All Forum Posts by: Waverly Rennie

yeah, i can see that 

1) stop the source of the leak

2) get rid of moldy yucky stuff

would be stuff you could do without a Specialized Mold Technician (who one estimate is invoicing at $110/hr) but then you might have to bring in the SMTs for the sporicide and the HEPA air scrubbers etc.  If you PM me I could send you the two estimates I have gotten so far, FYI...

hi- I can tell you what i am going through right now. I found what looked like black mold in one room of a property i bought at auction, so i had a mold company come in and test. It was positive and found other kinds of mold too and traces in other rooms. Now that I officially know about the mold, I may have to pay about $20K (2 estimates so far) to clean it up, taking it back to the studs in some places, pulling back the baseboards in others, then cleaning with sporicide and doing air scrubbing in order to get an official clean bill of health since i can't rent or sell without that, having officially established that I have mold. I'm not saying I wish i hadn't tested, but dang..... In Florida there is mold everywhere, there isn't a house that doesn't have it, but on the other hand, I wouldn't want to take a chance on having awful mold all over the place and not cleaning it up properly. Anyway, that's my experience so far. good luck!

Thank you so much @Karen Margrave and @Scott Trench for getting this going. I am currently researching insurance options for my STVR here in Dunedin Florida and will let you know what I have found- what an interesting chore.....

Thanks J. The land in question is in Tampa Bay but we also have some land in EC that I might like to discuss with you- will send you a PM assuming I can figure it out....

@Account Closed I didn't understand what "pro rata profit split based on cash builder put in for build costs." means- this is a whole other language!

Other ideas on deal structuring are welcome- I may be doing some more of this land getting for him.

thanks to all- I started reading BP and J's books about 4 months ago and now here I am, about to go look at my second investment property, a rental. What a resource!

The clients building the homes would finance the construction. He doesn't put any money into the deal, he oversees the design, permitting, construction etc. and adds 18% onto the construction costs. I figure I will end up valuing my land (purchased cash) at around market value, which would be about an 15% profit over what I will be all in for once I add up the cost at auction, legal and recording fees, and the demo.

He wouldn't buy the land from me, it would be bought, as I understand it, by the individual client who wants to build on lot A or B or C. thanks for the questions, it's helping me think through this. Having been in real estate investing for about 20 minutes, this is all new!

Hi all- my very first deal, and it's been a roller coaster. Bought a house at auction, turns out to have a mold problem inside and asbestos shingles outside, and pretty crappy construction, but a prime location and double lot. 

Have met with a high-end developer who proposes I bring the land (once I've torn down the house) and he brings the clients and design/GC/development. I would get market value for my land, he'd get his 18% markup on construction costs for the houses, and we'd split any profit over and above that 50/50. He's extremely well regarded in this area and has done some beautiful work. 

I think it's a great option for me to make a little bit of profit off the land and then learn a whole other side of the business (watching him do the development) and maybe make a bit more money depending on how it goes. He's got several clients ready to build in the area if he finds a location for them. He's done a similar mini-neighborhood nearby and it's been a real success. He told me- you find the lots, I will build on them. It all sounds really interesting to me. 

Am I overlooking something here? Would LOVE some opinions and suggestions on how else to look at this.

Hi Erich- we have a place in Oak Bay, half a block in from the ocean, on the same block as Delish. We haven't turned it into a VR yet but will be coming to Victoria in July to look at it and talk to some agents. Maybe we should have a coffee then and talk real estate in Victoria! Any other Victoria BC people on the forum? And that's it for the off topic, sorry!

I would love to see a VR forum- I have one in Dunedin FL, just bought another property here which is going to end up being a nightmare to rehab so may not cash flow unless I build another rental unit on the property- even thinking tiny house!- and am converting a long term rental in Victoria, BC into a VR. VR forum would be great! then I would really NEVER get anything else done but read BP forums.

Hi- what did you end up doing? I just bought a property at auction- my first investment property- and guess what, it has lots of lovely mold. How much did you end up having to spend to fix the mold, or did you walk away from the place?

I went tonight to this, my first REI meet up, and it exceeded my expectations. First the 45-second promos from various attendees- buyers, lenders, property managers, wholesalers, etc. Then a pair of fantastic speakers- @Ned Carey and Anthony Onwuanibe- on tax lien sales, then wonderful discussions with @Nancy Roth and Ned and Marqueeda and so many others. I feel as if I have just gone back to school except it's more fun and we got nachos at the end. Wow, wish my day job were this fun! thanks to all who make this possible. So excited and grateful to have been given this opportunity to learn from all these experienced- and super helpful- people!