Whether you are renting out your previous residence or have a portfolio of single-family rental homes, one of your biggest headaches is emergency repairs. It never fails. The dreaded phone calls come at the most inopportune times: middle of the night, Thanksgiving dinner, or just before you take off on that long-awaited fishing trip. They also drain your operating funds. How can you keep up with being a rental property owner without going into debt or giving up your personal life?

Set Aside an Emergency Fund

Expect the unexpected. Even if your property is in good shape, things will break down, and it's your responsibility to fix them. Make sure you have a separate reserve account with enough money to take care of unforeseen repair costs. Cultivate a few contractors that you trust to do quality work at a reasonable price, and always inspect the work before payment.

Reduce Emergency Repairs Through Regular Maintenance

Taking time to keep up with routine maintenance tasks goes a long way toward reducing emergency repairs. Often it's a case of pay now or pay later. It's your choice, but the pay now option is usually a lot less expensive.

• Keep exterior wood painted to reduce wood deterioration.
• Keep gutters free of leaves so water doesn't overflow and penetrate into the house. For the same reason, check for missing shingles on the roof and replace them.
• Use weatherproof sealant on all doors and windows to prevent water penetration.
• Inspect, clean and repair heating and air conditioning systems yearly for safety reasons, to keep them running efficiently, and to reduce the likelihood of major repairs.
• Inspect trees for dead branches that could fall and damage the house or even harm your tenants.

Hire a Property Management Company and Get Your Life Back

You may be tempted to try to save money by tackling any necessary repairs yourself, but unless you are a plumber, electrician and carpenter all rolled into one, that choice could end up costing you more, both in time and money.

When you work with a property management company, your tenants will call the company when something breaks down instead of calling you. A quality property management company will usually have a network of reputable contractors, with pre-negotiated prices. This will save time, which will keep your renters happy. The set pricing will save you money, and you can rest assured that the work will be completed to your and your tenants' satisfaction.

A property management company may seem like an unnecessary expense, especially when you're first starting out in property investing, but in the long run, it will more than pay for itself, both in repair expenses and peace of mind for you. Best of all, no more middle-of-the night repair phone calls. You can have your life back.