Mold Real Estate Investing
Investing in Mold Contaminated houses is becoming another way of purchasing from a motivated seller. Is there a way to purchase these houses effectively and get rid of the mold?
I found an interesting ">http://www.inman.com/InmanStories.asp?ID=31704&CatType=R"> article about this.
John $Cash$ Locke
John,
I have invested in several mold problem RE's in the St Louis area.
The key for me has been to make sure that this has not been disclosed on any MLS listing.
The second key is to check on city and county ordinances to insure that I can comply with any cleaning ordinances.
If I can comply, and can do the work myself (my handyman crew that is) and if the mold problem is not excessive. As long as it is not in the frame of the home.
I have found a simple surface mold removal procedure by using bleach water (50/50 mix), a wallpaper steamer, air filtration unit, and some basic safety gear like gloves, mask, and respirator to filter out the mold spores.
At times we have to remove sections of drywall to remove the problem.
Steam and bleach water kills mold.
If the property has indicated the problem on record, I avoid this problem, as it may kill my sell and profit.
I treat this type of property like rehab, and buy low (50% or less than market value).
Hope this helps,
Jmichael
The article you link to requires a membership to read, so I did a search on the author (Yianni Pantis) and found what appears to be the same article, judging from the title, on his web site: http://www.pantislaw.com/pages/952119/index.htm
I hope this helps others interested in this topic, since he also provides several related footnotes.
Thank you, they might have changed to a subscription site.
I e-mailed Yianni and thanked him for this article.
John $Cash$ Locke