Updated almost 7 years ago on . Most recent reply
Help - Nightmare Co-op Situation South Florida
One of my properties, that's well rented out, has a crawlspace and the whole building is slowly falling apart; it looks really good, but the living room floor is sinking fast due to water and mold underneath; the plumbing is also cast iron. The co-op doesn't even have a full board and they don't have the funds to do anything. Do I:
A) Fire sell it to an investor willing to deal with the hassle, liability and future assesments loosing $40k and move on.
B) Jack the floor, keep collecting rent, and leave myself open to the building being condemmed and all the assessments that should be $30-40k. Worst case above the $40K that fixing the floor could cost.
I paid cash for the property ($150k). Any advice, other options you can think of, and even a South Florida lawyer would greatly be appreciated.