Ready to be a landlord?
I came home late tonight, a Friday. A kerfuffle at one place where a tenant's son was arrested while she had been away for two weeks and he had been partying. Opened my email and another tenant, different location, had no heat. Both long term tenants with understanding. Short term/vacation tenant, I would have had to refund the rent and still paid for service calls on a weekend with overtime rates. I've owned these places for many years with no unusual problems, but if you're new to the business, be sure to have a few dollars ($5000) in your pocket if, say, you need a new furnace on short notice. $750-$1000 for a hot water heater, and, BTW, do you have somebody you can call for quick service? It's a lot easier if you are on first name, cell phone basis with plumber, electrician, carpenter, roofer, handyman, etc. even if you think you can do easy stuff yourself, sometimes you just can't be there in person.
|