Foundation Problems - Need some advice!
Hi BP Community,
Need a little guidance from folks that are savvy in Rehabbing. After getting 15 offers to buy investment properties rejected I decided to take massive action and I took a chance buying my first property off market in Tampa Bay area from a wholesaler, the numbers worked, I got local confirmation about the neighborhood, verification on rents, and the property was positioned as light cosmetics. The wholersaler needed to turn the property around in a short amount of time so it was cash close AS-IS which is how I felt a lot of the real estate market has been like.
Now that we own the property there are several things that have popped up after I had it inspected that need repair or replacement but definitely doable.
The major concern which we got smashed over head with and ultimately what my question is about is the foundation. The floor is wavy with dips and a little hollow in places, there is no crawl space which would indicate the house has sunk over time and there is wood rot under all the floors. I have had several foundation repairs companies check it out to get estimates and only 1 has bid so far and the job is $20,000 for Kitchen and Bath lift/stabilize and another $30,000 if I would like to get the whole house done.
This is not my area of expertise and the first time I had to deal with any kind of foundation issues in my life.. any advice on how to proceed would be GREATLY appreciated as an additional $20k or $50k for that matter was not budgeted for.
I have several friends in construction that think it won't be a liability for tenants but if I'm going to do the other rehab work I hate to do it on a bad base. I could potentially go into flooring and brace old jousts to stabilize the floor a bit but again I would be learning on the fly here.
Again, any advice on how to proceed on this topic would be appreciated
Thanks Yuri