St. Louis, MO Project Update

Per our second Engineering Inspection today (8/22/2008), the two small cracks in the basement wall ended up being a structural issue requiring a minimum of 10k worth of work, if not more, to properly repair the problem. As a result, we terminated our agreement with the bank in regards to purchasing the home.

With the high inventory levels, there are still too many opportunities available for it to make sense for us to take on this complicated project even if the bank was willing to compensate us for the necessary work to shore the foundation.

On to the next one!

St. Louis, MO - Real Estate Investment Rehab / Flip Project

We have been working to purchase a residential real estate investment rehab home in the general St. Louis metro area. We have an accepted offer on a home and are completing our due diligence during our five day inspection period.

There is one item that may be a potential deal killer ... two small vertical cracks in the basement wall. We're having an engineering inspection today, 8/20/2008, to assess the problem to determine whether this is a major or minor foundation issue. Depending upon their recommendations we may have to terminate our contract or attempt to renegotiate terms with the bank.