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If you are the owner of an investment property, you are responsible when something breaks down in the building. So when the tenants call with an emergency, you will need to have a list of local repair companies you can contact, and money in the bank to pay for their services.
One of the best ways to protect your property investment is to purchase a home warranty that covers your home against unexpected system breakdowns that can be costly, particularly if the heating or plumbing systems need repair. The yearly cost of a good home warranty is probably less than the cost of replacing a broken water heater. If your property is older, a home warranty will provide you with greater security and peace of mind.
Another way to plan for investment property repairs is by building up a monthly surplus account, where part of your positive cash flow can sit in preparation for the day some major repair is needed. Having a "rainy day" fund will relieve you of financial stress when something has to be fixed.
Mike Hicks Keller Williams Realty East Idaho 3525 Merlin Drive Idaho Falls, ID 83404 Office: 208-529-8888 Home Office: 208-227-5320 Fax: 208-529-8893 Email: mikehicks@kw.com Email : idahofallsmike@gmail.com
A Tennessee native, when you get Mike you get someone who fosters the idea of Southern Hospitality combined with the comforting knowledge that all of the details will be closely managed. Honesty, integrity, trust, dependable, thorough, personable, incredible experience and highly professional are some of the words & phrases commonly used by clients and peers to describe my service. We have to prove those high levels each and everytime we help someone whether it's simply to answer questions or to assist through a real estate event. There is no higher testament to our high service levels than the fact over 90% of my business comes from repeat and referred clients. Give me a try and find out why!
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