Saturday, February 16, 2008

I Hate Plumbing!

I really, really hate plumbing. A couple of days ago we dropped $1000 for a new hot water tank for our rental property. Yesterday my tenants called to tell me that they have almost no water pressure in there shower and tub. Hmmm, I think, maybe the plumber messed something up and now I can hopefully get them to go back there and fix it - at no cost to me since it was there fault. Tentatively I called the plumbing company and they agreed to go out there right away and didn't even mention charging me for it. Warm feelings of satisfaction enveloped me.

A few hours later the plumber called me. Apparently, the pain was to continue. The lack of pressure was not due to the last plumber but due to debris in the valves. They have to cut into the wall and replace the blocked valve (at a cost of over $600). Arghhh! Still reeling he told me he had some more bad news. "What?" I whispered hoarsely. "Well, when we went to turn off the water at the meter we found out that the cut off valve was leaking." This, he informed me, meant that it had to be replaced (and the city of Winnipeg has to come and turn off the water) which hits me for another $200! Of course I can't do anything but "take it like a man" since this work all has to be done.

This won't destroy us but it certainly hurts savagely. We had just built up a bit of a cushion for ourselves with the property and now we have almost $2000 in unforeseen costs. We planned to use that money to do some other less-time sensitive repairs and now that is pushed back. This is why it is so important to make sure that money for a reserve/maintenance is built into your cashflow projections on a property. Every month we putting aside a percentage of rents for vacancy, maintenance, and reserve. It still sucks though.

Must stay the course. Must focus on appreciation. Rage . . . decreasing . . .


Michele said...

Poor Mark! That just sucks! Sorry to hear about your plumbing issues. Hang in there!

RLE said...

That's rotten - I am glad that you guys had that cushion to cover it and not having to take out of your own pockets for it.