Newbie Needs Advice On Maintenance
Hello, I'm a Newbie. I've actually been investing for three years (thinking and dreaming about it for 20 years) and I only have two properties under my belt and looking for a third.
Our first deal was not a great one. We make about $100 a month after our property management fee.
Our recent tenant has left, and I'm glad to see him go because he never paid on time and didn't even pay his last month. He used his security for his last month's rent.
We're preparing for a new tenant, and our property manager has asked us to do about $9000 in repairs, including carpet replacement (3 years old, but it's got some filthy spots), replacing polybutelene plumbing, and of course repainting and patch work. I lean towards providing my tenants with the best possible experience, but the economics just don't make sense. I'm considering selling and cutting my losses.
Brandon likes to use the term "hell house." This is definitely my "hell house."
I need input from folks who are smarter and more experienced than I.
Thanks, in advance.
Regards,
John