I’m new to all this and this is my first post so please hang in there. I have searched for basement issues on the site but found nothing that addresses my questions. My problem is every boarded up run down house I drive by and ultimately go inside to check out seems to have wet basements of varying degrees with or without mold. These three houses have been winterized so I don’t think it’s leaking pipes (besides I found no evidence of it). I guess my first inclination is that the foundation is leaking the water in from the outside. My questions are does everyone here run from houses with wet basements ? If not can somebody give an idea of the worst case scenario to fix a leaky basement with costs. My thinking is if I can get a worst case scenario and costs I will just estimate that when I come across these houses and if it turns out to be an easy fix than the difference is like a bonus when its all complete. The basements are about 35X70 give or take a few feet. I really like one of these houses but don’t want to step into an expensive pile of $#!+. Also, is it possible to post pictures in this forum ?
if you’ve never done a rehab before, stay away from anything outside of pure cosmetics.
i mean, i know that one way to fix a leaky basement is to seal the outside…so you dig around the house, and put sealant over the cement to stop the leaks. i did this with my uncle at his house.
mainly we dug out around the windows and such to seal his basement - not sure of the cost, but digging is a b&*%h.
you want paint, landscape, fixtures, some flooring and other cosmetic stuff that needs improvement…at least to start.
have you considered other investment options for these properties?
i mean, you don’t have to buy them and rehab them, but there are ways you can make money from them if they are good deals or if you can make them good deals…(contract’em to buy at 50% less market value).
now, i know that sounds crazy… you’re probably like…“whhhaaattt?”
but that’s where you education comes into play. how bad do you want to be a real estate investor? what are the reasons behind why you want to do this?
basic mold in the basement is relatively easy to get rid of.
Use a spray bottle with about 50% bleach and 50% water, wash the walls down real good with this, next power wash, then paint with kills.
Do this only after you have gotten rid of the problem that caused the moisture in the first place.
The basement might need to be retiled. We are going to be doing this on one of ours, our maintenance guy is going to do it instead of a co. We’ll get an estimate and he said he’d charge us less but I’m not sure how much that is as it is 2 months on the back burner.
Many companies will come out and give you a free estimate though.
Good luck.
Thanks for the replies. Tom, nice website, thanks for the spreadsheets.
I would rather do a “shave & a haircut” rehab for the first couple, I just haven’t found any yet which is probably my fault more than anything. I’m not jumping feet first into full gut rehabs just yet but I’m going through the motions of scouting and numbers with what is at hand. Right now I’m finding REO’s that have been pretty much destroyed inside and like I said have damp/wet basements. Ripped up insides don’t really scare me as I am well versed in many phases of construction with a large list of contractors who can fill the gaps and/or carry the weight while I work my 9-5. The exception is foundations & waterproofing basements. I know I can dig around and the foundation and seal it but my digging days are over since putting in 130’ of retaining wall 4’ high this spring.(I’d rather chew tin foil than shovel another pile of dirt) Besides I like the sound of a specialist doing the job then slapping a guarantee on it for a selling point and satisfying the disclosure. I hear commercials for this kind of service now and then and was hoping someone who had used one could offer up the experience and $$$ associated with it so I can figure out a guesstimate.
Bad. I want to be a successful real estate investor specializing in rehabs to sell or rent (keyword=”successful”). The immediate reason behind wanting to do this is to get in the game since like everything else in life starting is the hardest part. Short term goal is 1 property before the summer. Long term reason is asset accumulation that will pave a way to retirement 20 yrs from now. Long term goal is a small army of properties within 10 yrs. I know I have a lot to learn in these forums and appreciate the wisdom located here. Another place I’m tapping into is a local REIA. I will be attending my first local meeting for new folks Dec 4 so I’m hoping for some local contacts and networking there.
I have ran into wet basements befere. Alot of it stems from the power being shut off due to non payment prior to foreclosure. No power no sump pump. Also some water can drain into the basement from the disconnection of the main water line at the meter. Once the property is taken over, utilites are restored, basement is pumped out, sometimes windows are boarded up. If power has been restored and water is still present I would look for some area of seepage. Usually in the corners, or around the junction of the wall and floor, or windows. Are window sills filled with debris? Gutters clean? Take a look at the grading away from the house. Hope this helps.
That is the number 1 reason why water gets in the basement. When they dig out the foundation to pour the concrete or stack the blocks, they can't compress the backfill without risk of breaking the foundation wall. If you go around the perimeter of 90% of all homes, right up against the foundation you will see negative grading sloping towards the house (Go around the perimeter of your house if you have a home that's a few years old to see for yourself). This happens because over time, as the soil settles, it naturally compresses. The most effective way to fix this is to redistribute the same dirt around the perimeter and create a slope away from the house.
Number 2 reason is the downspouts. They theoretically should be placed 8 feet or more away from the perimeter of the house. Ofcourse this is ugly and is a pain when mowing the lawn, so people get very short downspouts that essentially dump the water next to the foundation wall.
I wish I could remember the exact number but on a 1,000 sq ft roof, 1 inch of rain is several thousand gallons of water. If you don’t have proper downspouts, all of that water is being dumped against the foundation. That creates a lot of hydrostatic pressure which forces water in.
The water in concrete never evaporates when it dries. A lot of people think this but it’s not true. If you take a moisture meter to any piece of concrete, it will read 30-40% moisture content. This is why you can have a huge amount of water seeping through the walls without any significant damage.
While on the topic of basements a question comes to mind?? Does anyone know the average cost to consider when thinking about finishing a basement? I know it all depends on size etc…My reason for asking is I have recently acquired a 3 1-bedroom apt appox 1926 square feet. The basement is unfinished as our many others throughout the area.
I’m trying to guage the benefits of finishing the basement and adding a washer/dryer unit and possibly vending machines down below.
What are your opinions/thoughts/ experiences with adding basements to 3-4 unit rentals?
Giving you a worse case scenario for leaking basement you would probably be looking at installing drainage tiles along the perimeter of the house and a sump pump in the basement. You’re looking roughly at $3,000-$6,000 for drainage tiles or $20-30 per each foot. A sump pump is usually around $600-$1,000. The most important thing you can do is get multiple quotes because some of the basement guys are absolute scammers, get a big company to come out, then a little guy.
due to non payment prior to foreclosure. No power no sump pump. Also some water can drain into the basement from the disconnection of the main water line at the meter. Once the property is taken over, utilites are restored, basement is pumped out, sometimes windows are boarded up. If power has been restored and water is still present I would look for some area of seepage. Usually in the corners, or around the junction of the wall and floor, or windows. Are window sills filled with debris? Gutters clean? Take a look at the grading away from the house. Hope this helps.