I Have a 3BR 2ba 1500 square feet house under contract for $59,900 and a estimate repair cost between $20000-$25000. I ran some comps and the arv would be between $125,000-$130,000. I got a home inspection done today and the inspection report stated that there is mold in some of the bedrooms in the house. I've never bought a investment property with visual mold in it. I want to know do I hire a mold inspector to come out or is this a deal breaker?
You said there's mold in bedrooms but where? How much? Was it caused by a leaky roof or window? If its a small amount we suit up (masks/gloves), get trash bags and remove it ourselves....If it's a big amount in each room and it's in the walls you need to call for a quote from an abatement company. Good deals usually come with things that need to be remedied so you have to decide if you're willing to pay a few hundred $$ more or a couple thousand more to deal with the mold? To make $35,000 is my "profit" minimum on any project or I don't do the deal. Maybe wholesale your deal and move on.
@char - Yes, there's a leaky roof and it caused water to get in the inside. There's some mold in ceiling in one bedroom and on the wall in the other rooms.
hi patrick. is the home inspector licensed in mold? does he have the qualifications to say it is mold or is it just his guess? if i were you, i would take a sample and have it tested just to have it tested. if it is mold, there are 18 different species of black mold and only 2 are toxic. that advice is coming from a licensed home inspector with a mold certificate. if it is black mold and is toxic, then you can remove it yourself, but protect yourself too. make it part of your offer. if the seller doesn't want to accept your offer based on the mold, then walk away. if you do not want the place because of the mold issues, would someone else want it? probably not. make your offer after the test, if they decline, say it is a standing offer and wait for them to come back. they will
@markelliot- Ok thanks, The home inspector is not a licensed mold inspector
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