Have you ever had any crazy expensive surprise repairs?

Question

Just had a $5,000 amount of work I had to get done on a property. Water damage, rat damage. Just 6 months in on a tenant using the property.

What do you do to avoid those? Is your property manager doing monthly inspections for you?

Russell Brazil · Answer

Sewer line collapse, $6k. Multiple HVACs have died. $5-7k.

Victor Steffen · Answer

8k to replace all pex plumbing in a 3 yr old home. luckily there was a class action suit and insurance covered. All of the pex used in the development had microscopic holes in it which resulted in leaks springing up throughout the entire home!

Nathan Gesner · Answer

My very first property was purchased sight unseen, at the recommendation of my father-in-law who was a REALTOR and knew the property. One month after closing, the sewer backed up. One month later, it happened again. Turned out it was a collapsed sewer line. Spent $6,000 to replace it. One month after that, I received a notice from the HOA that there was a special assessment of $3,700 due for new roof and siding. My father-in-law forgot to tell me about that.

Fortunately, I had a reserve (through luck, not good planning). I paid $7,000 to purchase, then put $10,000 into it in first four months. The good news? I never put another dime into it after that and sold for almost $80,000 profit eight years later.

Eliott Elias · Answer

Work with honest people. Have someone you TRUST to walk every single property you buy. Build that relationship

Eddie Torres · Answer

@Robert Ikard Holy sh**!! Was that just for 1 home?

Bruce Woodruff · Answer

Ouch!

Robert Ikard · Answer

I paid $45,000 on replacing all my sewer lines.  Pure rock under my house also.

Bruce Woodruff · Answer

Foundation $10k

Cast Iron Sewer lines $12k

Mark F. · Answer

I had one to the tune of $10,500 about a year after I purchased a duplex. I posted about it but long story short was it was a retaining wall deemed in disrepair by the city. The reason it wasn't caught on inspection, etc was because it wasn't able to be seen in the backyard. Out of sight= out of mind. My first big lesson in real estate.

I do semi annual inspections on my units and when I hire a property manager, I will make sure they do it as well.

Have you ever had any crazy expensive surprise repairs?

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