1st Investment, Problems a brewing
So, I closed on my first property in Chicago in August. It is a 2-flat remodeled in 2016. Long story short, the heat went out on the first floor last night (was about 12-15 degrees). Tenants were fine luckily but fast forward to today, a water pipe burst in the wall where the bathrooms are connected. Water shut off.
I just found out front the tenant on the top floor that this apparently happened twice last winter to the lower floor and why the last tenants moved out.
Two questions:
1. As a landlord, should I consider giving them a break on rent for days lost to this (currently 3 days)?
2. Would you dump money in to attempt to correct it permanently or cut losses and try to sell? It flows about $800/m ($400/door).
New investor here so happy to hear your thoughts. Thank you.