I am hoping this will be a fun thread people will share their stories in.
Well, the reason I am posting is because I have not bought my first property yet...but I do work at a property management company as a leasing associate. This past week has been quite eventful for us... and not in a good way.
Problem #1: The beginning of last week we get the dreaded call from one of our residents regarding BED BUGS! So we had to get an exterminator out and test and treat the apartment/ apartments surrounding for the bed bugs.
*On a side note, this has been a good experience for me to learn more about the issue of bed bugs. I have learned that anyone can get bed bugs whether they have a messy or clean apartment. I have always associated bed bugs with dirty, unsanitary apartments.*
Problem #2: About mid week last week we finally figured out an ongoing problem with one of our residents. It was a pretty decent size mold issue in their apartment. We believe this was due to a crack in the foundation wall but we will not know for sure until we open up the drywall. So we got a quote from a local company to get rid of the mold (this does not include putting up new drywall and painting, our maintenance will do that.) and it came back to be $4,000 for just the removal of the mold!
So, all in all, our company will be taking a $4,500+ hit from these issues. This money could have been used for multiple new kitchen remodels but instead we are spending it on this.
Now, I want to hear your horror stories. What is the biggest/ scariest issue that you have had to deal with?
This is what makes investing such a fund time ::sarcasm:: but truly these same issues are what keeps people out of this investing arena.
But i think this is why you have to plan as much as you can for the unexpected, repairs, maintenance and unforseen expenses have to be part of your analysis. Obviously you can't prepare for it all but you can hedge as much as possible.
Looking forward to seeing this thread grow @Kyle Soderman
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