@@investfourmore bro looking to buy an investment home for the first time I'm thinking for rental. I found one here in dfw that I'm considering I would really appreciate if you can give me your opinion. 235k rent 2,050 I can send you the address and some more info on the conditions.
You can do a long term rental (7 years or more) with an option to purchase it at the end, and some of the rent is a reduction in the final price. This way you reduce risk and the cash flow will look good in case you want to refinance
Sounds like renting maybe the best option. My first thought was what you listed... that adding to the foundation will damage the work you have already done. Wait a several years to get your money out of the renovations. Then when faced with another needed upgrade, rethink what you are doing knowing all the factors.
I purchased a small, one bedroom house for a rental, and had an inspection done. Later, a husband & wife landscaping company was working there, and the wife was pruning the roses. She asked if I had noticed the damaged foundation, which I hadn’t. She pointed out that the wood beams were so rotted at ground level that you could put your finger through them. IDK if if was termites or dry rot, but those beams have to be replaced. I’ve received one quote so far of $30,000 to lift the house and replace the foundation. So the inspection was a worthless waste of money; he missed a major issue that was noticed by a gardener!
Almost $10,000 for every 100 square feet for foundation replacement? What a bargain! As you said, raising the house will most likely damage your drywall and cabinets so if I was in that situation I would probably rent it out for a few years and hope to get decent tenants who won't tear it up to recoup the cost of the repairs that you have already done.
As long as the foundation issues don't cause any problems getting an occupancy permit, rental sounds like the best bet. That may have been the reason the PO had tenants in place.
Look into frost protected footings, IRC R403.3. Assuming this is in Greely, so Weld county I believe, you only need 12" (max 16") footings with proper insulation (Foamular sheets). If you do need to add to your footings, this can be done via underpinning in sections rather than lifting the house. Should be much cheaper than lifting, digging new footings, and pouring, especially if you only have to do sections of the house instead of the whole thing.
Thanks for the comment. Lifting the house seemed like an extreme solution to me (not an expert). I wondered if screw piles bolted to the foundation every six feet or so might be a solution. As a practical matter, for whatever reason, it doesn't sound like frost heave is a problem on this site. Maybe an expert could determine that the combination of soil and drainage makes foundation repair unnecessary?
Looks like there is no footing for the foundation walls or the support piers since you can see under some of the blocks. The frost line is probably at least 30" in Colorado. In order to fix it would require jacking up the house, removing the existing blocks, digging out for footings for both the foundation and the support piers, and laying blocks. I would just rent it and maybe sell it later to someone who isn't concerned with the foundation issue. The perimeter of the house will go up and down during freeze/thaws and the support piers probably won't - so you may have some drywall cracking later.
man that sucks, something that stands out and bugs me is the small gap between the 2 kitchen counters as you go in, I could see a person bump it. of course camera could make it look smaller
That bothered me, too. It looked like the counter top over the dishwasher is too long; same with the top of that same pony wall. But I understand that may be an optical illusion and that Mark has much bigger fish to fry on this house.
You need to have an inspection on all purchases prior to closing. It doesn’t need to be formal, just someone who can eyeball it correctly and let you know. Sorry this happened-
The house doesn't need to be lifted, just reinforced so it doesn't sink anymore. Hell, the place sank .5" in 60 years, it may be done sinking. People are more likely to tell you there's a problem than not because of liability. Number of ways to do that under 10k. I do it in Florida, a lot of houses settle because Florida is all sand. Helical piers, pier and grade beam, or dowel a new footer to existing. Also, I havn't seen the geo or damage, so I could be all wrong.
I saw an episode of Rehab Addict where she literally jacked up the entire house and replaced the cracked, settling, leaky basement. She spent 100,000 on that house, but she bought it for $1 (it was in Detroit). She sold it for 150k, so a nice profit.
@@investfourmore Of course. She rehabbed the whole house, but the biggest single expense was jacking up and supporting the entire house, jackhammering out all that concrete, and replacing the foundation walls and floor. I can't remember if they poured the walls or built them with cinderblock, but it was quite a process. I'm not sure what you would have to do on your house, though.
Mark, I agree with some of the others, put up a fence , and rent it out, I would say for 4 or 5 years, fix it later and sell it, or just keep it as one of your rentals permanently , but do the fence first. I lived in a Condo once , years ago that was about 848 Sq Ft, it was very livable. Oh if your renting it, put a real garage door on the garage, not necessarily a rolling one, just a old fashioned style one, but that would be better for the person living there. The house looks nice
@@investfourmore HeyMark, question, what would a foundation company do? Do fix the foundation that is there, or do they lift it and build a new foundation? I saw the latter done to a older home back around 1980. If it was lifted and new foundation you could even go up a bit higher and give that house a better look maybe. Love the interior, but there is something off on the outside , maybe its as simple as a porch , but it needs something
I would just rent it, with it being renovated can you not get a higher rent now? Get a really good tenant with a great rental history, I’m sure they’d be happy to live in a place that’s all redone.
That's exactly what I would do as well. I once had a rental with a shallow footing here in Michigan where 42" is code. It has made it for 50 years, so what's a few more?
Can you have an 'equipment' (sorry for the lack of proper word) telling you that your rental has the heating on so as to prevent this happening again? Sounds like they did on purpose. Quite common knowledge that the pipes will freeze in winter with the heating off.
"Maybe this is a pretty cool hangout" 😂😂😂😂 .. thanks alot for ALLL YOUR UPLOADS. I really learn a lot from all your experiences and all these new things i didn't know about. Thanks alot
Don't go there at night. That is an MS13 tag BAD DUDES. Not sure ab the 14. You need to call the Gang Task Force in your area and report. With the tagging inside the garage sounds like they are trying to stay under cover. So sorry about the foundation hope it works itself out 4 you.
It happens, I just got an estimate that it would cost 27.600$ to fix bad electrical work in my first rental property, but I did do an inspection and hopefully the insurance will cover 🤔😂
Inadequately built foundation might be the correct term to use on this. Yeah no footings & wow. It’s a monument for what it is though- tough, it should be suffering structurally and really doesn’t look to be. Sure does look good and straight for a 60 year old house. I’d be more worried if it was moving and I didn’t see any signs to point too, that it was moving. That half inch of travel could have happened 50 years ago too and has not moved ever since! Meh.. rent it out!! It ain’t worth all that headache. Tear it down and sell the lot and let someone else build something on it, if it ever came to that. But nice job on it though!! 👍👍
The roof seems pretty new, however its really noticeable on the right side that is sticking up higher then the rest of the roof. Don't know if that has anything to do with the missing rafters you mentioned towards the end or not, but just something to point out.
Did you ask your insurance company (go straight to underwriting avoid the agent) if you could still file a claim? You never really know untill you ask. Hopefully you have code enforcement on your policy, the 30" foundation may be a new code that didn't exist when it was built.
My vote is to rent it out to recoup your investment, then revisit the possibility of selling it. It sounds like it's still safe to live in, so renting seems like a good option. As far as how it happened, do you have some type of checklist of items to check before buying a house? Or do you have to move too quickly on the houses to have time for due diligence?
Crawl space foundations shouldnt be alot to fix. Add acouple of beams going across and call it a day. Cheap and easy to do. acouple pressure treated 6x6 beams and a hydraullic bottle jack. That house has been there for decades, its fine.
This might become a gateway into house-building if the other bids come out similar in scope. If you say $84k is enough to build, you might want to go that route after escrowing the rental income from this property. Oh, and not to mention the reacquisition of the adjacent land....it doesn't make sense not to get that re-annexed....
I don't know what to say, would of been better if the silly thing burnt down, than flooded. Could it have been a barn at one time that someone converted in to a home? My goodness, I find that hard to believe. With all that is from the get go wrong with the place from the moment it was built, who was not doing the inspections correctly. If it was up to code at the time it was built, would it not be grandfathered in from changes? From roof top rafters to the foundations, something was done wrong from the very get go. Mark I hope you can find your way threw this. I would be crying.
I guess whoever rents or buys the home will be dining in their living room. I would knock down wall and make it a one bedroom. You got yourself into a jam with this house Mr. Ferguson. Nice transformation since the flood and junk in previous video. You could fix the foundation and add another bedroom and family room with an addition.
Sure seems tight where you enter the kitchen from the living room , the corners of the counters that is. Im not a fan of store bought counter tops myself , they just look cheap and you have the seam in the corner that stuff gets into. Looks great over all though. Lease it out for awhile , someone will love living there.
OG`s Fishroom I would think the insurance would need to see the damage and assess it. If it's fixed they wouldn't know the extent of the damage but I could be wrong.
Mark Ferguson - InvestFourMore 🙋🏼♀️ I put in a $2300 claim in June 2013 & a $4200 claim last November. I also have an open liability claim since 2013 which might still take another two years to settle. My insurance dropped me when it was time for renewal Oct 12th. I wasn’t able to get insurance through anybody because of the open claim so I had to go to high risk at Lloyds of London. It’s sometimes better to take the hit than lose insurance. They don’t like having to pay out claims.
Once you said "Section 8 tenants," I think I remembered seeing one of the previous videos on this house, and then you mentioned the house across the street. That's when I was like, "Yep. I must have seen a video on this house before." Nikki (isn't that her name?) wants you to get rid of the property by the college that used to be a restaurant, but with all of that going on in this video, I was thinking I would turn THIS house over to the city. But, that's just me. The inside looks great. But, yeah. I hope the house across the street from here is a lot more successful for you.
Sorry to see this happened bro,hopefully you find a solution.But I wonder how the previous buyer didnt notice the foundation? I guess probably didnt do inspection as well.
Wanda Kitterman He can’t sell it without disclosing it has an illegal foundation. Plus most bank backed loans ask for an inspection. He’s caught between a rock & a hard place.
Yea 84k for that?Someone in my neighborhood paid 30k to have a 1400 sq foot house lifted with new foundation and they took out the old one and did a awesome job as well as trenching water away from the house don’t know how that guy thought 84k was reasonable that was New Jersey tho our markets are pretty similar but your a smart guy you’ll get this issue solved
Could you raise the price of house across the street and throw in this house as a rental bonus for new owners across the street. I suppose the inspection for rental home would fail and they could not get financing. I guess I'm thinking getting off your hands even looking some money might make your life have 1 less problem
My question is, why didn't the seller have to reveal the lack of proper foundation to You? The estimate you got seems real high. (maybe he was?) Lol. good luck on this one, looks like your best option is to rent. But I know that you're trying to get out of sfr rentals. Good luck on this one, Mark.
Sorry for your luck on that, maybe this is fiction but a lot of the TV shows on flipping they usually have a contractor on staff and they look at the home along with the flipper?? If the garage is being tagged like that you are not going to get the best tenants. I would sell it now as-is and be done with it.
Should have found that foundation issue before you made all of these repairs. I understand not being able to inspect pre purchase, but there's no excuse for not doing it prior to starting rehab. Just my two cents.
every once in a while a project comes along that looks like it'll be a great deal but turns into a money pit, this my friend is your money pit. i'd rent it, i know you are transitioning into all commercial property rentals but in order to not lose your shirt on this i'm thinking rent and recoup some money then in the future do the foundation. maybe by then you'll have another reasonable contractor you can work with
Wait... How the heck does a house get built like that? How old is it? Has it NEVER been inspected? I know you didn't get an inspection but others must have. Right?
@@investfourmore Considering when the house was built and didn't seem to have been an issue until now, check with codes to see if it is grandfathered in. I've never heard of anyone having to redo a foundation on an older home unless the foundation had deteriorated to the point where it makes the house unsafe.
I don't see this as a big deal I would just rent it out of weight for a buyer that doesn't have an unreasonable inspector.to expect a old house to be built to current code is ridiculous when it was built I guarantee you that was all code required at the time doesn't appear to be sinking of falling over not a big deal picky inspector
Sounds like you need to put up a fence and rent out the house for a few years to recoup the cost of the repairs.
Maybe!
@@investfourmore you rent it out in that area and you will lose your money because renters will destroy it. ghetto renting is NO BUENO
@@investfourmore bro looking to buy an investment home for the first time I'm thinking for rental. I found one here in dfw that I'm considering I would really appreciate if you can give me your opinion. 235k rent 2,050 I can send you the address and some more info on the conditions.
Ive known contractors that have thrown out ridiculously high quotes because they simply dont want the job.
This company specializes in this. i think they just work with people who don't know any better
Love that you share the nightmares along with the wins, so relatable! What's the square footage?
It is 848
@@investfourmore $84k for 848 sqft 😬
@@Joannectan right? I could almost build a house for that
You can do a long term rental (7 years or more) with an option to purchase it at the end, and some of the rent is a reduction in the final price. This way you reduce risk and the cash flow will look good in case you want to refinance
👍
30 years and no problem.... It will be standing when i die...
I know.... more like 50 years
I hate people that dump trash on lots 🙄 it upsets me so much, what also upsets me is when people break into building and tag.
Agreed on both!
Sounds like renting maybe the best option. My first thought was what you listed... that adding to the foundation will damage the work you have already done. Wait a several years to get your money out of the renovations. Then when faced with another needed upgrade, rethink what you are doing knowing all the factors.
Not a bad idea
Rent it and put a fence on the property line so it’s clear. And maybe across the back too if you can.
I purchased a small, one bedroom house for a rental, and had an inspection done. Later, a husband & wife landscaping company was working there, and the wife was pruning the roses. She asked if I had noticed the damaged foundation, which I hadn’t. She pointed out that the wood beams were so rotted at ground level that you could put your finger through them. IDK if if was termites or dry rot, but those beams have to be replaced. I’ve received one quote so far of $30,000 to lift the house and replace the foundation. So the inspection was a worthless waste of money; he missed a major issue that was noticed by a gardener!
that is crazy
I believe the key is how deep the foundation is below grade, not how tall the concrete wall is from the inside of the crawl space.
yes, but check the video from today
Almost $10,000 for every 100 square feet for foundation replacement? What a bargain!
As you said, raising the house will most likely damage your drywall and cabinets so if I was in that situation I would probably rent it out for a few years and hope to get decent tenants who won't tear it up to recoup the cost of the repairs that you have already done.
Yes, we will see what the next bid comes in at
As long as the foundation issues don't cause any problems getting an occupancy permit, rental sounds like the best bet. That may have been the reason the PO had tenants in place.
You need skinny tenants or buyer to pass those kitchen cabinet
30k here to jack up an entire home that size and have a whole new 6 foot foundation poured
In the update, we mention the new bid is $5k!
Look into frost protected footings, IRC R403.3. Assuming this is in Greely, so Weld county I believe, you only need 12" (max 16") footings with proper insulation (Foamular sheets). If you do need to add to your footings, this can be done via underpinning in sections rather than lifting the house. Should be much cheaper than lifting, digging new footings, and pouring, especially if you only have to do sections of the house instead of the whole thing.
Thanks!
Thanks for the comment. Lifting the house seemed like an extreme solution to me (not an expert). I wondered if screw piles bolted to the foundation every six feet or so might be a solution. As a practical matter, for whatever reason, it doesn't sound like frost heave is a problem on this site. Maybe an expert could determine that the combination of soil and drainage makes foundation repair unnecessary?
Looks like there is no footing for the foundation walls or the support piers since you can see under some of the blocks. The frost line is probably at least 30" in Colorado. In order to fix it would require jacking up the house, removing the existing blocks, digging out for footings for both the foundation and the support piers, and laying blocks. I would just rent it and maybe sell it later to someone who isn't concerned with the foundation issue. The perimeter of the house will go up and down during freeze/thaws and the support piers probably won't - so you may have some drywall cracking later.
man that sucks, something that stands out and bugs me is the small gap between the 2 kitchen counters as you go in, I could see a person bump it. of course camera could make it look smaller
That bothered me, too. It looked like the counter top over the dishwasher is too long; same with the top of that same pony wall. But I understand that may be an optical illusion and that Mark has much bigger fish to fry on this house.
Is anyone going to comment on how narrow the space is between the cabinets in the kitchen?
I will😁. Tight squeeze for sure‼️
"Cozy"
You need to have an inspection on all purchases prior to closing. It doesn’t need to be formal, just someone who can eyeball it correctly and let you know. Sorry this happened-
With a building that old, I would think you would have some grandfather clauses in place because these codes have changed since it was built
For sure the problem is the engineer
The house doesn't need to be lifted, just reinforced so it doesn't sink anymore. Hell, the place sank .5" in 60 years, it may be done sinking. People are more likely to tell you there's a problem than not because of liability. Number of ways to do that under 10k. I do it in Florida, a lot of houses settle because Florida is all sand. Helical piers, pier and grade beam, or dowel a new footer to existing. Also, I havn't seen the geo or damage, so I could be all wrong.
It has not sunk at all in 63 years! Update coming soon
Just keep it forever and rent it out.
I will have an update soon
Why not get the house jacked up and do slab on grade?
That is what we did on another. A much cheaper option!
I saw an episode of Rehab Addict where she literally jacked up the entire house and replaced the cracked, settling, leaky basement. She spent 100,000 on that house, but she bought it for $1 (it was in Detroit). She sold it for 150k, so a nice profit.
@@howardsmith9342 There would be a lot of costs besides the repairs though.
@@investfourmore Of course. She rehabbed the whole house, but the biggest single expense was jacking up and supporting the entire house, jackhammering out all that concrete, and replacing the foundation walls and floor. I can't remember if they poured the walls or built them with cinderblock, but it was quite a process. I'm not sure what you would have to do on your house, though.
@@howardsmith9342 The dollar house was in Minneapolis she did a later home in Detroit
Thanks for update
Jeez the gift that keeps on giving with this one...hope you can find a solution.
We did!
A crazy expensive estimate usually means they don't want/need the job, but if you are willing to pay the exorbitant amount they will take it.
Well he called to follow up even
Get a fence to show the property line, Get the foundation fixed, the rafters in the atic done, and sale it,
Mark, I agree with some of the others, put up a fence , and rent it out, I would say for 4 or 5 years, fix it later and sell it, or just keep it as one of your rentals permanently , but do the fence first. I lived in a Condo once , years ago that was about 848 Sq Ft, it was very livable. Oh if your renting it, put a real garage door on the garage, not necessarily a rolling one, just a old fashioned style one, but that would be better for the person living there. The house looks nice
Thanks!
@@investfourmore HeyMark, question, what would a foundation company do? Do fix the foundation that is there, or do they lift it and build a new foundation? I saw the latter done to a older home back around 1980. If it was lifted and new foundation you could even go up a bit higher and give that house a better look maybe. Love the interior, but there is something off on the outside , maybe its as simple as a porch , but it needs something
What type of tile is that kitchen floor? Love it!!
sticky tiles
I would just rent it, with it being renovated can you not get a higher rent now? Get a really good tenant with a great rental history, I’m sure they’d be happy to live in a place that’s all redone.
That's exactly what I would do as well. I once had a rental with a shallow footing here in Michigan where 42" is code. It has made it for 50 years, so what's a few more?
Can you have an 'equipment' (sorry for the lack of proper word) telling you that your rental has the heating on so as to prevent this happening again? Sounds like they did on purpose. Quite common knowledge that the pipes will freeze in winter with the heating off.
Not sure.
"Maybe this is a pretty cool hangout" 😂😂😂😂 .. thanks alot for ALLL YOUR UPLOADS. I really learn a lot from all your experiences and all these new things i didn't know about. Thanks alot
Glad they help!
Built 60 years ago? Can you file paperwork to have it grandfathered in? Would be cheaper than $84k.
An inspector will still call it out. Not really a code issue but structural
The only way to fix that is to dig under the foundation and pour a footer. You obviously can't do it all at once. Must be done in sections.
Check the update video. another company said the foundation is fine
Don't go there at night. That is an MS13 tag BAD DUDES. Not sure ab the 14. You need to call the Gang Task Force in your area and report. With the tagging inside the garage sounds like they are trying to stay under cover. So sorry about the foundation hope it works itself out 4 you.
So no sleepovers?
@@investfourmore lol troll 4 more!
It happens, I just got an estimate that it would cost 27.600$ to fix bad electrical work in my first rental property, but I did do an inspection and hopefully the insurance will cover 🤔😂
Wow, definitely shop around!
The inside looks great. Perhaps rent the house for ten years and then sell as is. Good luck and thanks!
👍
Inadequately built foundation might be the correct term to use on this. Yeah no footings & wow.
It’s a monument for what it is though- tough, it should be suffering structurally and really doesn’t look to be. Sure does look good and straight for a 60 year old house.
I’d be more worried if it was moving and I didn’t see any signs to point too, that it was moving. That half inch of travel could have happened 50 years ago too and has not moved ever since!
Meh.. rent it out!! It ain’t worth all that headache. Tear it down and sell the lot and let someone else build something on it, if it ever came to that. But nice job on it though!! 👍👍
The house is actually very level
ugh section 8 tenants. My dad a lot of bad luck with those people when he had rental property's
Some bad some good.
@marco jones saves time to generalize
@marco jones Well the ones my dad had were so suck it
Nice rental nice and clean. What's color of the walls inside the house?
Have to check with nikki on the color
Where can I see the updates of this house?
The roof seems pretty new, however its really noticeable on the right side that is sticking up higher then the rest of the roof. Don't know if that has anything to do with the missing rafters you mentioned towards the end or not, but just something to point out.
Yes I saw it too
Did you ask your insurance company (go straight to underwriting avoid the agent) if you could still file a claim? You never really know untill you ask. Hopefully you have code enforcement on your policy, the 30" foundation may be a new code that didn't exist when it was built.
aviationbrian hmmm that’s a thought
Hey Mark!! Any updates on this house? Crazy stuff!
Mark: and their bid was extremely reasonable at 84,000
Me: Aight Imma head out
lol
My vote is to rent it out to recoup your investment, then revisit the possibility of selling it. It sounds like it's still safe to live in, so renting seems like a good option. As far as how it happened, do you have some type of checklist of items to check before buying a house? Or do you have to move too quickly on the houses to have time for due diligence?
Just wait
Crawl space foundations shouldnt be alot to fix. Add acouple of beams going across and call it a day. Cheap and easy to do. acouple pressure treated 6x6 beams and a hydraullic bottle jack. That house has been there for decades, its fine.
As long as we can get an engineer to sign off
Hey Mark, what is the colour code for the blue/silver paint? It's awesome!
Not positive. my project manager is on maternity leave
This might become a gateway into house-building if the other bids come out similar in scope. If you say $84k is enough to build, you might want to go that route after escrowing the rental income from this property. Oh, and not to mention the reacquisition of the adjacent land....it doesn't make sense not to get that re-annexed....
Hello Mark, is it posible to sell the House without inspections, like the way you bought it? Thanks.
yes, but I have to disclose any material defects which this would be
$84,000 to what, move the house, dig out and install a basement, and move the house back?
not even that
I don't know what to say, would of been better if the silly thing burnt down, than flooded. Could it have been a barn at one time that someone converted in to a home? My goodness, I find that hard to believe. With all that is from the get go wrong with the place from the moment it was built, who was not doing the inspections correctly. If it was up to code at the time it was built, would it not be grandfathered in from changes? From roof top rafters to the foundations, something was done wrong from the very get go. Mark I hope you can find your way threw this. I would be crying.
We will get it figured out!
“Basically it’s a shed and it needs torn down”
I guess whoever rents or buys the home will be dining in their living room. I would knock down wall and make it a one bedroom. You got yourself into a jam with this house Mr. Ferguson. Nice transformation since the flood and junk in previous video. You could fix the foundation and add another bedroom and family room with an addition.
A 1 bedroom would be much less valuable. Not a bad idea adding on.
Sure seems tight where you enter the kitchen from the living room , the corners of the counters that is. Im not a fan of store bought counter tops myself , they just look cheap and you have the seam in the corner that stuff gets into. Looks great over all though. Lease it out for awhile , someone will love living there.
Even though you fixed some of the damage already, is it too late to file an insurance claim and get reimbursed?
OG`s Fishroom I would think the insurance would need to see the damage and assess it. If it's fixed they wouldn't know the extent of the damage but I could be wrong.
Correct, I have a lot of claims lately for hail. I don't want to push my luck
@@investfourmore Gotcha
Mark Ferguson - InvestFourMore 🙋🏼♀️ I put in a $2300 claim in June 2013 & a $4200 claim last November. I also have an open liability claim since 2013 which might still take another two years to settle. My insurance dropped me when it was time for renewal Oct 12th. I wasn’t able to get insurance through anybody because of the open claim so I had to go to high risk at Lloyds of London. It’s sometimes better to take the hit than lose insurance. They don’t like having to pay out claims.
Once you said "Section 8 tenants," I think I remembered seeing one of the previous videos on this house, and then you mentioned the house across the street. That's when I was like, "Yep. I must have seen a video on this house before."
Nikki (isn't that her name?) wants you to get rid of the property by the college that used to be a restaurant, but with all of that going on in this video, I was thinking I would turn THIS house over to the city. But, that's just me. The inside looks great. But, yeah.
I hope the house across the street from here is a lot more successful for you.
I don't think I want to give the city $200k. 😁
You'll find a profitable way outta this, I believe in you.
Thanks!
I am going to subscribe and follow this for awhile.
Excellent!
Sorry to see this happened bro,hopefully you find a solution.But I wonder how the previous buyer didnt notice the foundation? I guess probably didnt do inspection as well.
🤷♂️
What's up with the tiny gap to walk through between the counter tops?
What happened with this house?
Not sold yet
Seems like a headache....think I would sell it and forget it....too bad because you do a great job.
Wanda Kitterman He can’t sell it without disclosing it has an illegal foundation. Plus most bank backed loans ask for an inspection. He’s caught between a rock & a hard place.
Yea 84k for that?Someone in my neighborhood paid 30k to have a 1400 sq foot house lifted with new foundation and they took out the old one and did a awesome job as well as trenching water away from the house don’t know how that guy thought 84k was reasonable that was New Jersey tho our markets are pretty similar but your a smart guy you’ll get this issue solved
Yes way too much
Tough situation....... I'm sure you are going to figure it out. Atleast you have options. Still looks nice overall.
Thanks!
Crazy!!
Yup!
Could you raise the price of house across the street and throw in this house as a rental bonus for new owners across the street. I suppose the inspection for rental home would fail and they could not get financing. I guess I'm thinking getting off your hands even looking some money might make your life have 1 less problem
My question is, why didn't the seller have to reveal the lack of proper foundation to You? The estimate you got seems real high. (maybe he was?) Lol. good luck on this one, looks like your best option is to rent. But I know that you're trying to get out of sfr rentals. Good luck on this one, Mark.
They should have to disclose it if they knew about it.
Really? How many houses from the 50/60s have the same foundation? Give me a break. Cute house. Rent it.
Thanks!
For rent😊1 or 2 years
Rent it out...It's a cute little house...it'll buy you time to figure things out and bring in SOME income. Best of luck to you!
Update video coming soon
84k ? What was his logic? I dont even hear about huge houses here in Texas costing anywhere near that
Money
Nice Broo Nice home 🍾🥂🍾🥂🥂
*Nice Rental*
Sorry for your luck on that, maybe this is fiction but a lot of the TV shows on flipping they usually have a contractor on staff and they look at the home along with the flipper?? If the garage is being tagged like that you are not going to get the best tenants. I would sell it now as-is and be done with it.
I want my contractors working lol
Those tags are from MS-13 GANG Spanish gang actually pretty dangerous fellows.
we sold it a while ago without any issues
Whoa...84K? 😲🤢
Nice looking house though. A rental would be profitable still. Thanks for the info.
Have to admit the house looks great
Thanks!
Should have found that foundation issue before you made all of these repairs. I understand not being able to inspect pre purchase, but there's no excuse for not doing it prior to starting rehab. Just my two cents.
If you're filing lots of claims, you won't be able to get insurance soon. Probably better that you didn't
Oh boy. You had it with this house. Sad!!
Yep rent it, but not to Section 8's!
Sadly in this case the local gang war is not the biggest prob but that back area is super shady. Hope your packin heat in those ghettos.
Never had an issue in 17 years and we have bought and sold a lot of houses
Build a full basement under it. It can be done. Finish it out sell for more.
I actually thought about that
Make it more full of life. Put some colors. Make it a smart house. Take great pictures. Sell it ☺️
Try to do owner financing
And thats why you pay for inspection to save lots of money
it is not about paying for the inspection but the advantage of getting offers accepted because we don't do inspections.
I thought it was a shed!
The Nightmare Before Halloween??
Yup
As much as you win...you will absorb that in the next few deals
👍
Bad luck house. Get a shaman out there to do sage or something ;)
Haha
Just can't win with this place
It happens!
Sounds like you should of been checking up on your property a little more. Those are CA foundation repair numbers hahahaha
You made these mistakes so I don’t have too. I will learn from you sensei
every once in a while a project comes along that looks like it'll be a great deal but turns into a money pit, this my friend is your money pit. i'd rent it, i know you are transitioning into all commercial property rentals but in order to not lose your shirt on this i'm thinking rent and recoup some money then in the future do the foundation. maybe by then you'll have another reasonable contractor you can work with
Just wait for the update video
Wait... How the heck does a house get built like that? How old is it? Has it NEVER been inspected? I know you didn't get an inspection but others must have. Right?
I know, it has sold at least 4 times in the last 20 years.
Mark Ferguson - InvestFourMore I get why you don't get inspections. I'm sorry you got stung on this one. 60 year old house... Crazy!
@@investfourmore Considering when the house was built and didn't seem to have been an issue until now, check with codes to see if it is grandfathered in. I've never heard of anyone having to redo a foundation on an older home unless the foundation had deteriorated to the point where it makes the house unsafe.
short term rentals more profitable
I don't see this as a big deal I would just rent it out of weight for a buyer that doesn't have an unreasonable inspector.to expect a old house to be built to current code is ridiculous when it was built I guarantee you that was all code required at the time doesn't appear to be sinking of falling over not a big deal picky inspector
Ya 15 grand to lift a house no wonder they only did half