All Forum Posts by: Ryan K.

John, I'm of the same mindset regarding mold, at least the minor situations, it's not a big deal but inspectors will note it on reports. 

After the moisture problem is fixed, a mold remediation company can essentially clean the joists to remove the surface mold and then spray with an anti microbial solution to help prevent it from coming back. They may need to replace insulation as well if it has been on contact with the mold/joists. Costs vary quite a bit depending on size of space and amount of work. It's a specialty item so it's never cheap to have done professionally.  I'd expect to pay at least $1k to several times that amount. To get an accurate figure you would need them to look at it and give you a price (but I realize you don't have they luxury now in a red hot market). Once the work is done you can provide any prospective buyers a copy of the invoice showing the work completed by a certified mold remediation company.

Curious to know everyone's experience with how much HUD homes typically end up selling for in their local market, both for owner/occupants and investors? Are they selling for close to the asking/appraised value? or less or more?

I'm looking at a house that just got listed, I plan to occupy it for the minimum 1 yr, it's listed as IE - Insurable w/ escrow. Have 10 day exclusive period for OO.

You would need to figure out all your expenses. I'd recommend reading here on BP, then read some more. A general rule of thumb is the 50% rule, where half the collected rental fee goes to expenses like vacancy, maintenance, management, etc. 

I'm with Larry T on this one, just fix and flip if your numbers are correct. Take the quick profit and then utilize that money for another future transaction. Best of luck with whatever you decide.

I'm in the RVA area myself. Prices are escalating quite a bit like many parts of the country which makes it more difficult to find deals, especially for buy and hold properties in decent neighborhoods for anyone looking for cash flow. The VCU area is expanding every day it seems, same with short pump and the western side of city. Church Hill is one of the top up and coming neighborhoods but the deals are in the rough sections, which may get gentrified but it's a long wait and sort of a gamble in my opinion.

I'm looking for a SFR now to live in and rehab, preferably in any decent area.

Derrek, you have a huge advantage in that you know how to build and rehab alrerady. Have you thought about finding/purchasing a property that needs to be rehabbed, and working on it in your spare time? You could live in it and sell it when its done, most of the work you can do yourself and reap the equity you are building, then sell and put the money made towards another investment, maybe something bigger. Just some thoughts. You are young and heading down a potentially great path in REI.

Living in Richmond area and I've been interested in REI for some time. Found this website and been reading to get informed on various topics. Hoping to dive into something soon and keep learning.