New Tennants And Plumbing Problems
Purchased two rehabbed properties no money down. Fantastic properties. Once I moved in tennants I am beginning to get a whole lot of plumbing problems. Quite costly one I might add. For someone with some cash these properties would be great. However my cash is low and I cant do the repairs the way they need to be done. Using alot of my own household money to make repairs and its killing me. What should I do. Let me hear your oppions.
I posted this in the beginner section and they bombed me....I did get some good advice which said to post in this forum...
Thanks!!
I feel your pain...my latest purchase is a 4 unit building. Initial est was 5K in repairs, but ended up being closer to 8K. A few questions. Do you have equity in the home? Do you have equity in your home? If so you may be able to tap into that for the cash needed to make the repairs. Also, you could get standard loan from the bank - A little higher intrest, but might get you through. I used a 0% APR credit card to put the repair money on and will re-finance the 4-unit home in 6 months to draw out equity to pay them off. It got me fired up, but in the end the cash flow id well worth it.