Why you should have an emergency fund for your rental property
Congratulations, you are officially a real estate investor!! This is a huge step to building wealth in the long term and I’m here to guide you.
As a landlord, having an emergency fund on hand is non-negotiable. Why? Well, covering the occasional plumbing fix or broken kitchen faucet is one thing. But what happens if the property develops mold or worse a tree falls through your house! It would cost quite a lot to repair damages like those.
For this instance, I recommend that you have approximately $20,000 saved up for a rainy day.
Why get an emergency fund?
You won’t have to dip into a line of credit and get more debt
You will have a peace of mind that you’re prepared for the worse scenarios
Watch this video to learn more!
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Book a call with Sylvia Ho here or give me a call at 647-910-6100!