Dealing with a Mold Problem
For the last few months I have been buying up houses in foreclosure and flipping them. I was inspired by the many television shows that depict flipping houses to be an easy way to make money, and for the most part it has been very profitable. Up until the house that we bought last week our purchases have only required minor renovations to get them to the point where we could put them up for sale, and I really thought that we had the hang of the whole “house flipping” business model.
It seemed too easy.
Unfortunately everything changed last week. We picked up a house that looked like a steal and we thought that we had another winner on our hands, but we were wrong. When we opened the door to the house, we quickly realized our mistake – the home smelled like mold. After a little more exploring through the home, we discovered that there was extensive water damage that would have to be dealt with before we could sell it.
I was worried that fixing this “little” problem was going to eat up all of our profit.
We consulted with a firm that specialized in mold remediation Los Angeles to get a feel as to what we had gotten ourselves into. After they came out and looked at the problem, they put together a plan that would solve the problem with the least amount of money.
Thankfully we were not in as much hot water as I thought.
By the end of this week the mold issues should be dealt with and we will be able to work on renovating the home. Hopefully we will be able to list it for sale by the end of the month. At this point I would be happy to break even on the property, but only time will tell how well we make out. It has definitely been a good learning experience that will impact how we buy properties into the future.