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Kyle Reed
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foundation repair Manitowoc WI

Kyle Reed
Posted Nov 26 2018, 19:56

I have recently, one month ago exactly, purchased my first rental properties, which are two duplexes on one lot in Manitowoc WI with a driveway separating them.  I made an offer sight unseen due to the price vs. cash flow.  All 4 units were rented out when I bought it and still are.  I had some concerns about bowing and cracked foundation walls and let my realtor basically talk me into still purchasing the units knowing that foundations can be scary things to fix.  Fast forward a couple weeks after closing and I had a local construction company check out the property to find out that he had checked out this same property 4-5 years ago and says the properties were going to be condemned.  He doesn't have any paperwork stating that this was known by the previous owner and I have no way to prove they did know that.  I have not heard anything from the city or anyone else saying that my properties will be condemned, only the construction company that is apparently friends with the building inspector.  I asked him to quote me a cost on holding the house up and putting in a new block foundation.  The current foundations are brick and stone respectively and are circa 1900.  I got a quote for each property and about had a heart attack.  The total cost for replacing the existing basement walls with block totals $130,000 including replacement of the driveway.  My question to everyone here is do you know any good masonry, concrete, or block construction companies or licensed professionals that could possibly be a more economical solution that will travel to or are near Manitowoc, WI?  At the price I was quoted it doesn't make sense but if I limp it along for 3 years I will more than have my money out of the place.  From the info I am receiving from companies in the Manitowoc area I'm looking at probably 50-60K if I just do the two walls and redo the driveway or 130K to replace everything.  My only option if that is the case is to get a permit and do it all or mostly myself, in which case I would jack the houses up a few feet, get the forms, and do a poured foundation.  I have access to excavation equipment through family and friends and am very much so a DIYer, but I feel like this is a very intense project that could become very costly very quickly.  My problem is I need to spend less than $60,000 in rehabbing this property for the numbers to work.  I have all winter to learn as much as possible and get as many quotes as possible, but feel like they are all going to be outrageous.  Any advice is appreciated.  Only one wall of one property should be replaced soon, but I feel like if I do that one, since it is a wall by the driveway, that I should do the wall on the other unit that is next to the driveway so that I can replace the driveway at the same time.  Ideally I would like to do it all at once but feel like I need to have the buildings unoccupied to do it correctly.  Anyone have any similar situations and if so what did you do about it?

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