i sold a rental home recently. Many folks have a BAD attitude about
being a landlord:(
The common idea is spend nothing, give the tenant zip and basically be
greedy wring every last dime out of the property.
This ignores some VERY important issues. A good tenant is a happy
wheen they get unhappy they tend to leave, and then you MUST fix up the
place anyway, its really cheaper to invest some back in the property,
after all its YOURS you own it. Less churn people moving in and out
saves you bucks and tons of hassles. the NEXT tenant might be a really
bad pay, run drugs, any number of terrible troubles...
Now if you spend a little on a ongoing basis, then a vacancy wouldnt be
a complete disaster, sure paint and clean but hopefully not replace
EVERYTHING in the home.
It bugs me when I hear people save give them nothing, because thats how
they had been treated in the past. as a landlord we are responsible for
the property and should within reason care for it....
anyhow get a plan each year replace something major, mark each one with
put in service date. My approach may mean you dont get the last day
from your hot water tank but replacing them say every 10 years means I
get to pick the time and date of the job. better than replacing one
christmas eve when they have a housefull of guersts and I have a family
party out of town........
much better investment than wasting money on insurance, plus the
building is kept up to date