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Can I get a commercial loan without 25% down?
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Subject Expert
$500? Everything we’ve had to do costs thousands of dollars… one time assessment for a roof on our condo… $6K… new water heater on my condo $4.5K (would have been $2K, but we went tankless)… kitchen and bath renovation to maintain market rent $25K…
Yeah buddy… owning real estate is awesome! 😂
lol yes those costs also. I’m talking about even the small things add up. Toilet replacements, water leaked outside repairs, etc
Subject Expert
Do you have a property manager?
Subject Expert
So what kind of expenses are you running that cost $500 each time?
I have been saying the same thing over the last 4 years (have owned and operated apartment complexes for several decades in New England). The minimum cost for an issue is around $500 for me as well. In 2019 the minimum was ~$200. One possible explanation: independent contractors are being replaced by large companies. For example, our old plumber would charge $200 minimum labor for a site visit, after Covid he retired and now we pay $500 minimum to the large company that is basically the only option in my area beside the remaining independents who have taken advantage of the lack of options and now also charge excessively (if you can even get them to call back/follow though). We have had several other contractors retire recently. The lack of new independent contractors seems to be the biggest issue, accelerated by covid.