I bought a house as an investment about a year ago, it's a very old house and it's common for that type of stone foundation to weep a bit when it rains, only in my case, it a bit more than wept.
Due to a particular situation I'm in, I didn't deal with it promptly, and there are several spots with mold in the basement. Interestingly, the original old wood doesn't seem to have any. It's mostly some plywood that was closing the windows, and a trap door (also plywood). And maybe on the concrete floor (I can't really tell).
Water pools in corners, might need a sump pump, regrade, and gutters to mitigate the actual cause of the problem.
Anyway, considering I paid 90K for the property, put on a new roof and fixed the chimney (+$10K), all in for $100K, how much as a rule of thumb can I expect to lose on this place and how do I get rid of it ASAP?
It's very liveable, just needs someone who's willing to fix it, and I would rather focus my energy elsewhere. This is my only property, and this particular business at this point of time is not for me.
How much will I get for a property with mold in the cellar?
byu/BlackJackT inrealestateinvesting
Posted by BlackJackT
2 Comments
> how much as a rule of thumb can I expect to lose on this place and how do I get rid of it ASAP?
There is no rule of thumb, depends on the market in your area. Best way to sell is to probably hire an agent, fastest way is one of those “we buy houses in cash” companies.
Highly likely not as big of a deal as you think it is. There is actually mold every where all the time. Might need some french drains, waterproofing of the foundation on the outside, some dehumidifiers and come bleach to clean off the mold inside. It’s a basement of course it’s going to have mold, non-issue imo