All Forum Posts by: Jenna Kelley

@Mason Jacobs thank you so much for the suggestions. I will look into a structural engineer to see where we go from here. Hopefully we can get some good information as far as which direction we need to go from here. I'm just worried the repairs are going to be way more than the ROI on this house and we may just have to cut our losses and move forward.

I acquired a residential property when I purchased my business. The property has been vacant for over a year and is in terrible shape. The foundation has a crack where you can see they tried to put tar or flex seal over and there is heaving in the floor. I'm just trying to decide if the home is worth fixing and renting or do I just cut my losses and tear it down and use the property for other purposes. I paid $165,000 for the 1600 sq foot home and I'm assuming I will have to put at least half that much into repairs as there is severe damage to floors and walls as well as black mold. If the house were in perfect condition, it would be worth around 250-275k but as of now, selling isn't an option because we may use that property in the future for our business. Any ideas or suggestions are welcome!

Hello!

My name is Jenna and my husband and I are just starting to dip our toes into the real estate world! We paid off our primary home last year and have been slowly getting the courage to jump into the investing market where we live in the Pacific Northwest. We recently came upon a small property and are seriously thinking about purchasing our first rental! Any and all advise is welcome! We are so excited to start this next chapter!!