of meth remediation? Is it roughly proportional to square footage or the levels of meth that are present or does it vary wildly case by case? I will not be surprised if I come across one now and again. Let's just say there is a reason they filmed Breaking Bad here...
Hey @Brock Wiberg that's a good question. I think the square footage of the "infected" property is the primary driver of cost, but I do think that the contamination level plays into it as well. It has been my experience that with a 2000 SF home I'm generally looking around 4-6k to remediate, then of course you have to clean up the meth remediation company's mess as well. My advice is to test it early so that if you have to remediate you can save yourself the cost of redoing work after the cleanup company.
Are you on my New Mexico buyer's list? If you aren't, you definitely should be. Shoot me a private message and we will get it worked out.
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