Refreshed and Ready

First, I’d like to thank the many, many of you that commented and emailed about my short blogging vacation.  It was appreciated.  I started blogging in January of 2006.  That’s like the pioneer days when you think about it.  At least where real estate investing or real estate is concerned.  And with very few breaks I’ve blogged continually.  So it was a much needed mental rest.  🙂

While I was away I ate a lot of food that wasn’t so good for me.  Watched a ton of college basketball including teams I may not get to see again until March.  And even had time to go out and look at a few potential rental properties.  Oh, and did I mention last weekend I got a call from my tenants in Olathe saying the fridge had shot craps? 

I’ll end this post with a message I’ve been screaming for years and years.  Keep a reserve for your rental properties.  With one phone call I had to spend $800.  $800 over the Thanksgiving weekend and Christmas right around the corner.   $800 when real estate investment property sales are down from last year.  $800 of cash. 

If you do not keep a reserve that $800 would have to come out of your personal account.  Try explaining to your kids why there will be no Christmas.  Plan, save and be diligent with your money.  Someday, you’ll  be glad you did.

3 Comments

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3 responses to “Refreshed and Ready

  1. Good to see you back in the saddle.

    I’ll bet your heathy reserves allow you to sleep better at night. 🙂

  2. Another Investor

    Look at the bright side. There were some really great appliance deals out there Thanksgiving weekend. I put new laundry pairs in two houses, thanks to Sears and Home Depot.

    Reserves are the key. I like to have at least $2,000 per house (it would be more per house if I had fewer houses) and an extra $5-$10,000 for a major emergency or rehab. And that’s just for repairs and maintenance.

  3. Talking about reserves with you two is preaching to the choir.

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