Water Problems with our Rental Property

Owning rental property comes with some big pros and cons.  On one hand, it is an opportunity to make some passive income.  Instead of putting in time to make the money, your investment keeps paying you back, month after month.  In fact, every time I receive a rent cheque, it puts a smile on my face – it is one of the easiest ways that I have ever found to make money.

But it isn’t always a walk in the park.  In fact, our experience this past week with our rental property in Los Angeles has not been a good one.  Unfortunately for us, one of the water pipes in the basement of one of our units burst when the tenant were gone on vacation.  When they came back, they were greeted with a basement full of water.

Guess who received a phone call about it?

We did.

And we had to deal with it.

I knew that we had no clue how to solve the problem, but we needed to get the rental unit back in liveable condition as soon as possible.  We contracted a company that specialized in water damage restoration Los Angeles.  We had them out to assess the situation and give us a quote on the solution.

We just received the quote today and accepted it, with the plan that the work will commence next week.  I’m hoping that we’ll get everything cleaned up quickly.