Yeah, rental properties can be tricky that way. A few years back, I jumped into renting out my first place thinking it'd be pretty straightforward—boy, was I wrong. Between surprise plumbing issues and tenants who left the place looking like a hurricane hit it, my "steady income" wasn't feeling so steady. Learned the hard way to budget extra for those unexpected costs. Still worth it overall, but definitely not the passive income dream some folks sell it as...
"Learned the hard way to budget extra for those unexpected costs."
Couldn't agree more—people underestimate maintenance all the time. I'd also factor in vacancy periods; even a month or two empty can seriously dent your annual returns... learned that one myself early on.
Yeah, vacancy's a killer. When I refinanced, I thought I'd covered everything—then bam, roof leak outta nowhere. Learned real quick to stash extra cash aside for those curveballs... they're inevitable.
Had a similar surprise last year—thought I'd accounted for everything, then the HVAC decided to quit mid-summer. Tenants weren't thrilled, obviously. Learned the hard way that even a thorough inspection won't catch everything. Now I always pad my maintenance budget a bit more than I think I'll need... peace of mind is worth it.
Had something similar happen a couple years back—thought I'd covered all my bases, but then the water heater decided to spring a leak right after tenants moved in. Talk about timing... I remember scrambling to find someone who could replace it quickly without charging an arm and a leg. Definitely made me rethink how much I set aside for unexpected repairs.
Curious though, do you guys factor in specific percentages when padding your maintenance budget, or is it more of a gut feeling based on past experiences? I've been leaning toward the cautious side lately, maybe even a bit overly cautious, but better safe than sorry, right?
