Need Input: 1st OOS Deal & Foundation Issues

[Todd Wheatley]

Hey BP,

My wife and I are under agreement on our first out of state single family property. We’ve established a team on the ground to help us with due diligence. We are looking for advice from experienced investors that have dealt with structural or foundation issues. This property is located in Ohio and was built in the early 1950’s.

At this point I’m not overly concerned as I see this as just another “problem” that needs someone to come solve it. If the numbers ultimately work then I think the deal is still worth pursuing. Am I being overly optimistic or naive about the severity of this type of issue? I would love a devil’s advocate perspective, especially from those having worked through similar types of issues.

We have a foundation repair specialist visiting the house early this week to review and estimate repairs. Ultimately we may need to renegotiate our offer price based on these new estimates. Please chime in with your thoughts on that being the right approach or steering clear and finding another property. Thanks all!

Detached Garage

Basement Floor

Back Patio