I was reminded today why I am focusing on wholesaling. I hate fixing toilets and I am not good at it!
One of the toilets in my rental had a small leak where the tank is attached to the bowl. I ran to Lowes and found the parts I needed for less than $5. My head was thinking “Sweet! this will be a nice cheap fix!” I went back to the rental and tried to unscrew the nut, but the toilet is so close to wall that I couldn’t see the nut and the angle was very awkward. Turns out that everything was so rusted together so I couldn’t get the nut to move. I spent almost two hours hugging a disgusting toilet trying to remove it. After my final rant of swear words (sounded like a Two Live Crew concert in that bathroom) I jumped on Angie’s List and called a plumber. He is going to fix it tomorrow.
So far here are the costs…
- Parts: less than $5
- The Plumber: Probably $100 (I’ll know tomorrow)
- 10 minutes on the phone with the tenant and plumber: $.50 (cheap cell minutes, but annoying)
- 3 hours of My Time (at Lowes, at the rental and driving around): invaluable
I got out my calculator to total the costs up, but couldn’t find the “invaluable” button.
Don’t get me wrong, I love the rental income and the equity I have in the house, but I need to be smarter with how I use my time. I want more rentals down the road, but I will be using a management company to deal with this stuff. I don’t like toilets or really anything that tenants touch so I need to quit touching that stuff and let other people do it.
I need to focus on quicker cash flow right now so that I can build up towards buying more rentals. I could have used those 3+ hours marketing to buyers and sellers which could have brought in thousands, but instead I tried to save a few bucks.
From now on (until I hire a management company) I will immediately call the plumber.
I literally threw my time down the toilet today.