Hello,
I am still very new to real estate investing and have not done a huge number of rehabbing jobs, particularly with mold damage. Found a 4 plex for 86k ARV 165K bank REO with mold damage. Currently vacant. Going to look at the property next week to find out the extent, however, if it’s small versus widespread, what can i expect as far as renovations go? Cost? Overall, what am i up against here? Must the mold damaged walls be completely gutted with new insulation & drywall regardless of the extent of damage? All walls? Not sure if plumbing or roofing related. Property appears to be roughly 20-25 years old, but age is uncertain as i haven’t even met with REO Realtor yet… Any help/suggestions/ideas appreciated!
Cheers!
Use the search button at the top of your page to look for threads and posts related to mold and mold abatement. There have been some very good threads about how it is sometimes very easy to do away with mold and what products to use. If there’s mold, there’s a moisture source somewhere. You must find and eliminate that in order to keep the mold from coming back.
A lot of REOs say mold damage more as a CYA than as a reality. If there is mold, you need to correct the moisture problem. If the mold isn’t too bad, go to Lowes and buy some JOMAX, which is the most amazing mold killer I have seen. Spray it on and the mold disappears in 10 minutes - GONE!
If the mold has worked its way all the way through the drywall, then you may have to remove the drywall and replace it. I’ve done some pretty nasty mold with the Jomax and haven’t had it return once the moisture problem is fixed.
Good Luck,
Mike
I run across at least some mold in most of the houses I’m looking at. If it’s a small amount I just stop the moisture source, replace the drywall if needed, spray it down with Jomax or bleach solution, and dry it out.
But then I’ve been in places where you have mushrooms growing out the floor and the walls are black. Around here they can’t give those houses away in that condition.
See what it looks AND SMELLS like and go from there…there are just too many variables until you actually see it.
Chris P