I own ten separate rental units.
I had high hopes of making a decent profit off the rents.
I was correct in that the rent covers the mortgage payments. However, I need to have every apartment filled to come out ahead. Also, any upkeep or repairs comes out of my pocket. I try to take very good care of my property. I’ve invested into brand new heating/cooling units for each apartment. I’ve installed new ENERGY STAR rated windows and doors and replaced light fixtures. I have found that the biggest problem and expense is always plumbing. There are constant issues with clogged drains, overflowing toilets and leaking faucets. The renters complain that there isn’t enough water pressure and that the water isn’t hot enough. I have made numerous upgrades to try and prevent the high expense of repairs. To minimize the costs, I do most of the work myself. Remodeling bathrooms and kitchens is extremely time-consuming, labor-intensive and expensive. I can’t purchase the cheapest fixtures or parts because I am hoping they will be durable and long-lasting. However, when I install higher quality options, the renters aren’t appreciative or careful to prevent damage. I typically hire a professional plumber at least once a month. I’ve gotten a call about a clogged drain and had the plumber find the cap from a deodorant lodged in the pipe. I thought the solution was to sign up for a maintenance program with a plumbing company. For a minimal fee, the company would send a licensed plumber to each apartment twice per year to clean the drains, service the water heater, check the appliances and troubleshoot the entire plumbing system. Unfortunately, many of my renters refused to allow the plumber access to their apartment.