One of my Kansas City real estate investors owns an investment property that is turning on him. And not turning for the good. So this is a lesson post. A "what to watch out for" post, if you will.
This investor bought a home that needed quite a bit of rehab. Since there wasn't quite enough margin to rehab and sell he decided to rehab and rent-option the property. There had been a water leak in the house so they redid the drywall, fixed the roof and the guttering and installed a sump pump in the crawl space.
Now he's getting a reappearance of mold on the living room walls. (Not as bad as the photograph...yet!!!) That stinks.
What to do now?
Well he really cannot let the mold continue to grow unabated. And to bring in a professional mold remediation team is going to cost big bucks. I feel for him. I really do.
NOTE: I did not help him find or rehab or lease this property. This one he did on his own.
So here's the lesson to every real estate investor in the greater Kansas City area: If there is any question about mold take care of it up front! Not later. Don't bleach it and paint over it. Consult a professional when it comes to mold remediation.
In fact, if you'll go over to Land Chasers you'll find a great series on mold remediation. Read that before buying a house with mold!
Kansas City real estate investing doesn't have to end in disaster. Just know what to do...up front.
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