My journey of becoming financial independence by 35 years old
Not everyday is a tough landlording day, but this week was tough. I replaced a water pump on a washer/dryer combo. I’d replace the whole unit, but even the used one is $700, that didn’t even include deliver. The part was $50. Mr.W and I spent 3 hours replacing the water pump. It included the time it took for me to fix the leak on the washer door. I did most of the work, but Mr. W stepped up and did the heavy lifting, controlled the iPad and played back the YouTube instructions. That was a whole afternoon of last Saturday.
It was a great bonding moment for us, we learnt to trust each other. The experience boosted Mr.W’s confident. Afterward, he wanted us to fix his mom’s leaky washer. I ordered the part, it’ll come next Tuesday. Ever since I’ve been landlording, I’ve replaced 4 water pumps, bearings, and heating element on dryer. It’d be routine for us. 🙂
Now, came the hard week:
It began with tenant messaged me their stove has stopped working. I stopped by to reset the circuit. It didn’t work. That was Monday.
Come Tuesday, I did some research, thinking a fuse was blown. Since they only have a stove as back up, instead of waiting for 3 days for part, I opt to buy them a brand new used stove.
After a day of agonizing wheeling and dealing. I got the stove for $145 imcludinf delivery fee. It didn’t work. There was only light on stove, all the top elements was out, the oven element was also out.
This was Wednesday, Then the tenant said the hot water heater wasn’t working. They didn’t tell me the dryer wasn’t working either. So, I went and bought heating elements and thermometers for the hot water heater. After paying my handyman for the job, It still didn’t work.
We then tested for the voltage. It didn’t have 220v, it only gave out 170v.
I called the electrical company to turn the meter off, they told me it could be their lines that was faulty. It wasn’t.
It was Thursday, I had to get an electrician to change the box, because we weren’t able to get the 100amps breaker that would fit. I resorted to buy the same brand. It would have been easier to go with the original plan, changing out the bad circuit, I thought I’d do the right thing by changing the box. We started the project at 5, I didn’t get home until 11pm.
I had to call Mr. W at 8:45pm to ask for the 7 ft of wire size 2/0 because the box I got was a little bit small so the wire couldn’t reach to to the 125 amp. Mr. W really saved the day, because the electrician would have left if I left him to go to the store. 🙂 it turned out Lowes closed at 9pm, Mr. W had to go all he way out of town to get to a Lowes that opened until 10pm. Thank you, Mr. W.
Come today, Friday, the tenant told me the water was luke warm, it never got hot enough. After work, I had to stop by to change the thermometer setting because my guy didn’t change the back the setting to 125F.
On the way home, there was a random cone in the middle of the street that wasn’t a construction or anything. My choice was to hit it, or steer the car risking to hit the guy on the next lane. I hit the cone. Come this morning, I realized the bumper was broken. I had to use some copper wire to mend it. But it won’t be a permanent solution.
Yep, 1 whole week of landlording. Lessons learnt:
1. Trust my gut and take an easier route.
2. Do the right thing and everything will workout.
3. Trust Mr.W with some handyman skills 🙂
4. I made some contacts, now I have an electrician on my list to work on my property if something goes wrong.
It can be hectic as a landlord, you’ll have to be there if you want to run a lean business. Beside the soft skills to get tenants and keep them there to prevent turnover, you got to learn electrical, mechanical, plumbing, and other maintenance skills.
Are you handy around the house? What’s the biggest disaster you’ve gotten yourself into? 🙂