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Old 06-14-2006, 07:01 PM  
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Default Sagging Investment Property

Hello, I am looking at buying an investment propery for about $36,000 where houses comparable in the same neighborhood sell for about $100,000. The only problem is that the house has some serious structure issues underneath. The main girder is sinking were it meets the chimney on both sides in the center of the house. This in turn has caused the center load balancing walls on both sides of the chimney to sag which also has caused the roof to sag. I have experience jacking a couple of homes and this house is completley gutted to the studs which will make things a little easier. I am thinking of jacking on both sides of the chimney, building up stable piers and supports on both sides. I will then demo the chimney and replace most of the girder to the correct level. I am sure I will have to do some work on the roof as well. Am I being over confident here?

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Old 06-14-2006, 09:29 PM  
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This is an extremely intense project for a DIY.

You could easily lose a ton of money by hiring a pro to do the work. The kind of work you are talking about should be done by a licensed and INSURED contractor.

Structural work leaves you liable for failure down the line. If you are planning to sell this property, you could be sued for work that you think is up to code.

Big project for a seller, you better look closely at the costs to finish before you jump in.

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Old 06-15-2006, 07:54 AM  
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Default Hmmm...

How much does a buildable lot go for in your area?
Sometimes it is easier and less labor intense ,to tear it down and salvage as much as possible. Do your homework first.
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Old 07-05-2006, 09:01 PM  
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How long are you looking to work on it before you sell it, or are you going to rent it for a while, then sell it?
If you've jacked up a house before and done the structural supporting work, then you know it's not for the faint hearted. No permits needed, building inspectors?

Glad you mentioned that you probably would need to do some roof repair, I was wondering how much damage the sagging caused.

Fireplaces add charm to a home, but rebuilding them isn't a minor expense, especially if they need a liner. Sounds like you've got some hefty expenses ahead - sheet rocking, painting, finishing, appliances, bathroom, laundry hook up, lighting, landscaping...and if you sell with realtor 6%. Only you can say if it's worth it.
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