Investor · Fort Worth, TX · Member since 2011 · 1k+ posts · 450 votes
Last night, I worried about my rental and soon to be rental as I was going to sleep. They are older houses. Both are in good condition, but both still have original plumbing and electric. No ground wire, galvanized fresh water and cast iron sewer.
So, even though I have no plans of replacing these things until they are needed, have some cash reserves, fully expected these items to need attention in the somewhat near future, I just laid there and wasted a few moments of my life (and sleep) worrying a little bit.
So, I was just curious, how many of you worry or feel scared occasionally (even if it is not logical) - and about what?
Note Investor · Pasadena, CA · Member since 2009 · 849 posts · 544 votes
14y
Worry about the things you can control, and don't worry about the things you can't. It sounds like you have plans for cash reserves, so it's unlikely you're going to find yourself in a financial bind, which is the worst kind to be in.
Milwaukee, WI · Member since 2009 · 203 posts · 50 votes
14y
Originally posted by Brian Hoyt:
Somehow the thought of a fire burning down the property and killing the tenants is not comforting, haha!
Wouldn't that actually depend on the tenant if the thought is comforting or not? ;-) For everything else there is insurance...
But for real, yes, I do worry sometimes over similar things. All my house are old, too, 100 years and so.
Not so much the ground wire thing, because if the line is not grounded (e.g. through the shield), I put a GFI in or epoxy in the ground hole. Out of my responsibility if the use the two-prong adapter, and grounding is overstated anyway :)
Plumbing, yes, I always wait for that phone call that something irritating is happening. Water drips from the ceiling, shower doesn't turn off, no pressure, basement floods when the washing machine drains.
All these things you cannot really plan for but really mess up your day. However, I am not staying awake from that, those are all small worries. But they accumulate when I am on vacation a few thousand miles away and cannot just run over and check it out.
Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
14y
brian,
did not read all the posts, but here's my take..
my houses (even my house) are build from the 1952-1961, so i know what you are talking about. i have cast iron sewer and HAD galvanized pipes for the supply. no ground wire on any outlets unless it;d been touched in the last 20 yrs.
i dont worry about a thing. i have done all kinds of stuff at home electcical wise and never had a problem with it. i even have a 3 prong outlets when i should have just 2 and never had a problem. in the houses i am required to put 2 prong outlets which are 6 times more expensive. this drives me crazy. the circuit would trip before anything happens. these things are so over designed even for the time they were built.
cast iron sewer - Can't speak for texas, but we NEVER had problems. unless it's clay, cast iron will last 1000 yrs.
galvanized pipes - we have basements and i change all that stuff myself. i put pex, spend $300 for materials and am done in 1 day.
so, even though i am in the same situation with you, because we have basements and no foundation settling (i know about the foundation repairs you guys have to do over there) , i can sleep well at night without a problem.
West, MI · Member since 2012 · 674 posts · 182 votes
14y
Currently, 3 vacancies, 1 eviction in process, 1 full renovation in process, 1 reno in the pipeline. That's just with multi family, what's there to worry about, business as usual..... Averaging 75-85 hours/week the past 7 weeks, there is no time to worry.
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
14y
Originally posted by George P.:
...
cast iron sewer - Can't speak for texas, but we NEVER had problems. unless it's clay, cast iron will last 1000 yrs.
...
Definitely an exaggeration there. I can say that within the last two months I have had to replace sections of cast iron on two different properties; since they are both in the USA, they certainly aren't anywhere near the age you posted. But cast iron is certainly more durable than clay.