Purchase price: $169,000 Cash invested: $55,000 Property needed cosmetic repair.

Some owners delay repairs, underfund turns, and create headaches for tenants, which ultimately falls on you.

Purchase price: $169,000 Cash invested: $55,000 Property needed cosmetic repair.

The purchase may not make sense if the repair costs are too great, so try to find out as much as you can.3.

Yes, you should have to pay for them.Blinds typically pop into a clip, so that might be 5 minutes to repair. 

(just looking for a ballpark here)- Average number of room turnovers per year - PadSplit says the average tenant stays 9 months- Average cost of each room turnover (room & carpet cleaning, repairs due to wear and tear)- Repairs and maintenance - how much are you typically setting aside for this?

Also remind them that they may be held responsible if a repair is necessary because they failed to change the filter.

It provides more clarity for me as this is new and uncharted territory - especially how the repairs/draws take place seeing that this was a vacant fixer-upper and the lender in 1st lien has a rehab loan.

For reserves, you'll want 3-6 months of potential expenses saved (repairs, vacancies, unexpected costs).

I saw last week that you can get trained on the JOB to repair Elevators and start at $150,000 a year.