Ongoing Rental Expenses

[Kalene Smith]

I have 3 rental properties and am looking to continue building my portfolio.  I have had these for 5 years with no system to manage and track ongoing rental expenses.

For example, one of my tenants feels everything in the world needs improved for her.  Until now when she requests it I call my contractor and have him out to add/repair the request.

I ran numbers yesterday for each property only to see my total expenses for her rental are 45%.  This is for improvements ONLY not my mortgage payment, taxes or insurance.

My questions are:

1. 1. When a tenant asks for a repair, what process do you use to determine if you will make the repair or not?
2. 2. What processes do you have for costs of repairs (or budgets set aside)?
   

Thank you in advance.