Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Rehabbing & House Flipping
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago on . Most recent reply

User Stats

86
Posts
35
Votes
Hilary Stalder
  • Real Estate Agent
  • Winter Park, FL
35
Votes |
86
Posts

Foundation Issues - FLIP or NO FLIP?

Hilary Stalder
  • Real Estate Agent
  • Winter Park, FL
Posted

Hello BP! I'm new to this world AND that of flipping. I've been in the construction industry for over 6 years though (residential for 3 and now commercial 3+). I came across a great investment property in Orlando, FL ($200k LP with upside of about $100k), I have a family friend that is interested in funding the deal, but I just found out the property has foundation issues. Apparently they have had the property pinned and there was a failure, so they re-pinned and now house is not level. I'm thinking of walking away from this because re-sale wise I don't think it will move. Has anyone had a similar situation? Foundation issues scare a lot of people away, so although I'm not afraid of hiring a professional, I think on the back end it may hurt us. Thoughts?

Most Popular Reply

User Stats

736
Posts
752
Votes
David Robertson
  • Flipper/Rehabber
  • Kansas City, MO
752
Votes |
736
Posts
David Robertson
  • Flipper/Rehabber
  • Kansas City, MO
Replied

Foundation issues don't usually scare me, but the fact that the property has already been pinned and re-pinned tells me there are some on-going issues there that may be hard to fix.  

Seems like this could be a future headache so I would walk away from this one.

As far as your numbers...

$15 to 20K for repairs is not much, so hopefully the rest of the property is in decent shape?  

Otherwise, the $15k in holding costs for 4 months seems way high...are you getting a HML?

  • David Robertson
business profile image
FlipperForce

Loading replies...