Flip Tip Summary
Many homeowners, and even a lot of investors are scared of foundation issues. Seasoned investors are more comfortable, and can get some of their best deals when others are scared. Brian Meidam tells us more in this FlipNerd.com Flip Tip…check it out!
Flip Tip Transcript:
Mike: Hey, it’s Mike Hambright from flipnerd.com, and we have a quick VIP tip to share with you from Brian Meidam, who’s going to share a tip on why you should target houses that need foundation work to buy.
Brian: Hey, everyone. Hey there, Mike. I think for investors out there looking at homes, you’re going to come across . . . if there are foundations in your market, I know some markets, you just have slabs. But if you’ve got a full foundation, you’re going to come across properties where the foundation’s just in really, really bad shape. So the tip is knowing how to fix those basements and knowing what it costs, because the reality is the homeowner is not going to be able to sell that to a retail buyer, because no bank is going to finance that property.
So the tool that I use on a regular basis when going into the basements is a self-leveling laser level. It’s $90 at the big box stores, and it has saved me a ton of money. But the key is you have to know what the tolerances are in your market, what home inspectors will say you need to do. You know, excavate, or beam, or put in drain towel systems. So once you figure that out, and that may vary by market, you’ll be able to add a lot of value into your properties and get deals that other people may pass on because they’re too scared to. But once you get comfortable with it, excavating basement walls is not a big deal.
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Mike: Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.