All Forum Posts by: Evan Bonnell

Thanks Ericka! That's what I'm thinking too. We'll see if the remediator has any solutions before I sell "as is". At this point I'm mentally prepared to take a loss and be done with it.

The first one is the most difficult. Welcome to your new addiction!

I purchased a fix and flip that got complicated when we found one of the basement walls was bowing in. It ended up being an easy fix, getting steel braces installed for about $6000. Then things went south...

I decided to gut the rest of the basement since it got water damaged from the foundation issue. I noticed quite a bit of mold growing up the walls, but didn't think too much of it. The day after I gutted the basement I got really sick. I was dizzy and off-balance for weeks following. A couple months later finally starting to feel better.

That's when I called in a professional mold remediator. Long story short, his crew blasted through the job in a few hours and the clearance test failed. I asked if there was anything else we could try, he got very angry and demanded I pay him in full. After a few nasty emails and him threatening to sue me if I left a bad review, I paid him in full, $7000 and moved on. Worst contractor experience I've ever had.

I then hired a second remediator. They pointed out all the things the last company did wrong, and gave me a quote for $4000. I had a better feeling about this contractor so I hired them. Just received the clearance testing and still have "slight mold elevation" in the basement, still indicating Stachybotrys and a couple other bad types of mold. Not the clean report I was hoping for.

The numerous remediation attempts and testing have wiped out my profit on this flip. Now I'm just trying to get out. Anyone with experience that can recommend a path forward?

I've purchased many homes at auction, and have never seen this type of activity. I would say don't get discouraged though. 80% of the time I walk out empty handed, but if you're persistent you'll be rewarded.

Also, I've bought houses at 60% discounts, I don't care if a toilet is in the living room, that's a $1000 problem. 

Wow! Almost a year to get a deed. There are more Xome related posts on here with people sharing concerns, might be worth a look.

@Josh Salinas Henry clearly doesn't invest in this market. I do. Cash flow can be great, but keep in mind RE taxes can be a deal killer. Appreciation is lower than the national average but that tends to be true throughout the Midwest, but the benefit is lower volatility.

How's everyone doing in the IL Valley? Rents are still going up like crazy. What are you guys seeing?

I'll give one anecdote, I have a 2 bed, 2 bath in LaSalle that was rented for $900 for the past 4 years, just re-rented to a new tenant for $1350.

 I see slightly below national average, but slow and steady, not a lot of volatility. Great cash flow market.

I'd personally prefer less episodes, but higher quality. TBH the podcast has really fallen off over the past year or so. I'm grateful for the free content and BP has changed my life. Just want to see it continue to dominate. On the Market has taken the spot as my favorite.

Excellent @Joel Owens Excited to dive into the book! Glad to see someone truly giving back, especially to newbies in the space.