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Started By
Message
Rent House with Foundation Problems
Posted on 7/10/18 at 1:55 pm
Posted on 7/10/18 at 1:55 pm
Great forum. Hope you can provide some solid advice.
Background
- Inherited a rent house from my late father’s estate (built in 79)
- Older but well maintained neighborhood in a growing area of town
- Prior to me taken ownership, roof replaced, master bath remodeled, new heat pump
Major Issue
Foundation has had problems since it was built. Crack in the bricks comes and goes on one side of the house. New crack started developing on the other side in the last 2 years, also seeing cracks in the back of the house now. Have to fix sheetrock cracks in the bedrooms every time a renter moves out.
Called a foundation repair company and they want $24,000. I would still have to get the cracks in outside bricks fixed/patched which will be an additional costs.
House would normally bring $120,000. With the foundation problems, maybe half that if sold (not interested in selling it).
House brings in $895 per month, yearly taxes and insurance costs me ~ $1500.
I would like to get the foundation fixed but relatives are telling me the house is a money pit.
Fix the foundation or screw it and just keep fixing sheetrock and other issues while collecting the rent?
Background
- Inherited a rent house from my late father’s estate (built in 79)
- Older but well maintained neighborhood in a growing area of town
- Prior to me taken ownership, roof replaced, master bath remodeled, new heat pump
Major Issue
Foundation has had problems since it was built. Crack in the bricks comes and goes on one side of the house. New crack started developing on the other side in the last 2 years, also seeing cracks in the back of the house now. Have to fix sheetrock cracks in the bedrooms every time a renter moves out.
Called a foundation repair company and they want $24,000. I would still have to get the cracks in outside bricks fixed/patched which will be an additional costs.
House would normally bring $120,000. With the foundation problems, maybe half that if sold (not interested in selling it).
House brings in $895 per month, yearly taxes and insurance costs me ~ $1500.
I would like to get the foundation fixed but relatives are telling me the house is a money pit.
Fix the foundation or screw it and just keep fixing sheetrock and other issues while collecting the rent?
4
Posted on 7/10/18 at 2:06 pm to nchawg
I would fix the foundation.
Do you have a mortgage?
Do you have a mortgage?
This post was edited on 7/10/18 at 2:08 pm
Posted on 7/10/18 at 2:09 pm to PearlJam
quote:
Do you have a mortgage?
House is paid for.
Posted on 7/10/18 at 2:22 pm to nchawg
fix foundation, let settle for another time period, then fix all cosmetic cracks etc. even after you fix foundation, you need to give house time to resettle.
Posted on 7/10/18 at 2:25 pm to nchawg
I'd fix the foundation. You'll have the foundation costs paid for in 3 years or less, based on your rent (and generously allowing for other costs like insurance & maintenance). But if you decide to keep it for less than the time it takes to pay it off, you will still reap a benefit since the sales price will be so much greater w/fixed foundation.
Are you sure that $24K is a good price for the job? It's worth getting multiple quotes and the opinion of a structural engineer before you make up your mind.
Are you sure that $24K is a good price for the job? It's worth getting multiple quotes and the opinion of a structural engineer before you make up your mind.
Posted on 7/10/18 at 2:50 pm to hungryone
quote:
Are you sure that $24K is a good price for the job?
That's the first quote that has come in. I will get other bids for the job. Good advice.
Posted on 7/10/18 at 3:04 pm to nchawg
i'm not an accountant, but i would expect something like that to be a write down of the income from the house on your taxes also.
Posted on 7/10/18 at 3:19 pm to nchawg
Fix it. Look into the foam/polyurethane companies. They can lift and level the house along with stabilizing the soil much cheaper than Olshan etc. I've used Uretek and some other local folks with good success.
Posted on 7/10/18 at 4:27 pm to geauxnc0308
quote:
Fix it. Look into the foam/polyurethane companies. They can lift and level the house along with stabilizing the soil much cheaper than Olshan etc. I've used Uretek and some other local folks with good success.
Thanks. Olshan is who I got the first quote from. I was not aware of the foam/polyurethane option. I will check into it.
Posted on 7/10/18 at 5:44 pm to nchawg
You should consider a line of credit on the house. That way you don’t have to put anything down.
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