Fix foundation or sell property

[Marichelle Lao]

SFR property bought turnkey, currently there are foundation issues (newbie mistake, bought at peak of market without an inspection done). Should I sell the property at a huge discount and pay the remainder of the loan balance or fix the foundation ($17-20K). After two inspections (Ram Jack & American Foundation Company), the foundation urgently needs to be repaired. SFR IS IN Chattanooga, TN. Any advice greatly appreciated, still in the process of learning. Thanks.

[Mary K.]

@Marichelle Lao Can you afford to fix the foundation? Are you pretty sure the issue will only cost 17-20k? What other repairs does the house need to get it looking great for a sale? Are you in a position to get is ready to sell- ie time, financing?

If I could afford it/figure out financing, I would fix it with a fix and flip mindset. Otherwise you are just giving a deal to someone else.

Another option is to partner with someone that can project manage for you.

I do think that if something is just way to emotionally draining, it's totally fine to sell at a loss and walk away. I think it really is up to how much emotionally you can deal with it.

Hope that is helpful :)