Repair after repair after repair
Hi BP members,
My business partner and I, @Sean Edward O'Brien, recently purchased a buy and hold duplex in Kansas City, MO. The cash flow is "great" and the property easily satisfies the ever-so-important 1% rule. We have owned this property for about two months now and it's been nothing short of a steady stream of invoices from the property management company.
With that being said, we really have no idea what to do about it. Is it normal to have starting out repairs with a home that continues to eat away at our cash flow and reserve funds? Do we continue to fix these repairs as they come knowing that the tenants are still paying our mortgage? Do we sell and look for another place that doesn't require so many repairs?
We are lost and are looking for any and all strategies that you guys would recommend. Thanks a lot!