All Forum Posts by: Tim Rodocker

"3 or 6% interest loan seems better than selling vehicles and going into poverty."

AWESOME.  Looking into this now.  Thanks!!

Agreed.  He bought the house about 10 years ago (he's in the service) and it became his first rental after he moved to his next base in CT (he bought another house that's rented) and now OH (bought another).  

Mental note made for me... no rentals that use septics :).  Thankfully they don't exist where I buy at.

Hi all! Disaster struck at one of my brother's rentals and looking to see if anyone has advice, recommendations, and/or referrals...

At his property in Seaford, DE the "field failed" on the septic system and the leaching field is back filling the tank which then is flooding out the house. It's a worst case scenario.

Quotes came back at:
$650 for soil testing
$850 for engineering and permits
$5-7k for pretreatment system (required by law)
$7-10k for leaching field
$3-5k for the tank

Total $16.5k - $23,5k

Obviously, this level of a failure was not planned and was not covered in CapEx.

Steps that were taken so far:
2 quotes (recommended companies, he's in OH and doesn't know anyone else to call)
Sold 1 car that was owned outright to raise funds
Considering the sale of another car that has some equity
Dialing back (nearly ending) gifts for Christmas (5 kids plus 4 fosters YIKES)

Exhausting his entire emergency fund

Steps not taken that I advised him on:

3rd party inspection that doesn't do work... not the person the contractor recommends who is probably getting a kick-back if this is really a BS deal.