Save Money: Be Your Own Repair Person
Buying a multifamily house was intimidating, to say the least, because I am a woman. Once I decided to buy a multifamily, my biggest fear was what to do when something breaks. What about general maintenance and upkeep? I had already decided to take the plunge and buy a multi, so there was no going back. I had to face my fear.
Even though the multi I decided to buy was in fairly good shape, it was going to need repairs eventually, either from normal wear and tear or as a result of breakage by a tenant.
I knew I was not going to become a millionaire by buying a multi, but I didn’t want it to cost me money; in other words, I didn’t want a negative cash flow because of the cost of repairs I might have to pay for.
After I purchased the multi, my priority was keeping it fully rented, which was not too hard, because it was a three-family house. I generally kept the rents at or slightly below market so I could rent the apartments quickly. Cash flow is the name of the game in investment property.
I learned three things are necessary to do repairs: knowledge, tools, and patience.
One of the first repairs I had to make as a landlord was replacing the J-shaped pipe underneath a bathroom sink, something a plumber could do in his sleep but an inexperienced landlord, and a woman at that, good luck!
The tenant had already placed a bucket under the sink and even tried repairing the pipe himself. He had bought some green goop to patch the weak and worn metal pipe (no PVC pipe back then). The interim repair lasted only a couple of weeks because he never put the goop on when the pipe was dry and never completely let the goop dry before using the sink again. I would later learn that quick fixes are only temporary and should never be used as permanent measures. Never. It gets back to that old saying, “A stitch in time saves nine.” Also, never ask or rely on a tenant to do a repair.
Whether you’re repairing your own home or an investment property, you’ll quickly learn that the difficult part of the repair is finding out what is causing the problem in the first place. In the case of the leaky pipe under the sink, it was obvious what the problem was . . . the leaky pipe. The next thing I had to do was replace it. How do I get it off? Where do I get a replacement? How much is the part going to cost?
Where do you get the knowledge? Some of it is common sense; sometimes it’s trial and error; sometimes the tenant provides it, if he or she had a similar problem in another apartment; however, I recommend researching the problem on the Internet and going to a library and looking through home repair books. They can save you hours of time and lots of money.
Buying a home repair book from Amazon.com would be a wise investment. Also see BeJane.com on the Internet and Google searches for specific repairs.
At the time I owned the multi, the Internet wasn’t even around, so a resource I frequently used was the owner of a local hardware store. He was extremely helpful.
Another way I gained repair knowledge was by watching others do the job. If I had to hire professionals because I had no clue as to how to repair the problem, while they worked I watched, took notes, made diagrams, and even took pictures. With my notebook of repair notes, I knew I could perform the repair the next time it had to be done.
Many repairs can be done by simply taking an old part off and replacing it with a new part. A good rule of thumb: when you take a part off, bring that part to the plumbing shop, lumber company, or hardware store. Many times when I replaced a part, not knowing what it was called, I simply said to the storeowner, “I need another one of these widgets.” Bringing in the old part not only ensures that you’ll get the right part; it also guarantees you that you get the right size and shape replacement part.
Tools are a necessity worth the investment. If you’re going to make repairs, there is no getting around it; you’ll need tools, so buy some (start at tag sales). Don’t buy cheap ones, though. Top of the line isn’t necessary, but don’t buy low-priced stuff that will break the first time you use it. Start your tool collection with a hammer, an adjustable wrench, pliers (which also have wire cutters built in, a fact that many people don’t know), and a screwdriver with interchangeable bits. You’ll also want a pair of slip-proof work gloves. I’d say half of all your repairs can be handled with these tools. As you become comfortable doing repairs, you’ll want more tools. You’ll know when that time arrives, because you’ll find yourself asking for specific tools for your birthday instead of a new purse.
Set aside some old pants and T-shirts to use for work clothes, too.
What can I say about patience? If you don’t have it, get some. As a landlord you’ll need it for more than repairs.
If a book says the estimated time to perform a repair is thirty minutes, double it until you become experienced. The day will come when you can do that thirty-minute repair in twenty minutes.
One last thing you should do, whether making a repair to your multi or your own home, is keep records. Keep a log of the repair you did, the date it was done, the room where it was done, and where you bought the replacement part or material. You may also want to add the educational resource reference you used, such as the name and page of the library book or the URL for the Internet site.
Think of the money you’ll save by handling repairs yourself, not to mention the reward and gratification you’ll feel, and you’ll lose your fears and dive in to handling your own home repairs.
Joyce Boncal is currently a landlord. She is head of the Windham Property Owner’s Association and lobbies on their behalf at the capital. She is a former real estate appraiser for Webster Bank. She can be reached at wpoa@go.com