Skip to content
Two investors reviewing resources on a laptop

Get industry-leading resources — for free

Unlock resources for every investing strategy and stage with a free account.

By continuing, you agree to BiggerPockets LLC's Terms of Use and Privacy Policy

Followed Discussions Followed Categories Followed People Followed Locations
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

User Stats

32
Posts
23
Votes
Elbert O.
23
Votes |
32
Posts

Found the perfect multi-family! But...mold.

Elbert O.
Posted

Have found a four unit multi-family and the seller is in pre-foreclosure.  It’s in need of serious rehab (new kitchens, new bathrooms, new floors) but am more concerned about mold/moisture.  There's definitely mold on one of the walls in one unit and potentially mold around the windows (the termite inspection int the disclosures mentioned fungus in a lot of places).  And in that same unit, lots of discoloration on the floor of one of the toilets, looks like water damage.

This would be my first multi-family -- did I pick a bad one?  I'm worried that the mold damage is so extensive that the house will need gutting.  And the mere mention of it has scared off a few lenders, who have said if the appraisal comes back subject to repairs, the mold will have to be remediated before closing.

  • Elbert O.
  • Most Popular Reply

    User Stats

    9,861
    Posts
    5,567
    Votes
    Eliott Elias
    • Investor
    • Austin, TX
    5,567
    Votes |
    9,861
    Posts
    Eliott Elias
    • Investor
    • Austin, TX
    Replied

    Everything has a price, use it as negotiation leverage. 

    Loading replies...