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Updated 8 months ago, 04/17/2024
Need Advice- Too Expensive Bathroom Repairs
We're in Phoenix and have owned a rental in Oceanside for quite a few years. It's a beautiful home (in Rancho Del Oro) and hasn't been vacant a day, but we've had several issues through the years with the plumbing. We were told it was construction in the entire subdivision. This time it's the tub that's rocking in the master bathroom on the second floor. We're told it wasn't installed correctely. It looked as if it just had to be regrouted, but no. One vendor quoted us $11k-$15k to demo it and do the necessary repairs and bring it up to code. We thought of having it converted to a one-piece acrylic or fiberglass shower and called Home Depot. They're still around the $15k.
Between paying for a family emergency and some remodeling on another rental, we literally can't afford it at this point. We were hoping we could've just done it for about $4k. (Yes, I know it's more expensive in SoCal.) We owe about $130k on this home that's worth north of $900k. We're not keen on getting a second mortgage. While we're raising the rent by a couple of hundred dollars, it's not even paying for the hefty repairs last year.
My first question is does anyone know of someone more reasonably priced in the area who could come out and give the PM a lower quote? I suppose we could leave it as-is for the time being and not raise their rent by the $200 we had planned to until we could afford to repair it. There is another bathroom in the house. I certainly don't want to run up another $20k on a charge. We discussed selling or doing a 1031, but the commission would be about $50k, and we don't want to lose that now.
Any ideas?
Thanks.