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Updated over 5 years ago on . Most recent reply

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Potential rental with stone foundation issues. Money pit?

Posted

Hello BP! First post! I'm a newer investor. I've been house hacking a duplex but am now looking for my next buy and hold to BRRRR. I'm looking at a house that's been on market over a year that has foundation issues. It has a stone foundation that is bowing in on one side pretty good. it has had steel piers installed previously, but the wall had actually pushed one of those in. They had a structural engineer look at it and gave a list of repairs and a quote from a foundation company. I think I can get a good price on it and make the total repairs work well for a refinance. My concern is that in the report the engineer stated that the foundation would most likely move in the future, requiring regular maintenance/repairs until it could be replaced. Is this going to be a money pit, with it wiping out cash flow every few years when the foundation needs to be addressed? I'd love to hear some opinions and thoughts on it from people who have had experience with rentals with stone foundations. Thank you!

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