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Updated over 9 years ago on . Most recent reply

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Jeremy Jackson
  • Real Estate Agent
  • Brandenburg, KY
68
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277
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Anyone flipped a house with foundation issues?

Jeremy Jackson
  • Real Estate Agent
  • Brandenburg, KY
Posted

Found a nice property in a nice area with foundation issues.  Anyone flipped a property with foundation issues?  I feel like it will be harder to unload and scare potential buyers away with this type of issue, even after repaired.

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Aaron McGinnis#4 Contractors Contributor
  • Contractor
  • Atlanta, GA
985
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978
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Aaron McGinnis#4 Contractors Contributor
  • Contractor
  • Atlanta, GA
Replied

Step 1: Hire a legitimate engineer to assess
Step 2: Hire a reputable foundation company with a great warranty
Step 3: Disclose to the buyer that there was an issue, it was diagnosed, and summarily dealt with in a way that cannot be questioned.
Step 4: Profit from a deal that would scare other investors off!

Note: I recommend step 1 prior to buying the property, and getting a bid for step 2 prior to buying as well. Expect to spend some bucks to make this happen - it's no different from doing a survey on a lot you plan to build on as part of your due diligence.

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