Repair after repair after repair

[Kyle Burkhardt]

Hi BP members,

My business partner and I, @Sean Edward O'Brien , recently purchased a buy and hold duplex in Kansas City, MO. The cash flow is "great" and the property easily satisfies the ever-so-important 1% rule. We have owned this property for about two months now and it's been nothing short of a steady stream of invoices from the property management company.

With that being said, we really have no idea what to do about it. Is it normal to have starting out repairs with a home that continues to eat away at our cash flow and reserve funds? Do we continue to fix these repairs as they come knowing that the tenants are still paying our mortgage? Do we sell and look for another place that doesn't require so many repairs?

We are lost and are looking for any and all strategies that you guys would recommend. Thanks a lot!

[Steve Vaughan]

We're all just farting in the wind with your vague non description of what's going on.

I'd guess the PM is calling over separate Maytag men every time the tenant peeps.  In my world, I'll take care of multiple things per visit. 

PMs in general don't ask tenants qualifying questions when they get the "my (sink, toilet, stove, a/c, etc) is broke" call.  Welp Maytag man #1 goes over for that, 2 for that, 3 for the other thing.  Each with a fresh and new service invoice and rate.

Most of my service calls are handled over the phone with a couple probing questions.  Find a PM that does service call 'triage'. 

But we are all guessing.... who knows?