Seeking Advice: Handling Hazardous Items in a Potential Fix and Flip Home Evaluation

New to Real Estate · MN · Member since 2023 · 3 posts · 0 votes

Hello, BP community!

I'm starting my journey in the world of fix and flips. This would be my first investment property and I'd appreciate your input on this potential opportunity.

I received the home evaluation report from the seller's agent and there's seem to be a lot to consider! I included the issues in the images. Also, the seller is looking for a cash-only deal.

Have any of you taken on a renovation project with hazardous items on the evaluation report? Have any of you taken on a renovation project with hazardous items on the evaluation report? hat were the challenges, and how did you overcome them? I'd love to hear your stories and tips!

Can't wait to hear your insights and experiences. Thanks in advance!

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Account Closed
Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
2y
Quote from @Felix Isuk:

Hello, BP community!
I'm starting my journey in the world of fix and flips. This would be my first investment property and I'd appreciate your input on this potential opportunity.

I received the home evaluation report from the seller's agent and there's seem to be a lot to consider! I included the issues in the images. Also, the seller is looking for a cash-only deal.

Have any of you taken on a renovation project with hazardous items on the evaluation report? Have any of you taken on a renovation project with hazardous items on the evaluation report? hat were the challenges, and how did you overcome them? I'd love to hear your stories and tips!

Can't wait to hear your insights and experiences. Thanks in advance!

Too tedious to look at your list, what is it that concerns you?
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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2y
@Felix Isuk
Are you doing the renovation yourself?
If so don’t. You can thank me later.
That list appears to be minor items (some could be a big deal like exterior grading), but mostly small items.
Those are not out of ordinary for a fix and flip but if you have no renovation experience please don’t do this on your own. Hire an experienced AND licensed contractor to do the work and don’t pay them upfront
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Felix Isuk
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New to Real Estate · MN · Member since 2023 · 3 posts · 0 votes
2y
@Account Closed Thanks for your response. My primary concerns would be the electrical issue and evidence of dampness and/or staining in some of the areas.
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Felix Isuk
OP
New to Real Estate · MN · Member since 2023 · 3 posts · 0 votes
2y

Quote from @Chris Seveney:

@Felix Isuk
Are you doing the renovation yourself?
If so don’t. You can thank me later.
That list appears to be minor items (some could be a big deal like exterior grading), but mostly small items.
Those are not out of ordinary for a fix and flip but if you have no renovation experience please don’t do this on your own. Hire an experienced AND licensed contractor to do the work and don’t pay them upfront

@Chris Seveney I would be hiring a contractor since I can only do basic repairs. Seems like the issues exceed my comfort level to do it myself.
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Account Closed
Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
2y
Quote from @Felix Isuk:

@Account Closed Thanks for your response. My primary concerns would be the electrical issue and evidence of dampness and/or staining in some of the areas.

Have an electrician come in and give you a quote. There are a couple of levels of quote: 1. Unsafe and must be fixed 2. Unsightly but safe. So you have to tell him which level you want.
When it comes to dampness, that's a wide ranging item. You have to track down the source of the dampness.
You start with the roof. You go into the attic with a light and look for stain marks. Some stain marks could be from before the roof was replaced, so you have to distinguish timing. There could be loose flashing, cracks around windows, etc. Run a hose over the areas that look suspicious. See if there are any leaks.

Hopefully your inspector wrote on the report where he believes the water came from. It can be a leaky upstairs toilet or tub or shower, a hole in a water pipe in the wall, a water pipe joint that was improperly soldered.
I've done flips for 30 years, everything from houses built in 1899 to present. You are right to assume that having someone experienced helping you with the first one saves a lot of stress and wasted time & money. If you want to discuss some guidance, PM me https://www.biggerpockets.com/users/mikeh695 & Tap the message icon in the upper right corner of your screen and leave a message.

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