The Deal Breaker
There are not a lot of things that scare us off when it comes to searching for our next flip. We’re cool with knob and tube wiring, asbestos, critter infestation, student rentals, and anything alike. However, one thing we are very weary of is mold! It is almost always worse than it appears and unless you’re willing to tear down and start over, it is not worth the hassle. Like the tip of an iceberg, if you can see it on the drywall, it is likely there is a whole lot more you can’t see. Worse than that, mold is alive and continues growing like cancer. If you don’t rip apart large portions of the house to get it all, the mold will just continue to grow. Not only is it a pain in the ass but it poses serious health risks for yourself and future owners of the property if it is not dealt with properly. We have never opted to go through a mold remediation process because it is quite pricey and usually throws our numbers off too much to make it worth the investment.
How to know if there is a mold issue:
Look for it. Most commonly it is found in basements or on ceilings. It will usually discolour drywall, trim, flooring, etc.
Smell for it. When you can smell it, it is likely pretty bad.
Test for it. You can purchase a digital moisture meter and test drywall, wood, etc. as well as have a professional conduct an air test.
Avoid properties that have an indoor hot tub. We have never seen one of these that doesn’t have mold, it is the perfect breeding ground.
Why are none of the other things listed above a deal breaker? Well, student rentals are actually a favourite of ours. They are disgusting and have not been well kept so they scare away the average buyer looking for a personal property. Knob and tube wiring doesn’t scare us as we often end up installing entirely new electrical throughout the house anyhow due to floor plan changes. Getting asbestos abatement done is also “relatively” affordable but most importantly it is not something that spreads unknowingly throughout the house, you know how much of it you’re dealing with. Once asbestos is removed it no longer causes harm and when dealt with by a professional there is no harm to the person removing it either.
In case our take home message hasn’t been clear yet - be extremely cautious with mold as it can ruin a flip before you even get started.
Catch you on the flip side,
