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Savings for a roof

July 15th, 2011 at 07:41 pm

As I mentioned in my previous blog, we have renters moving in this weekend. That will help the cash flow quite a bit. I also mentioend way back in April on this blog that we need a new roof.

A couple of things have happened since then. First, the estimate for the roof was about $1,500 more than we expected, and our other renters moved out. The money we had saved for the roof had to cover the shortfall created by the lack of rent plus the return of the security deposit.

If we start saving our rental income, I figure that we might have enough money saved up by October for the roof.

After we have the money saved up, I'd also like to establish a $1,000 EF, plus we have to keep $800 in reserve for the renters if and when they need their security deposit back.

On the bright side, we have been cash flowing each month since last October.

2 Responses to “Savings for a roof”

  1. Joanne Says:
    1310757111

    Good luck with saving for the roof. The state that I live in requires landlords to deposit a security deposit into , an interest bearing act. And , when a tenant leaves, they get that back, minus any needed deductions. A landlord can be fined if they don't do this. I guess not all states require this. Also, thelandlord must show reason for any sec. deposit deductions.

  2. Jerry Says:
    1310760278

    We just lost a renter, as well, but we seem to have found a very fine replacement so we are delighted! Of course there is no insurance for that, but we have excellent references and she has been quite responsible so far. We also have a little work to get done on the house, but it is cosmetic stuff, thank goodness. However, we can't save much because our rent scarcely covers the mortgage at this point, so it leads to a little bit of stress at times. Good luck with the new roof!
    Jerry

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