It’s a relaxing Sunday morning being spent with your friends and family at the lake, enjoying an outdoor BBQ, water skiing, and fun in the sun. You decide to check your phone and there are 3 missed calls, a text message and voicemail from your tenant describing a broken air conditioner and pipe broke under the kitchen sink. You call only to listen to a now irate tenant who is dealing with property damage and an unlivable environment. After packing up and leaving your family and friends, it will take you at least an hour to get to the rental to even begin to assess the situation and repair the mess.
“What do I need to do first?”
“I wonder how bad the water damage really is?”
“It’s Saturday, can I get a plumber out today without costing me a fortune?”
“The carpet will probably need to be replaced, a new water heater, and what about mold?”
“Should I call my insurance company now or after I visit the property?”
“How long will this take?”
“Will I have to pay for a hotel for my tenants?”
“Do I have to replace their damaged personal property?”
“How much will this cost me?”
Could this happen to you? Do you have a similar story?
Most of the time, rental home repairs are not this serious. More common are the leaky faucets, running toilets and clogged garbage disposals, but you always have to think about the big things. Broken water heaters, broken appliances, leaking roof, a fire or even a natural disaster. Being a landlord isn’t easy, especially if you live several hours away or worse, out of state.