I sent this question to MMM, but I thought I'd ask you all as well:
I own a house in BC, and currently live in southern California (in a trailer -- very low rent!). I get a modest amount of rental income from the house, and we are currently using that income to pay off my husband's student loan. Last week a plumbing situation cropped up at the house; the plumber suspects a broken sewage pipe.
I am waiting for results of the camera inspection early next week, but he's already prepping me for a $7,000-$14,000 dig in the front yard.
I've already asked the plumber to detail his findings so that I have an opportunity to get alternate quotes on the repair. I will probably raise the rents by the allowable amount next year (about 3%). What else can I do?
I don't have $7,000 lying around, and will have to borrow that on the line of credit attached to my mortgage (currently at 3%, so not too bad), which will mean wiping out any profit for a year or two. Is there something else I could be doing to mitigate this frustrating setback?