House falling off foundation

4 Replies

I’m looking to purchase a property in terrible condition, but I want to know if it can be fixed within a reasonable price. I could do most of the work, but this is a huge job and I’m inexperienced in this level of foundation repair. I could get the house for very cheap. $3000...it would be worth maybe 50k in this area but I would keep it as a rental.

Do you think it’s possible?

Hey @Jason Stamps , love the ambition here!  What do you think the land is worth if you cleared the property completely and sold to a builder?  Might be a safety net there as well.

I flipped a house in 2015 that had a sill rotted so bad it slid off the block foundation.  We stilted the property and fairly easily repaired the sills and a few block issues.  The issue though, when it was sat down again multiple interior walls cracked from basement to the second floor and created a whole new nightmare.  It all worked out in the end AND the market was exploding in growth so even with those repairs we made out fine.

My answer to your question, yes, anything is possible.  I would come at this from a "what is the absolute worst case scenario" and ensure you have the capital and wherewithal to handle that scenario.

Thanks for weighing in...I was thinking the same thing in terms of the land value. The house is on a busy street (with businesses on the same street, a few blocks down). If nothing else, It may be worth it just for the land. That’s a good idea.