Hello, I've been reading around on these forums for a while and finally decided to post. I've been interested in real estate since I was younger and even now would like to get more involved. (I just have to take the state test here in AZ and I'll be licensed.) I am not sure what I should do at this point and could use some advice. Also, please move this post if it is in the wrong forum.
Right now I live in a small (~1300 SF 3/1.75) home. I bought it in 2010 when the home prices were a little cheaper and there was more inventory. I knew that the prices would go up eventually and wanted to own something before that happened. Being only 22 it was actually cheaper then renting an apartment (I had a room mate who paid basically the loan amount as rent every month). So I bought it with an FHA loan, I owe about 62k@ 4.75%.
I originally was hoping to do a little work here and there, but haven't done much at all besides paint and changing some faucets and light fixtures. I wanted to get new flooring, replace the old windows and doors with more efficient ones and then later on remodel the bathrooms and kitchen. This is the same house I have, its on the next street over, but it has been remodeled: http://webcache.googleusercontent.com/search?q=cache:okcAPAs7M4gJ:www.movoto.com/az/1017-s-cochise-cir-mesa/471_4852815.htm+MLS%234852815&cd=7&hl=en&ct=clnk&gl=us&client=firefox-a
I can't seem to find if the listing is active, or sold, but If I could fix mine and sell for that much, I'm sure I could make a profit. (They bought the house a few months ago for 67k)
Anyway I'll get to the point. One day I was in my back yard and I noticed some small cracking in the brick, (house is slump block) I didn't think much about it, but it seems to be getting worse. (haven't noticed any interior cracks) At this point, I have no clue what to do. If the foundation is the blame I don't have the money to pay for the repairs, so I was thinking of selling it and hopefully just being able to get out of the house for what I owe, but I would love to remodel it similar to the house that I linked above, when my finances get better. I could possibly borrow some money from family to fix it, but not sure if it would even be worth it at this point. I also noticed similar stair stepping cracking on the neighbors house (recent foreclosure sale, currently being remodeled. He (new owner) just filled it with some type of cement, so I'm not sure if that is an option for mine. I guess the first thing to do would be to call out some foundation repair people?
Here are two pictures that I took today:
[URL=http://img152.imageshack.us/i/photo2eb.jpg/]
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Anyway, any advice would be great! Sorry about the long post! (and I wasn't too sure how to add pictures, they look very small so I tried to make another link to make them bigger)
-Bryan
