First year interest free loan for basement work on duplex?

[Eric Samuels]

Hey everyone,

So I closed on this duplex in Philly end of September and I am house hacking. I’ve already spent a significant amount of money on fixes. Some fixes I knew about before closing and some that I was unaware of. Mold was present in the basement upon inspection and there was some pooling water. As most Philly homes, it is very old. Foundation has settled a bit but structurally ok. Regardless, i’ve been advised to get some more first floor joists support via jackposts installation in basement to prevent any further foundation issues. For mold remediation (air quality test in livable areas came back acceptable), sump pump/french drain, vapor barrier and some jack post installation, it’s going to cost me between 12k-16k. I have already needed to spend 50% of my reserve on a sewer line replacement and a chimney lining and there are still a few other fixes to make. My current reserve as is could cover 2.5 months worth of rent but I do have a full time job and am getting rent (not at full occupancy). I inherited a tenant on the 1/1 and am living in the renovated 3/1 with another tenant.

Would anyone advise taking out a loan with 0% interest on first year to get this work done at this moment or should I wait until I bring back up my reserve? Personally I’d like to address immediately because even though air quality is acceptable I want to make sure mold is not an issue whatsoever. I’ve already temporarily addressed the leaking issue (crack in side walk and clogged rain leader pouring water into it) but could work on doing more external sealing work around house but the basement is a big pain point for me right now.

My contractor is urging me just to get a dehumidifier in the basement, open up these cemented in windows in basement for some air flow and put bleach on walls for mold but we didn’t discuss the foundation.

Would appreciate some advice.

Thanks and happy holidays!