According to Webster’s Dictionary, Murphy’s Law is defined as an observation that says, “anything that can go will go wrong.” Well, I freaking hate Murphy’s Law. Unfortunately, that saying seems to be coming true for me this year. For starters, I wrote about the fact that my negligence nearly cost me my beach condo. Additionally, I had to pay my $6000 federal taxes on my credit card. I also recently found out that I haven’t been paying my property taxes on one of my beach condos. So, that was another $5000 expense. And now, I recently got a call about much needed maintenance on one of my rental properties. So, now I have another expensive bill to look forward to. Darn you Murphy’s Law! Let’s discuss.
Termites
Recently, my pest control company contacted me about the fact that the protection barrier that they had around the house is no longer effective. Not only that, but that particular house has had at least two instances of termites in the past. That I never knew prior to purchasing the property. Since I’ve owned the property, there have been no incidents of termites. But in my opinion, prevention is always better than the cure.
One of the things you’ll notice is that I do spend quite a lot of money on preventative maintenance. That’s just the way I operate all my rental properties. It doesn’t matter if they are used for long-term tenants or short-term guests. But, I think in the long-run this is better. I’d rather not deal with termites which can damage the property itself.
Unfortunately, the cost for the treatment is $950. The treatment should last an average of 7 years. I’m just a little strapped for cash right now because of the huge tax bills that I had to pay.
Final Thoughts
Murphy’s Law is really kicking my butt this year. My credit card is essentially maxed out. I’m really strapped for cash. My income is relatively low and unless I get a job, that’s how it’s going to be for the foreseeable furture.
Still, I’m not going to be deterred. If I was handling my finances the right way, I would have already have a maintenance account to handle such expenses. I’m not quite there yet, but eventually, that is the goal. It would be financially responsible to have each property have it’s own maintenance account. Once I get out of this credit card debt, I will work towards that eventuality.
Until then, I will keep a close eye on Murphy’s Law and deal with issues as they arise.
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