Wednesday, August 11, 2004

If it's not one thing, it's another

Well, the handyman got the work done and he told me the gas guy was out to turn the gas on. Turns out the water heater has a bad gas valve. So that needs to be fixed. The gas guy estimated $80 but the two people I've talked to said about $175. That will be fixed tomorrow. Does this mean my old tenants didn't have any hot water? I find that hard to believe. Maybe the valve was broken but still functional, but the gas company won't re-light it in that state.

Have not heard back from the buyer yet regarding the items I will fix.


misteropus said...

This sort of thing has been one of the reasons why I have been hesitant to jump into real estate investing. The time and expense to bring a property back into shape for selling or renting is not something I would want to deal with.

Shaun said...

There are headaches. However, much can be done over the phone. For instance, this water heater issue has been resolved over the phone. I've got a lock box on the door and gave the repairman the code. I'm paying via credit card, so I don't need to go out there and meet him or wait for him. Total time spent on this problem: about 10 minutes.

When escrow has closed, I'll post my ROI numbers. A rough calculation shows my ROI to be somewhere around 95%. I think those kind of returns are worth a bit of hassle.

Anonymous said...

The same thing happend to me when i bought my house. It can be frustrating.

All the best,
Canadian Investments

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