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Updated over 4 years ago,
Should I fix the foundation on my first property
Me and my girlfriend just recently purchased our first single family home rental property. During the inspection and buying process there was a tenant in place so we were unable to check the slab foundation under the carpet. Upon pulling the carpet up we realized the slab had a fishline crack were on of the corners if the house is sinking. I have asked a couple family members who own rental properties as well. Both have said since its not to big of a crack to not even worry about getting it fixed since we are renting it out anyways. My gut tells me to just fix it anyways as preventative maintenance for problems in the future this may cause if it is to get worse. My POV is to fix the problem now instead of waiting to the point were I have to fix it asap due it causing bigger problems. You can see the floor slope on the back room and the door will no longer shut but other then that and the crack on the first floor you can't really tell. To add to the context of the entirety of the situation. I got the house for good enough of a deal that even with fixing the foundation and other repairs I will still be able to BRRR the deal and cover cap-ex and vacancy. Im not necessarily looking to cashflow a profit off this property but more so to obtain a HELOC on it after all said and done to start financing the next deal, which we are aiming for duplex. Looking for some advice and opinions on if I I should go through with foundation repairs or not worry about it. other repairs needed are roof, and replacing some siding, and cosmetic work within the interior.