Top Cash Flow Investor’s Most Common Repairs
Rental Property Top Issues To Watch Out For
Looking to spruce up your investment portfolio with cash flow real estate?
There are certainly enough positive reasons to invest in cash flow properties.
In fact, while weighing the pros and cons, the pros will almost jump out at you.
If you purchase in the right city and neighborhood an investment rental property will not only throw off positive cash flow, it will also appreciate in value year over year.
Like we’ve seen in Coral Springs since 2010. So what’s the hesitation? You should buy a cash flow investment now.
While there are many things to consider, one drawback many fail to consider is the possible maintenance issues. Because you’re dealing with tenants there will inevitably be normal and sometimes not-so-normal wear and tear. One of your top priorities will be to keep your investment in top condition. Which will require your attention.
When coming to maintenance and repair you have two options. Sweat equity, or checkbook equity. If you’re new to investing it will pay off if you’re handy. You can save on paying contractors and handymen by doing your own work. However, veteran landlords know the benefits of farming out the repairs, checkbook equity.
Whatever route you choose to handle your property repairs it’s useful to know which issues will require more frequent attention. We put together a quick list of the top six that made the veteran landlord’s list. Let us know in the comments if this is helpful. And feel free to share with your aspiring real estate mogul friend.
- Leaks. These are the plight of every property owner. Left unattended, even the smallest drip can result in mold. So addressing this at the slightest hint of a leak can save you thousands of dollars, and hours of cleanup. The most common areas to keep an eye on are under window sills, under sinks and in the ceiling. Pay close attention to the ceiling directly below a source of water such as below the second floor bathroom. If you see any discoloration at all on the ceiling investigate immediately.
- Appliances. Today’s appliances aren’t likegrandpa’s old Kenmore from 1960 that’s still running strong. Although they are much more energy efficient, today’s appliances aren’t known for their longevity. When replacing the old ones, it’s worth considering it may be wise to invest a little extra for the higher-quality model. Ask any appliance repair person (if you can find one), and they’ll tell you these new models just don’t hold up as well as they used to.
- Water Heater. Hot water is a must. And your tenants deserve hot water. When the hot water heater goes out it will require immediate attention. However, just because it stopped working doesn’t mean you have to replace it. In this case knowing an honest plumber can pay off in dividends. In most cases, as long as the water heater isn’t leaking you can get by with a repair, not a replacement. Saving you hundreds.
- Leaks. Step 1 – Sealing up all holes will be your first line of defense. A tube of caulk goes a long way to ensuring pests can’t get in. If, however they find a way in there’s nothing a quality pest control company can’t handle. It’s always best to contact them right away, rather than waiting. It’ll save you hundreds if they only have to spot treat as opposed to getting rid of an all-out infestation requiring multiple visits.
- Air Conditioner. In Southeast Florida we have extra-hot and extra-long summers. So a broken air conditioner will very quickly become an emergency situation. It’s helpful to have a reputable air conditioning company saved in your speed dial for just the occasion.
- Running toilet. This is more common than we think. Personally I’ve heard more than one story about the notorious $600 water bill. After investigating they’ve come to find out the culprit was a leaking “flapper”. Fear not! Of all of the issues listed above this one is relatively cheap and easy to repair. In fact, most can watch a 10 minute YouTube video to watch ample demonstrations on how to fix this yourself.
Read Our Article About Working With The Renter When Selling
One solution to all of these problems is to have a service contract for maintenance. Pay a monthly fee and when you make a service call all you have to do is call them and they send one of their technicians to repair.
There are several terrific investment properties on the market right now. Whether in Coral Springs or anywhere in Broward County we can help you locate the property, run the numbers, find a renter and start cash-flowing right away.
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