My very First Investment & NewHouseHackingProblems

[Joshua Hughes]

Hello All! Thanks for the attention, so I bought my first property in December of last year. This year on a positive note I've been able to rent out the rooms consistently. Murphy apparently moved in too. lol the part where I am falling short is the amount of money its costing to repair the house...things I'm not sure i could have even prevented during the inspection. HVAC, Electrical box..flooring grout coming up from the new tile. This last one is where I'm lost on what to do about it...The front siding on my house is warping from the sun pretty bad? Has anyone had this problem? Installation errors aren't covered by Insurance from what I'm told. I can't figure out how to get ahold of the company that originally did the work. All these repairs are thousands of dollars so what I've collected in rent is pretty close to what I've spent on these repairs.

My question I guess is how is everyone doing repairs and maintenance, but ALSO saving money for their second (2nd) House Hack?? 

Do you still buy your next house if your first househack is draining or still costing you money?

[Eric Puffenberger]

@Joshua Hughes  Unfortunately repairs in the first few years of owning a place are fairly normal. When you did your original deal, did you account for repairs and capital reserves?  Moving forward, I would think padding your repairs and capital reserves would help you avoid obtaining another property draining all your capital.  But also know that you can do all the calculations in the world and things still happen!  You might just have to wait a bit until your reserves build up to buy the next one.