We had a minor issue at the rental last week. During an arctic blast of cold weather, the furnace broke. Luckily we were able to have it repaired quickly and were back up and running the next day.
Furnace Breakdown
The weather dipped below zero right around Christmas and stayed there for several days. The old furnace at the cottage gave out leaving the place without heat. Luckily, we were able to find a local HVAC contractor who replaced our blower motor and had us up and running within a day.
The total cost wasn’t much, as it was only $500 for parts and labor. But this was an important lesson.
Takeaways
There were two things that we took away from this event.
The first is to make sure that we always have a sizeable cash reserve on hand in case of emergencies like this. Short-term rentals receive more wear and tear than a long-term counterparts, so having cash on hand for repairs and maintenance is a must. If you have a vacation rental or are thinking about having one, then I’d keep at least $5000 in a cash account that you can access quickly. You never know what could happen, but best to be able to easily cover nearly anything that might happen.
The second lesson is to build a network of trusted professionals that you can rely on. Having professionals who are experts in HVAC, plumbing, lawn care, and cleaning are all invaluable people to keep in your network. You don’t want to be scrambling to find someone to do emergency repairs for you. You could end up overpaying and might end up with subpar service.
Back up and Running
We had a minor issue at the rental last week, but we are back up and running. Thankfully, we were only down a day, and we didn’t lose out on any rent or have to cancel any bookings. It is important to stay ahead of problems if you own property. Keep ample cash on hand and work on building out your network. The more prepared you are the more successful you will be.
Read Also:
Our First Year Owning Our Rental Cottage
5 Questions To Ask Before Buying Your First Rental Property
Summer is Starting to Wind Down
Based in the Pittsburgh, PA area, Brian holds full-time employment as a Warehouse Manager for an electronics firm. Brian enjoys wealth building, investing, gardening and the great outdoors. Brian holds a B.A. in Environmental Studies from the University of Pittsburgh and an MBA from Robert Morris University.
