All Forum Posts by: Edwin Valdovinos

Does anyone have experience rehabbing a home with mold? The 3600 sqft property was used as a marijuana growing site and a result has mold. 

It's a big house so I am afraid the whole house has mold and it's not worth what they are selling at. They are asking 350k and the property ARV is around 500-515.

Any major red flags I should keep a look out for ? 

@Cameron Rockwell

Yes I am excited and nervous !

Anything I should know about before I go to a hard money lender ? I have comps and will also have the estimate on repair cost.

I don’t have a track record so I am worried they will not fund the deal.

@Cameron Rockwell

Yes I agree !

He does have the deal and has all the leverage. Initially, he was thinking of wholesaling it. I talked him into rehabbing it and putting it on the market ARV.

I would be the one getting the hard money loan and qualifying. I also have the funds for the deposit and money needed. In other words I’m the one coming up with the money, he has the deal and has it under contract at a massive discount.

This is my first time getting a hard money loan. Any suggestions or advice I would appreciate.

@Suzanne Sevier

We are projecting 70k in rehab. We are getting 2 more opinions from contractors today.

@Chad Carrodus thank you !

It would be both of us managing the project.

I am working on a fix and flip with a partner. He got the property off market for a really good price under contract. We want to rehab the property and sell it ARV. I am coming up with all of the money for the deposit on a hard money loan. Should we be splitting the profits even ?

Initially he wanted to wholesale the property.