Need Knowledgeable Folks-Any Help Appreciated?

Question

I am seriously interested in an investment property. I toured it yesterday and it is great except in the basement(dirt). The steel poles that support the underside are decayed and loose at the bottom. There is a jack contraption attached to one corner. Is this a dangerous situation and very costly to fix?

Answer 1

The steel poles are called columns and are not expensive to replace you must be careful though when reinstalling them because if you turn them too high they will move the floor to an unlevel position hire a contractor if you have any doubt. I couldn't say about the jack contraption with out seeing it but it probably is serving the same purpose as the columns. you could replace that with a smaller column if needed. as for the dirt floor a flat work company can pour you a new floor at a reasonable price.

Answer 2

You need to get it checked out--- have a building inspection as well as a plumber's advice and costing. This will cost but it may save you from a questionable investment. Also have you done your bookwork re returns on the property and the costs on the property. Tenants can sometimes be uncaring and cause damage. Furthermore if left untenanted it can be damaged by vagrants. They can also move in so it is a problem. Tenants also move so you will need to consider costs of cleaning and repainting each time. Carpet is a problem re cleaning or replacing. Factor in the cost for yearly white ant treatment. You may make a profit if nothing goes wrong (big if) however it will be taxed on top of your income ! higher tax bracket? Older properties did make good income when you sold them but at the moment this does not look promising for the future. Repairing costs can be a constant drain on your pocket apart from the worries. However if you really like the property and can see a rosier future do your homework and work out a good price for yourself . It is a buyer's market but don't buy yourself problems-----life is too short and too precious and mistakes can very easily be made so take your time and consider. Take off the rose coloured glasses.

Answer 3

Sounds like major work leveling and jacking pouring a new basement floor. Sounds like quite an investment! Get on the forclosure list and hang out at the public auctions for back taxes. You could do much better. Start with windows and painting first then get into the home repair with your third or fourth property's.

Answer 4

That's another one of those "how much is a widget?" questions... There is no way to tell how much it will cost to fix until it's seen by a licensed contractor and the cost depends on MANY things... Foundation repairs are NEVER cheap.

Answer 5

It's probably more dangerous, than expensive, to fix. Find a carpenter with experience in leveling old houses.

Answer 6

I find it annoying to say the least when I read answers that say "get an expert, you can't do it". That is never very dis encouraging, but in this case have the place inspected. You have a nightmare.