What to invest in and what not to..

What to invest in and what not to..

Amesbury, MA · Member since 2017 · 3 posts · 0 votes

Hello all! New landlord here..

Our first rental property is from the 1920s and has field stone for foundation, it gives you the smell that just smacks you in the face and moisture like crazy.. We are thinking of mixing concrete as a winter project but I eventually would like to replace the foundation - thoughts? Worth it? Given location, we will probably keep it for a long time

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Rental Property Investor · St. Paul, MN · Member since 2016 · 3k+ posts · 3k+ votes
9y

If is it structurally sound, then it makes no sense to replace it. You can do a few things cheaper. 

1. Create a new wall on the inside or coat the wall

2. Dig out the perimeter and coat the field stone (be sure to use the right mortar and screen)

Then you would water proof the new coat that you put on and re-grade properly

3. Drain tile inside or outside (or both)

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  • Rental Property Investor · Miami, FL · Member since 2017 · 2k+ posts · 911 votes
    9y

    Is the property worth that much that it would make sense to replace the foundation? 

  • Rental Property Investor · St. Paul, MN · Member since 2016 · 3k+ posts · 3k+ votes
    9y

    If is it structurally sound, then it makes no sense to replace it. You can do a few things cheaper. 

    1. Create a new wall on the inside or coat the wall

    2. Dig out the perimeter and coat the field stone (be sure to use the right mortar and screen)

    Then you would water proof the new coat that you put on and re-grade properly

    3. Drain tile inside or outside (or both)

  • Amesbury, MA · Member since 2017 · 3 posts · 0 votes
    9y

    Antoine, the property value is expected to increase tremendously within the next couple of years due mostly to location.

    Todd, we may explore those options - Creating a new wall all around may be our best option, it may also enforce the field stone from ever moving inward but we will see.. Thank you! 

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    9y

    You have a water problem - so you have to do the things that will fix the water problem before building any walls within the space. And replacing the foundation seems excessive, and the water problem(s) might still even exist afterward.

    There are lots of things that can be done to deal with water problems; I will not elaborate on those in this post - instead I encourage you to use the site's search feature or use google to search with one of the search terms being

    site:biggerpockets.com

  • Minneapolis, MN · Member since 2013 · 2k+ posts · 1k+ votes
    9y

    Correct drainage outside.. proper gutters and downspouts.. 

    We have same basement in parents house,, we did just that.. and then coated surface of walls with waterproof type paint,, we insulated and installed drywall.. also better ventilation.. and install heat source we put in baseboard if it feels to damp we turn the heat on.

    if the walls are sound.. no level issue,, i'd not replace,, and drain tile and sump pump if excessive standing water..

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