Turnkey Property Sinking

[Lisa Clouse]

Hi everyone,

I need help! I am looking for any suggestions on this topic. I am an out of state investor. I bought a turnkey property in St. Louis over a year ago. Did my due diligence, had an inspection. The property management that came with the property was fired in January of this year. I got a really good PM and found out  in March/April when the tenant was evicted that "The main level bedroom has cracks along the wall and windows and the subfloor is soft and damaged. They noticed the same thing in the upstairs bedroom right above. While there is sagging of the floors, there is also sagging of the ceiling and other things that we noticed."

Now, there was nothing stated in my inspection report about this issue. The seller I would think would've had to know about it during their inspection when they purchase the property or they didn't care.

Any suggestions? 

I have emergency funds set aside but not for this situation. Any suggestions for this as well?