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Nat C.
  • Investor
  • Miami, FL
473
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807
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Fourplex crisis

Nat C.
  • Investor
  • Miami, FL
Posted Aug 7 2014, 14:57

This is the worst property situation I've had to date. I'm overwhelmed and not sure what to do. Any helpful advice would be appreciated. 

I bought this fourplex in December 2013. On Sunday a tenant reported sewerage back up. 

On Monday I sent a plumber. He cleared the blockage and told me there was 'a belly in the lateral line'. The plumbing was working for 24 hours, then the sewerage back up emerged again. City health department became involved and said I needed to move all tenant out immediately. I just relocated the tenants to hotels, which I'm paying for. 

I paid someone to clean down the whole area with disinfectant. The health department advised its not to their standards and I need to send another remediation company immediately.

Another plumber went this morning to inspect. Initially he told me $2000 to remove the lateral belly but upon inspection he said he believes its under the carpark and is beyond his capability. He said he thinks it will cost $20,000-$30,000. The property only cost $110,000 to buy. I'm out of the state which makes things difficult.

My head is spinning. I didn't get insurance for the building when I first bought it and was planning to get it under an insurance plan whilst I was in the US this time. Obviously it's too late now so there is no insurance coverage. 

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