One of the problems with not having the knowledge or the time to fix things is that you have to pay other people to do it. It costs a lot less money to be a real estate investor when you can fix property issues on your own.
Water can be a landlord's worst enemy. Property Chi's downstairs unit has major clogged bathtubs and the upstairs has leaks that are coming from the roof. I tried foaming Drano but that didn't work, so I'm going to try snaking it. If that doesn't work, I'll have to call a plumbing company to come in and snake the tubs and the basement pipes as well. What concerns me really is the upstairs roof leak. It's always more expensive to have work done on a roof, as the risk of falling off raises costs.
Property Chi has cost me so much money and it's not even mine. I simply manage it for someone and it makes me no money. I'm beginning to wonder whether I should just tell the owner to find a management company and be done with it. The owner just wants the profit and doesn't realize how hard it is to REALLY own property.
I had to lend a family member $1000 because they were in a different country and lost their ticket to come back to the States. They'll pay me back next week but, in the meantime, my bank account is in double digits until I get paid.
It may not look it, but I'm still on track. Once I do my tax returns, get my money back from the family member, and fix Property Chi's problems, I should have $8k by the end of April, which coincides with saving 2k a month. I just have to survive a few days of having a double digit balance in my bank account, and that can be depressing. I've notice how a small bank account affects my mood and behavior. The bigger the bank account, the more confident the attitude, the better I feel.
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