… I didn’t realize quite how much maintenance it would require. Sure, I had owned it a while, lived in it myself, and knew about regular maintenance like cleaning, plumbing, HVAC, and garage overhead door. But regular maintenance is easier to manage when you’re living someplace than when you’re not, not to mention having long-term tenants.
I apparently couldn’t count on the renters to change AC filters, and that caused a problem with a dirty AC condensate line that clogged and backed up dripping water until it spilled into my unit, causing water damage. Then, the garage overhead door didn’t work so well, but they kept using it, and that broke the spiral spring, costing hundreds of dollars to repair. One tenant even neglected to run the garbage disposal, which seized up and filled with debris from the dishwasher. They reported it when it started to smell. Gross, right?!?!
The resulting emergency repairs and fixes definitely cost more than preventative maintenance would have. So, I learned my lesson the hard way on that. Plus, in the end, cleaning after a few years of lease was more like a complete renovation – replacing carpet, patching and repairing walls, fixing window frames, painting, and deep cleaning everything.
With all these expenses on top of mortgage, insurance, and taxes, it’s hard to break even on a rental property, let alone make a profit.