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.
Wednesday, August 11, 2004
If it's not one thing, it's another
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3 comments:
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.
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.
The same thing happend to me when i bought my house. It can be frustrating.
All the best,
Stefan
Canadian Investments
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