Advice on bldg retrofit with forced tenant move-out

[Alan Bosca]

Hi -

My condo bldg has structural issues affecting my unit line & my tenant will be asked to move-out.

Does anyone have advice on how I can minimize the downside in terms of lost rent? Can I recover from insurance or the HOA?

Also, if anyone has guidance on how buildings deal with these issues, like a loan to cover the potential 200k+ cost, etc.

The bldg has 20 units.

Thanks in advance!

[Nick Marrs]

@Alan Bosca where is your project located? What kind of structural work needs to be done? Here in Los Angeles many apartment buildings require a soft story retrofit at the tuck-under open face parking side of the building. Landlords are allowed to increase rent to help offset the cost of the retrofit. If the structural work is due to damage I would check what your building insurance policy covers.