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.
If you are thinking about spending $30k to fix the floor, or discount the price $40k and selling the property.
I would absolutely sell it.
My experience has been that if they are not fixing the floor, then they are probably not going to fix much of anything else in the future.
So this will just be an ongoing problem as long as you own the property.
I would cut my losses and move on to something better.
@Ethan Herrera What are the Co op fees? How many units total? How many units are there in your building? How many floors in the building? You're thinking about selling it for $110k?
Thank you @Brent Shields . that was my gut feeling.