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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.
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The Jim Morelli Team RE/MAX Capital City 13018 Research Blvd. Austin, TX. 78750 Phone: 512-744-4153 Fax: 512-331-7480 Email: jmorelli@NUMBER1EXPERT.com
Jim Morelli is a Top Producer in the Austin market place. I understand that home is about life - YOUR life. This means that when buying or selling your home the quality of YOUR personal experience matters greatly. You will find a passionate and attentive group of professionals with the Jim Morelli Team, powerful technologies, and the most comprehensive line of related services in Central Texas. This unique combination enables us to provide you with the most valuable thing of all - a great personal experience!
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