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All Forum Posts by: Patricia Perdomo

Patricia Perdomo has started 2 posts and replied 3 times.

Post: Houses going up for Auction

Patricia Perdomo
Posted
  • Financial Advisor
  • Miami
  • Posts 3
  • Votes 1

What are the 3 most important lessons experienced residential RE investors would give to a new RE investor regarding foreclosure auctions at a courthouse?  
I found the lawsuit for foreclosure proceedings. 

Post: Should I buy a house with black mold in FL

Patricia Perdomo
Posted
  • Financial Advisor
  • Miami
  • Posts 3
  • Votes 1
Quote from @Nathan Gesner:
Quote from @Patricia Perdomo:

Thank you. 

"I saw a rotten apple at the grocery store for $1. The apple next to it looks to be in great shape but is listed for $0.80. Should I buy the rotten apple?"

The mold house would only be a good investment if you can buy it at a low enough price to cover the necessary renovations. Replacing the roof is just the start. You may need to replace insulation, sheetrock, or even framing material.

The only way I would touch it is to have a contractor give me an estimate for renovation, then lower the price far enough to handle that renovation. In fact, I would want to go even lower because there's a very good chance some damage is hidden and costs will run higher than anticipated.

If you aren't experienced, I recommend you just buy the good apple.


Post: Should I buy a house with black mold in FL

Patricia Perdomo
Posted
  • Financial Advisor
  • Miami
  • Posts 3
  • Votes 1

Found a SFH (single family house). Went to the open house and there is black mold in the garage, green mold on the ceiling and rotted and falling paint from a leaky roof. Seller says estimated cost of roof replacement is $34,500, mold and drywall remediation $8,700 and kitchen and baths are in original condition. Seller dropped price by $30k BUT similar house across the street is selling for $12k less and in less disrepair. Should I continue to pursue the original house deal by deducting their estimated repairs?