Special offer

A Kansas City Investment Property With Mold

By
Real Estate Agent with Ad Astra Realty BR00222587

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.

mold in kansas cityNow 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.

Comments (10)

Paul Korodaj
Overland Park Real Estate :: Keller Williams Platinum - Overland Park, KS
Overland Park Real Estate
Cool picture. LOL  I've seen a few houses like that...nasty.
Aug 27, 2007 03:52 PM
Stephanie Edwards-Musa
thredUP.com - The Woodlands, TX
knitwit at thred UP

Oh my gosh Chris.  This is worst than one I saw one time.  It needed $40,000 of remediation...that did not include the rebuild.  That was just to get the mold out.  That also did not include remediation if the mold got in to the exterior studs which was likely.

Why did he buy it? Did he think it was a bad faux paint job?  :)  LOL.  Great post Chris!

Aug 27, 2007 04:53 PM
Chris Lengquist
Ad Astra Realty - Olathe, KS
Kansas City Real Estate Investing

Paul - I don't know if you got a chance to see that house in Gardner last year but it was like a petrie dish.

Stephanie - I don't know.

Aug 27, 2007 04:56 PM
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes
Oh my goodness. That is some photo. Yes, deal with it sooner than later.
Aug 27, 2007 07:07 PM
Laurie Mindnich
Centennial, CO
I watched one of those flip shows- don't remember which one- which showed the flippers using bleach to remove traces of mold.  They subsequently had an inspection, which passed.  Wonder if they got the house (and a BIG, FAT lawsuit) back...talk about stupidity- it's all on film. 
Aug 28, 2007 12:11 AM
Jeff Link
Asheville, NC
"Your Asheville Real Estate Link"
Try getting a CLUE report also. There may already be a claim that might affect getting insurance.
Aug 28, 2007 12:45 AM
Connie Cagle
Inactive - Hampton, GA
Someone didn't do their homework.  What a nightmare!
Aug 28, 2007 01:41 AM
Gena Riede
Riede Real Estate, Lic. 01310792 - Sacramento, CA
Real Estate Broker - Sacramento CA Real Estate (916) 417-2699
Chris, that's some photo! Can honestly say that I haven't had to deal with that. Great photo on what to avoid and how important maintenance of a property is.
Aug 28, 2007 04:10 AM
Christopher Onwuasoanya
Atlantic Waste & Power System - Sparta, NJ
WOW. I guess bleach will not work on this one.
Aug 28, 2007 05:15 AM
New Jersey Real Estate James Boyer Morris, Essex & Union County NJ Realtor
RE/MAX Properties Unlimited, Real Estate - Morristown, NJ
MMM that looks like a great investment property.  Last time I have seen one like that it got stripped down to the studs and bleached from roof to foundation.
Aug 30, 2007 06:05 AM