15k foreclosure… 3 bedroom 1 bath 1020 sq foot… 15k to 20k in repairs i’m guessing…
would rent for 475 a month when fixed…
or could sell for 45 to 50k…
Any ideas on how much getting rid of mold?? I could do it myself, but what if it comes back…??
floor problem seems to be an easy fix…
any ideas on if i should spend 15k for this property??
Mold means moisture and the moisture is coming from somewhere. You’ll never really get rid of the mold if you don’t find and mitigate the moisture source.
The mold itself is usually easy to remove…bleach and water will kill most mold.
What do you believe that the floor sag is? It might be rotten subfloor due to the same moisture source as the mold…?
Meith
yes the subfloor the 2 by 10 broke in half… causing the floor to sag… I think all it would take is jacking both sides up and supporting them with cinder blocks… wouldn’t take too much I’m more scared of the mold… I think I could just pull all the sheet rock and paneling off to get rid of most of the mold… Then bleach the studs… I think i can get this property cheap due to many being scared…
Should i be scared??
I would be more scared of your ARV. If 45-50K is all you can resell this property for mafter rehab, I would pass. At 20K in rehab and 15K purchase price plus closing, holding and resale costs there isn’t any spread left over for you. Mold you can overcome, a purchase with this kind of spread you cannot.
If you’ve got a broken floor beam under the house propped up on bricks, it isn’t going to pass inspection if you go to sell it retail to a homeowner.
Replacing those beams can be costly if you hire it done. It’s not such a big deal if you can crawl under the house and do it yourself, but if you expect anyone else to do it for you, they are going to charge you. It’s very likely that the house will have to be jacked up.
thanks for the input… considering on not doing the deal… too much work for my first deal…
thanks again