So along with sharing the ins and out of rental property investing here on ScaredyCatGuide – I also like to share my experiences as an investor so you may learn from them and have a good perspective of what it’s like owning and managing rental properties.
When it Rains it Pours!
The weather in south FL has been quite wet of late. It has rained near hurricane style a half a dozen times over the past two weeks.
Just like anyone else, I’m not a fan of that weather. However, I’m also not a fan of what that type of weather can do to my properties.
The Second Coming of a Roof Leak
One of my rentals had a small roof leak a few months back (when we last got consistent heavy rain). My contractor got up on the roof and was pretty sure he located the issue. Made the necessary repairs and we were good to go, well atleast for regular type rain we were.
After the monsoon we had the tenant called me to let me know there was a leak in the same spot as before. Ugh! I guess we did not fix it after all.
My contractor and I got up into the attic (I like to be hands on with my properties) and discovered that there was a larger issue. There was an 8 foot section of the roof we needed to replace. Ugh again!
Unfortunately, when the roof was put in (before I owned it) they only used plywood for the last few feet on each side of the roof due to the way the building is setup, the rest is shakes. So between there being the ever so slight opening at the intersection of the perch and the next unit the rain was able to get in and soak up into the ply wood.
This eventually become enough where a drip started and thus leaked onto the ceiling drywall.
Fixing Time – or is it?
Now that we knew the needed repairs my contractor planned to come the next morning and take care off it.
Wouldn’t you know, the next morning about 30 minutes before he is set to start we get a crazy thunderstorm with lightning that was setting off car alarms. It rained for three hours (ironically the amount of time it took to fix the roof).
Obviously we had to reschedule, but my guy was already tied up with other jobs in the coming days. I prayed for no more rain and three days later he came and fixed, it literally started pouring rain again right as she finished the job. Thank goodness!
At least I will know real quick whether the repair was good or not.
Moral of the Story – Maintenance
When you own real estate, there will be maintenance. Some regular, some unexpected one-offs. That is why you must set aside dollars for maintenance as part of the rental income that you are collecting. I suggest 5 to 10 percent depending on the amount of the monthly rent.
Otherwise, you will have to come out of pocket and a rental property should be doing the opposite – putting money in!
If you enjoy my stories and property investing tips than you will love the new book:
I literally walk you step-by-step through finding, buying and renting out a rental property. The book is like your personal mentor!
Don’t forget to download the property calculator so you can run the numbers and “buy right”– my gift to you.