Updated about 11 years ago on . Most recent reply
First Deal with a Moldy Basement
My partner and I are excited about being close to making our first deal, but we have a few concerns...
The property is a 2,400 sq ft home with a partially finished basement that our mentor found and is willing to provide us with... The plan is for our mentor to buy the property through an extra LLC that he has already set up and does not need, and we then purchase the entire LLC from our mentor. Has anyone purchased property this way and have any insight? Would there be any possible benefits of forming our own LLC?
Also, the property has a partially finished basement with a "significant amount" of mold damage that our mentor has checked out and doesn't have a problem with. We visited the property yesterday but were unable to see the damage firsthand (We cannot get access to the basement until our mentor purchases the property). Our mentor says that he has already quoted the mold issue and says that it could be fixed with only around $800. He says that all of the drywall needs replaced, so I'm thinking that this mold issue is definitely something we should be weary of before we decide to follow through and purchase the property. Does anyone have any experience with this and any insight on what we should worry about? Possibly any contacts in the Northern Ohio area related to mold removal?
Any insight related to purchasing the LLC and correctly adressing the mold issue for the lowest possible cost would be greatly appreciated. Thanks
Most Popular Reply
The mentor thing sounds like a red flag to me. Where did you meet the guy? Any good references? You can't see the moldy basement before buying it? If it's a great deal why is he just "letting you have it"? We looked at a 1500 sqft home that had a moldy basement. Rest of the house was just updating. Mold was so bad I had to wear a canister mask in the basement. Quotes for the mold made it a non deal. I wouldn't buy a home with mold sight unseen.