Hi, I'm a newbie real estate investor.
I have a home on about 1/4 acre of land. Holes in the roof have caused real damages to the inside (ceilings, floors and walls) along with mold/mildew and suspected termites. Looking at the outside it appears salvageable (built in the 30's)... I obtained it through taxes. I want to use the house or any other I place on the land as a rental property. My biggest concern is the mold situation (clearing it all up) because I most definitely don't want a future tenant getting sick on account of me making the wrong decision.
So my question is: Do I rehab or tear down and build anew (my replacement idea is a binishell concept home)??
Any ideas are greatly appreciated.
Sounds like a tear down to me. Multifloor mold issues and signs of rotting/deterioration probably goes a lot deeper than you can visibly see. You can go in and salvage any steel, appliances, or siding you think might be useful for the new build. A picture of your situation might help if you want second opinions.
Also, i'm not sure of your local zoning but if you rebuild - even within the same footprint - you can build smart and maximize the space to get the biggest ROI from your rental property.
The mold issue you mentioned is in line with my thoughts. And your conclusion is the same as mine as well. I plan on keeping this property so the last thing I want to do is place a family in here and someone gets sick from mold(unseen) to me.
My solution was tear down and build a binishell (system) with green tech(solar panel system, rain water purification system, etc...) [Note: haven't come across anyone familiar with the binishell systems]
Could you please let me know if you I'm on or base with this idea? Thank you! I appreciate your time and assistance.