Sunday, July 19, 2009

Just Finished Spending $23k in Investment Property Repairs

I've been plowing money into repairs at the first house I ever bought. It's a 16 year old, two story, 1900 sq ft house in Mobile, AL. I bought it in 2001 for $128k. I converted it into a rental in 2003 and have had the same tenants in it ever since. estimates the value of this property at $194,500.

I've spent $23k in maintenance in repairs since January 2009. I ended up picking a contractor that I've known over 20 years. I experienced some additional travel expenses because the contractor lived 70 miles away from my investment property. The additional cost was worth it. Here's my bill

Front Porch: $1352.20
Back Steps: $615.18
Back Deck: $3377.01
Back Door: $750.00
GFCI Outlet: $50.00
Repair & Replace Siding: $217.12
Pressure Wash House: $800.00
Trim Trees: $200.00
Trash Disposal: $350.00
Repair Carport Post: $50.00
Chimney & Window Trim: $1508.69
Rental on Lift: $600.00
Nails & Caulk: $100.00
Fuel & Travel: $250.00
Paint: $750.00
Front Door: $1150.00
Chimney: $3000.00
Paint House & Carport: $3600.00
Chimney Cap: $176.00
Columns: $750.00
33 Days Travel: $825.00
Window Screens: $120.00
Sconces: $230.00
Dormer Corner Boards: $200.00
Repair & Replace Siding (Back Wall): $1,200.00
Repair & Replace Soffit & Facia (North): $500.00
Repair & Replace Soffit & Facia (South): $300.00
Permit Fee: $51.00
Front Door Peep Hole: $20.00
Wasp & Hornet: $25.00
Replace Door Lock: $35.00

The roof has been weather beaten by the tropical depressions, storms and hurricanes that have hit the coast. It will need to be replaced sometime in the next 5 years. I hope the tenants continue to rent indefinitely.

Besides the roof, I really shouldn't have any other significant exterior expenses on the house for the next 10 to 20 years.

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