Every once in a while, I get a call from our property manager, and it is rarely nice news when I do.
If he calls me, it means our renter is not paying his rent or something is broken or there is some other legality that needs to be tended to. Mostly, it means something needs repair and there is no cash in our slush fund to do the fix. I live in a rented townhouse, however I own a little house. I bought the little condo when the price of houses was skyrocketing, and I was unable to sell it later. It is an hour commute to our work, and I am no longer willing to make that drive every day. The plan is to keep it rented out until I am ready to retire, and then I will transfer in. I cannot sell it and get enough cash to leave me with a balance as low as the 1 I have now, so I keep the little place. Most recently, the thing that needs repair or replacement is the water heater. I have repaired the water oil furnace more than 2 times now, in the fifteen years I have owned the house. Water oil gas furnaces often have to be replaced in that amount of time, but so far, I have just repaired the heater. MY property manager keeps trying to convince me to get a tankless water heater, also known as an on-demand water heater. I do appreciate the sound of that kind of water heater, but the up-front cost is so high; Right now, I don’t care if our renters get that nice convenience, but when I am ready to transfer back into our little house, I will absolutely get a tankless water oil furnace for myself.