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-   -   Buying a foreclosure and Mold Remediation Questions (https://www.pirate4x4.com/forum/showthread.php?t=2688706)

Juztyn00 09-14-2019 03:14 PM

Buying a foreclosure and Mold Remediation Questions
 
Looking at buying this as its just down the road from me, cleaning it up and using as a rental.

https://www.hubzu.com/property/88516...4&srchBtnClk=1

It has mold, likely from a damp leaking basement and no power to run the sump pump. Looks like most of the kitchen would have to be torn out and drywalled. What should I know about mold remediation past marshmallow suit, scrubbing and removing contaminated materials?

It is in a good neighborhood and desired school district. Only taken a look on the outside, has good siding newer windows, and the roof looks recent.

Any landlords want to chime in on why this is a horrid idea for a rental noob?

FirstRam 09-14-2019 03:56 PM

How much would a Comp with no mold go for?

Juztyn00 09-14-2019 04:09 PM

Quote:

Originally Posted by FirstRam (Post 44603924)
How much would a Comp with no mold go for?

This house sold for 45,500 in 08, I bought mine which is similar size and style for 63,000 less than a 1/2 mile away. Rental potential once fixed is around $600/mo.

gatorgrizz27 09-14-2019 04:25 PM

Depending on state laws, you might have to hire a mold remediation company rather than DIY if you intend to rent it out right away. If you purchase it as your residence, then decide youd rather live somewhere else and end up renting it instead youd probably be fine.

IDASHO 09-14-2019 05:11 PM

I steer clear of mold houses (to rent or re-sell) mainly for liability reasons.

Once it is in the books as a mold house you are required by law (most places) to disclose as such.

You could spend big $$ for a mold remediation company to to do the work and clear it as habitable, but most people are in the market for a sweat equity property. Tossing money to a company to clear it of mold pretty well eliminates a good deal of potential sweat equity.

Certainly depends upon the deal you may or may not get though. Just depends on if it pencils out for you.

aczlan 09-14-2019 05:22 PM

Quote:

Originally Posted by gatorgrizz27 (Post 44603952)
Depending on state laws, you might have to hire a mold remediation company rather than DIY if you intend to rent it out right away. If you purchase it as your residence, then decide youd rather live somewhere else and end up renting it instead youd probably be fine.

Per: Mold Disclosure are Not Required for Residential Homes For Sale in Illinois — Homes in the Fox Valley and Mold disclosures in Illinois (UPDATED) - Chicago Real Estate Closing Blog you are not required to disclose mold when selling a house in Illinois
Rip off the drywall, dose the studs heavily with industrial peroxide, swab it with a test kit to make sure its gone and call it good?

Aaron Z

east_beast 09-14-2019 05:31 PM

I'd steer clear of it was me. Water damage with mold present and limited access to the interior? No thanks. You could be opening up one helluva can of worms.

dave_dj1 09-14-2019 06:24 PM

In Pirate fashion, BLEACH! Lots and lots of bleach....:flipoff2:

GMGuy 09-15-2019 07:04 AM

Are you ready for an entire gut? That thing looks like it got wet from the top down, don't let the "new" roof sway you, thats just lipstick on a pig to move it.

Alex.

Aisin 09-15-2019 07:12 AM

You can easily spend $5,000 to $6,000 on remediation if a licensed crew has to come in. Id steer clear.

thefishguy77 09-15-2019 08:02 AM

Be prepared for doing the whole house. Use peroxide not bleach. Buy the correct stuff. Then hate yourself for buying a mold house after your done. Or light it on fire and contact insurance about a LiPo battery causing another house fire...


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aczlan 09-15-2019 11:19 AM

Quote:

Originally Posted by thefishguy77 (Post 44604382)
Be prepared for doing the whole house. Use peroxide not bleach. Buy the correct stuff.

Exactly, bleach will not go "into the wood" like peroxide will and as a result, the mold will grow back if you use bleach.

Aaron Z

drummer9479 09-15-2019 12:56 PM

I saw mold in that light blue room, in the bathroom, and the stairwell to the basement. You'd end up gutting that entire house and starting over. If it only sells for 45 thousand in good condition and it's 10,000 now you'll be upside down quick.

Juztyn00 09-15-2019 05:58 PM

Called a realtor buddy of mine, going to go look inside tomorrow to see how bad it really is. I'll take some more pics...

Edit: he said our city could care less about remediation as long as its clean and up to code before you call to get a rental inspection.

Hooligan 09-15-2019 08:02 PM

Holy mold Batman! How long does it take for the kitchen ceiling to get that bad?

thefishguy77 09-15-2019 09:02 PM

Bring a decent moisture meter with you if you can, or better a FLIR camera if you have one. I think your going to find WAY more than 10,000 worth of damage. Lowball them another 30-50,000 off the price and treat it as a knock down...


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Juztyn00 09-16-2019 09:04 AM

It's worse now than when the pics were taken. It would be a complete gut, Every room is molded and it is all plaster walls (I hate removing plaster). Basement has about 4" of water in it currently and it has been up to about 2 feet, furnace and water heater are rusted. Its a level of nasty I don't feel like dealing with. Going to pass on this one.

ky scrambled 09-16-2019 09:13 AM

Its in Mt. Vernon also. The location is worse than the mold!

DavidVanVorous 09-16-2019 11:16 AM

Quote:

Originally Posted by aczlan (Post 44604522)
Exactly, bleach will not go "into the wood" like peroxide will and as a result, the mold will grow back if you use bleach.

Aaron Z

True BUT...2% peroxide you get at Wally world isnt a particularly good disinfectant on molds. It needs to be at least 3% and 10% better still. Thats more commonly available from hair places, chem houses possibly industrial supply houses (Amazon maybe).

The big headache is it takes scrubbing along with the disinfectant and peroxide will cause skin burns on contact with the higher concentration.

aczlan 09-16-2019 05:04 PM

Quote:

Originally Posted by DavidVanVorous (Post 44605514)
True BUT...2% peroxide you get at Wally world isnt a particularly good disinfectant on molds. It needs to be at least 3% and 10% better still. Thats more commonly available from hair places, chem houses possibly industrial supply houses (Amazon maybe).

Hence why I said industrial peroxide...
Quote:

Originally Posted by DavidVanVorous (Post 44605514)
The big headache is it takes scrubbing along with the disinfectant and peroxide will cause skin burns on contact with the higher concentration.

Time for a tyvec bunny suit and a lot of sweat...

Aaron Z

WTF? 09-16-2019 06:25 PM

Not enough upside for me.

Under absolute best case scenarios, the return on investment seems pretty marginal.

And at that end price point it doesn't take too many unplanned/unexpected hits to the budget to eat up all of your profit margin and then some.

I presume in a market where houses are that dirt cheap, that there's not many interested buyers, so it could take a while to get decent money out of it if/when SHTF.

IEATRKS84 09-16-2019 06:34 PM

who the fuck can afford $600 a month rent but not a $10,000 house?

v6toy4x 09-16-2019 06:40 PM

even with gutting all the drywall you are never going to get it all that kitchen is BAAAAAAAAD news

thefishguy77 09-16-2019 06:57 PM

Quote:

Originally Posted by DavidVanVorous (Post 44605514)
True BUT...2% peroxide you get at Wally world isnt a particularly good disinfectant on molds. It needs to be at least 3% and 10% better still. Thats more commonly available from hair places, chem houses possibly industrial supply houses (Amazon maybe).



The big headache is it takes scrubbing along with the disinfectant and peroxide will cause skin burns on contact with the higher concentration.



Look at fiberlock products. Many dont require scrubbing however at the mold level in that house they might.
As always where appropriate PPE. I buy it at janitorial supply stores but amazon also carries most of their line.




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Juztyn00 09-16-2019 08:45 PM

Quote:

Originally Posted by WTF? (Post 44606074)
Not enough upside for me.

Under absolute best case scenarios, the return on investment seems pretty marginal.

And at that end price point it doesn't take too many unplanned/unexpected hits to the budget to eat up all of your profit margin and then some.

I presume in a market where houses are that dirt cheap, that there's not many interested buyers, so it could take a while to get decent money out of it if/when SHTF.

The liveable houses for sale in the neighborhood this is in range from 60-120k. This one is dirt cheap for a reason. Looks like they spent some money making it nice and air tight then cut the power so the leaky basement could fill up. It

Quote:

Originally Posted by IEATRKS84 (Post 44606078)
who the fuck can afford $600 a month rent but not a $10,000 house?

People that suck at planning life.... in other words the vast majority. This isn't a move in ready place either or one that would qualify for financing.


Quote:

Originally Posted by v6toy4x (Post 44606086)
even with gutting all the drywall you are never going to get it all that kitchen is BAAAAAAAAD news

Plaster and lath walls throughout, No removing that delicately. Biggest reason I'm walking away is I hate that stuff even when mold isn't present.


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