All Forum Posts by: Sean Salandy

Thanks for the info everyone. I'm going to take a look at the home with a specialist and begin crunching numbers.

Lynn M. I was not aware of this. So even if the mold has been completely removed and the home has been tested to show that it no long has mold, you would have to disclose this to the buyer? I wonder if that would affect the resale value of the home.

I feel the same way. I think the mold scares off a lot of people which can spell possibly a good opportunity for me. Thanks for the response Alexander Felice .

There is a house that I see a listing for that seems to have a massive amount of Mold and water damage in the finished basement which includes a bathroom. It looks as though the mold is from floor to ceiling. I have not taken a look at the house in person yet and I don't know what the root of this damage is. At this point I am only going off of the photos. The rest of the home "seems" to be unaffected although without an inspection I couldn't know for sure. The home is listed well below market. My questions before I go see it are: •Is mold a deal breaker for anyone? •What is the best way to find a trustworthy mold remediation company? •Is it safe to assume that I (and my agent) will need some sort of hazmat suit or respirator while viewing the property? •How expensive is a typical mold remediation service in general? I'm sure it greatly depends on the extent of the mold. •I was once told that there is no true test for black mold. Is this true? •if this seems like a great deal after carefully running the numbers, should I still proceed as a first flip? Thanks in advance for your help.

Good point Mark Gallagher . All the more reason to make your offer a financing one unless of course you have the cash as a backup.

That makes sense. Thanks for the reply J Scott btw I'm on chapter 12 of your book on flipping houses. Great book with detailed instruction. Highly recommend it.

Is there a difference in the way sellers look at financing from a HML/Commercial Lender compared to a Conventional Bank? The reason I ask is because HML/Commercial Lenders can generally close a lot sooner than a conventional lender. I was just wondering if sellers may view that as slightly more favorable when viewing your offer even though it would not be considered a "cash" offer. And is there a way to communicate to them that you would be able to close sooner because of it.

I am interested in hearing replies to this post as well. 

Can you focus a good amount of time explaining the ins and outs of analyzing deals? It is mentioned regularly that it is important to find great deals. Since this is very important, please spend more time on crunching numbers and giving more real life examples. 

Sean S. You're right. We'll have to find a way to do Rock, Paper, Scissors for it. Mike H. Thanks for the post. I figured what you are saying was true. I just let doubt creep into my head when thinking back to when a my application was previously denied when I specifically said I would be using it for RE. Now I can see I should maintain focus and continue on with my plan. Christian Bors you had me there for a second. Thanks for your response as well.