Foundation Repair when Renting Out or Owner Financing?

Question

I  have a house under contract that I  learned through the inspection process has some foundation issues.    What is the consensus

on getting it fixed prior to renting house or prior to selling under a owner finance deal?

Melissa Haworth · Answer

My apologies -

1.  I am buyer.

2.  This structure requires   a total of 10 concrete pressed piers pressed to refusal .

3.  I was able to get the price down $20000.00 due to repairs and foundation issues that were found on inspection.

4.  My options are:  I can repair and rent it out, not repair and rent out, repair, disclose and sell outright or not repair and do owner financing. (If there are any other thoughts on options I would love to hear).

My question goes to what would be the best thing to do financially and I wanted to see what a seasoned investor would do in the same situation.

Thank you!

Steve McGovern · Answer

Sorry, @Melissa Haworth-- there's not much meat here to help you out...

1) I assume you're the buyer here?  True or false?

2) Describe "foundation issues"

3) Describe the contingencies in the doc(s) that you have negotiated and executed with the other party.

4) Describe your best option for this property, in a perfect world, and then your best alternative if that's not feasible.