The cost of being cheap on rental properties - share your story!

[Marcus Auerbach]

It's an interesting experience to work on a property you rehabed a long time ago - some of my first rental properties are now long enough in service that I have to start making some repairs. And I am shocked with some of the things I find. What the heck was I thinking?? Talk about a throw-back! 

Example: a few weeks ago we had a turnover on a single family I had BRRRR-ed back in 2010. The tenant had been there for almost 3 years and told us that the dishwasher needed attention. I reached under the counter to turn off the water - and the cheap shut off valve just snaped and crumbled in my bare hand! Water started gushing right away and by the time I had turned the main off we had a good size puddle in the kitchen and water was dripping from the cabinets.

The contractor I had used for the home back then was always proud of saving me money on material and had installed plastic shut-off valves, probably saved me $5 a piece - on 8 valves total in the house. It add's up right? I could hear him in my mind: "Hey, Marcus guess what, I safed you a bunch of money today! Harharhar!" Yes, thanks Tom, great call.  

I was not too worried about the water at the time, because of the vynil flooring - mopped up most of it and texted my plumber to stop by and replace ALL shut off valves in the house. Little did I know that some of the water made it under the flooring and caused the subflooring to swell and buckle. It's a really nice home with a new kitchen and top rent - so no wonder the new tenant called and asked us to fix it. Fell free to guess the real cost of that plastic shut off valve!

It makes me cringe every time I see someone ask about what the cheapest fix is for XYZ in a rental property. 

Don't do it people! It seems like a good idea to safe a few bucks, but it will come back and bite you!

I guess I am not the first to discover this. What's your experience with cheap repairs / materials?

[Steve S.]

You can have something done fast

You can have something done cheap

You can have something done well

At best you can ONLY get two of the above three at the same time!

(peronsally I always go for #3... hope for #1 and I don't even bother with #2!)