Property Management-Turning Rental Problems into Real Estate Profits

by | May 25, 2023

Maintenance and Repairs

Maintenance and repairs; the bottom line is when you own a rental property, just like your own home, just like a car, it’s going to require maintenance and repairs. Now, for some reason, it seems like rental properties require more maintenance and repairs than any other property.

Your income must exceed expenses, and the reality is if you don’t keep control of it, expenses will run rampant. As a matter of fact, expenses can very easily eat a large hole under your profit faster than a wood chipper can eat a small branch.  Second to vacancy, there’s no greater consumer of your income than maintenance and repairs. Vacancy is your number one enemy when it comes to income, because if you have a vacant unit, if you’re not bringing in income, that goes right to the bottom line and yet you still have expenses.

Buildings and improvement are typically items that cost more than $250 (and that’s even kind of a low figure), but if you replace windows on a property, that would absolutely be considered a capital improvement or an improvement to the building, and you do not expense that in the year that you took the cost to replace the windows. You basically add the cost of that job to the cost basis of the property.

Learn more as Gary discusses in the video below:


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