Issues with Mold

[Misael Herrera Granados]

I have a problem with my rental property. I've had this rental property rented for a year and a half. In the beginning of the tenant's first annual lease, I had the property remediated for mold in the basement. After that, there were some foundation issues that caused some minor floods into the house, which were taken care of. She didn't complain about mold until around spring, when allergy season flares up. I told her that due to the foundation repair costs, I wasn't able to cover the costs for further mold remediations, but then she stopped complaining about mold all together for the rest of the year. Which told me that she was simply going through spring allergies. 

However, now - spring time again - she's complained about her symptoms flaring up again, so I had the house inspected for mold once again. And this time, the inspection came with the result of mold being all over the basement and needing to entirely gut the basement and disinfect all of it from mold. The costs of doing this is a fortune and would basically make my investment into this property a complete loss. 

My question is: I am definitely not in the position of doing these remediations, so should I sell the house or are there other avenues I can take? 

[Eshe Harvey]

That makes the situation even tougher- I really appreciate you being transparent about it. If gutting is not financially possible, maybe look into mold remediation grants, local housing assistance, or insurance options that may help offset some of the cost. In some area health/safety issues like mold can qualify for specific funding or support. 

If that is not viable, selling to a cash buyer or investor who specializes in heavy rehabs might be the cleanest way to move forward without going deeper into a loss. It won't be ideal, but it could protect your peace and pockets in the long run. 

Wishing you clarity and resolution soon- this is the type of situation that reminds us why risk management is so key.