Rehabbing & House Flipping

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Luke Stone
  • Chicago, IL
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Potential Flip: Engineer's report not able to level foundation

Luke Stone
  • Chicago, IL
Posted Jan 16 2012, 17:26

Hey all,
This is my 1st post, but I have been following the site for almost year. The information is great, but I've got a question about a potential flip that I can't find any info on.

I am in the Dallas area and there is a historic home in a great area but it has some major foundation issues. Normally I try to stay away from foundation problem but I was think since this is a pier and beam it might be affordable (which it is). The question is if it's worth it.

The realtor had and engineer look at that house and he has stated that it is not possible to get the house completely level and if you try it could damage the structure.

I was wondering this would have on the impact of the value and the ability to resell a property?

The property is a 1945 pier and beam home that has a lot of good qualities and has already been half rehabbed, but it needs 39 new piers and 5 beams of 90', 43', 2x26' and 20'. The floors are visibly uneven in just about every room.

I have estimates for the work ranging from 12-17k and I think I can buy the property for cheap, but am unsure about how the foundation will affect this property. If the property can be purchase cheap enough is it worth the risk?
Will it be really difficult to resell even if the repairs are done?

At what point do you give up and it becomes a tear down? The property has a lot new items throughout and I find it hard to believe it's not worth saving.

Thanks

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