Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago on .

User Stats

34
Posts
12
Votes
Berish Edelman
  • Rental Property Investor
12
Votes |
34
Posts

First Deal Dilemma - now I get why everyone says to find a mentor

Berish Edelman
  • Rental Property Investor
Posted

We are under contract on a SFH that has mold in the basement but is otherwise very well cared for. The house is being sold as is, listed at $100k, ARV is about 110-115k, offer of 82.5k was accepted. Estimating $100k all in after rehab, which includes adding a fourth bedroom, which should push the ARV to $130-140k.

Here's the question. We went over there today to complete the inspection - they had just gotten the utilities turned on - and saw water in the basement. The existing mold problem is almost certainly caused by the downspouts dumping water at the foundation, something we will address immediately after closing, but we saw a puddle of water in the middle of the floor, plus water around the perimeter of the basement. 

Turns out the water had been turned on at 10am today, and from that time until 4pm when the seller walked in and noticed, the toilet upstairs had been gently burbling over the top of the tank, running down to the floor, and finding its way into the basement. Stuck valve or something. This explains the puddle in the middle of the floor, but not the water around the perimeter.

We asked if we could leave a dehumidifier running - on their dime - so as to mitigate further mold growth until we close in a week. There is some hesitancy. We are toying with the idea of asking for a couple grand off the purchase amount to help mediate the water problems.

Would love to hear from the wiser and more experienced. 

Thank you!