To make a long story short I was meeting a tenant applicant at one of our “newly renovated” rentals for the security deposit. As we’re walking in I hear running water in the basement. I didn’t think too much of it. As we entered the dining room this is what we encountered (see photos above)! The water pipes “did not” burst. All of the water came from an upstairs bedroom. The attic was a little damp in certain areas and the attic floors were dry. Till this day we can’t figure this out! We basically chalked it up to the house being possessed lol.
Having a rainy day fund for each rental property is very pertinent to being a landlord. It can literally make or break your rental business. The lack thereof is the reason why most landlords fail. Their properties succumb to complete disarray. They end up with crummy tenants. Then they become “distressed property owners.” Save your rents!
Our rule of thumb is putting aside 6 months operating expenses. Some factor in 1% of the homes value for repairs etc.
THREE BIGGEST EXPENSES
- Hot water tank(s)
Within no time our contractors Alkat Contracting arrived on the scene and assessed the damage. We were able to repair all the damages and have the place in rent ready condition for our new tenant. We would have never been able to do that without a rainy day fund. Save your rents!
We’re buying more houses in Rochester and the surrounding suburbs. Visit our website today at smithandnelsonhousebuyers.com.