A few questions about rehab inspections

[Patrick Philip]

I'm getting ready to buy my first rehab project in September. I have many potential deals from wholesalers in my email inbox.

I called my home inspector and he said he doesn't inspect for: termites, mold, lead paint, or asbestos.

These are all potentially major issues that I'm not sure I can identify by myself. Do I really need to get a separate inspector out there for each of these issues? Is that what you do? Wouldn't that take forever and be expensive?

Also, some people have warned me that once I start tearing down drywall, I will find a whole host of problems that I didn't expect. But why would I tear down drywall unless I'm removing or replacing walls? In which case, if there were problems behind the drywall, no one would know. A standard home inspection has no idea what's going on behind the drywall. What could be back there?

Is there anything else I'm potentially missing that could spell doom for my first project?

[Michael Healy]

I've given up on home inspectors. My experience is that they don't know that much anyway. I go in with myself, a GOOD flashlight, and whatever friend that knows the most about homes and the work it takes to fix stuff. (If you dont know much this may not be for you, but it's pretty easy) Learn for yourself what is mold and what is just dirty. Like you said Asbestos isn't likely to be a major issue for typical flips. Lead just needs to be "encapsulated" which just means painted over. 

Maybe FL is different but where I'm at is nothing like the dramatic BS you see on TV. Even if there's is mold it isn't usually that big a deal if you didn't pay too much to begin with. In fact I think I've won bids because a moldy attic scared away other buyers. Then it cost me like $1500 to have it cleaned by pros with a warranty  Shop mold remediator guys hard!!!

Mold Lead and Asbestos aren't the boogyman TV and the internet want you to think they are. Good luck.