Rental property owners, what is budget for repairs?

[Aasim T Bickiya]

Hello Everyone

i am looking to invest in oklahoma city, but what concerns me is that it looks like properties take a lot of damage from the weather such as hail storms, tornados, etc

as a result of the weather, do you guys budget more towards repairs than you typically would as compared to investing in other parts of the country?

for example a hail storm could damage the roof, or bust a window, also what is the average roof life for a house in oklahoma city? do you see yourself replacing the roof every 10 years?

Thanks for your insights

[Alfred Litton]

I don't invest in OKC itself  but I do invest just south and southwest of there and can tell you that hail and wind damage are indeed a real threat at all times of year.  That affects our insurance.  You need a good policy that is from a reputable company.  We have four properties and carry about a $3K deductible on each, so we never ever keep less than about $12K-$15K in reserves just for the potential property damage that could occur.

But don't let that deter you.  It's normal in this part of the country.  You live in CA so earthquakes are a risk there. You just get insurance and live with it. Then have the reserves necessary to cover your deductible at a minimum.