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Archive for May, 2014

Update, property manager and job

May 31st, 2014 at 05:58 am

HI all,

Quick update.

Property manager transition is NOT going smoothly primarily because I can not reach the old property manager (more reason to get rid of him) and my cell phone died so am off the grid except email and fax.. crazy and using other folks phones . (cell is my main phone)> I get a new phone today (woohoo) and I DID switch my plan.. saved $100!!

Being more responsible with my not for profit and hopefully getting us back on track.

NO JOB NEWS. I REALLY want that job.

Praying every day and praying for news next week (good news!)

COntinuing to love the house .. and work on that refinance. After this refinance.. I should be in the clear.. submitting letters and more info.

Hopefully tentative approval NEXT WEEK (with rate info) be a big load off my shoulders

For those not caught up. I bought my house back from bank (out of foreclosure) at the end of January at a steep discount but had to get a hard money loan (12%) and pay 6 points to do it.. worth it if I can exit it properly and asap. Loan has a 6 month prepayment penalty so can leave soonest August 1. I NEED to get out of this because I can not afford loan payment and tax escrow in year two (or it will be very hard). Year one I escrowed taxes in one big lump sum up front so am only paying the mortgage which is $2970 a month.

THINGS ARE TIGHT and the house purchase was not really in the 5 year plan or at least not now. so I ended up doing year 1 w the 6 homes (still unstable but should; stabilize fast under the new property manager) and funding this loan at the time

Enjoy this day guys. Ending w Deacons Wife's comment to me 'I suspect we will both emerge at the end of this fit and fine'

I am counting on that.. pretty rough right now. Smile

Another Rachael update, moving forward, 2 flat, refi, job and prop mgr

May 27th, 2014 at 05:53 pm

Hi guys

I need to update more. been SUPER stresed w this property manager switchover. whenever I 'procrastinate' on something it hangs over me and I get stressed and down. I need to do upsetting things right when they occur to me so I do not get so upset.

Updates

1. 2 flat, settling up w the tenants as of 6/12... then house is gone! I have the money to settle up.
2. 2 flat ex tenant.. never paid me.. I have someone calling him but considering that gone (loss of $810)
3. refi.. talked to my first best option and sent him paperwork (this is a broker) and he ran it by some folks and INITIAL thoughts are they CAN DO IT (shortly after 8/1). WOW.. still firming that up . got more docs to send and an explanation letter but WOw. that would be awesome if I could refinance out of this loan that quick.. Loan payment now is $2970 (12%interest) AND I pay taxes ON TOP of this.. new loan payment would likely be the same or LESS but WITH taxes. I will have normal fees w this loan and 1 point to the broker
4. paid all taxes (thank the Lord I escrowed!!)
5. Got an interview w that $63/hr job last Friday and did WELL.. they are in a hurry.. hoping to hear this week.fingers crossed and prayers.
6. still scrambling .. primarily because of excessive expenses to buy new furniture, and fix things up with the house but made up my 'shortfall' already but about 6 weeks ago put $3000 on a (buy now pay 0 interest if paid in full in 12 months) Pottery Barn card.. it is in my budgdet to pay it off but wish I had the money to pay cash.. and may need to pay that off 'pre-refinance'. I do not regret the furniture and house fix up. I really needed it for ME.. have not done anything w this house for years and now making it a 'home'.. real proud and excitedd and Happy
7. putting up a new website for my consulting business (in the budget.. no debt!).. should be done in a few weeks
8. roofs are still on hold through the property management transition. I have $6k (not reflected in the left column) and will need $2k more.

So exciting times.. but LOTS going on.. can not WAIT til the 2 flat 'settling up' is done.. and the property management is back on track and my job situation is firmed up and I have FURNITURE . I sold everything so have no where to sit (patio stuff came last week..so can sit outside which is nice) but no where else to sit unless I sit downstairs in the finished basement.

All rents continue to be in but costs and 'missed opportunities' are high w the current '6 homes guy'.. scary to change over but think it is for the best.

I can take a fully paid off home (out of the 6) out of the contract in August..and have that as an extra safety net (can sell at will without encumbrances)

the update. hope you all had a great weekend. Smile

I will post once I hear on this job and with news on the REFI and property manager switchover.

Another interview

May 16th, 2014 at 11:37 am

HI there.

Lots of news but only a second here. been workingn on beign grateful and HANDLING this 6 hoomes project manager mess! (at least all rents continue to be in each month).. but other fun news too (share later) For now just job search update.

Been working with recruiters.. got submitted to another company at $65/hr. they expressed interest and came back with $63/hr.. we resubmitted at that and expect an interview request shortly.. either phone first then face to face or right to the face to face... 1 year contract but potential to have longer.. and consulting company has the option to do salary $110k PLUS 3 weeks vacation PLUS paid holidays from day one! $110 is what I effective make now but I have no vacation at all!

Crazy!

Getting submitted for other jobs too. ongoing process.

This is in OakBrook. I am in Naperville so not as far. Business casual. checking linked in to see if know anyone there..

Though I only followed Atkins for 4 days . I lost 3 lbs (and kept it off for 3 weeks w/o trying) so must have been real weight. I will start Dr A again after this weekend (big week at work)

Rachael

Still reeling-but updates on job, 2 flat, refinancing the hard money loan

May 13th, 2014 at 10:09 am

HI all,

STILL REELING and off balance and not doing well.

Probably related to a personal relationship issue here (several people have shared theirs.. I may just briefly share mine at some point). feeling like my relationship is stalled and angry, sad, and frustrated with it... wondering if I should move on. I feel like I am on a fresh start, and want to make plans etc and he is not there yet with his life and maybe w me.. we have seen each other for a year but are not talking about doing anything.. he did bring up moving in etc.. I did not respond to it as it seemed not serious. He later said he was afraid to bring it up directly for fear if I said no 'the elephant would be in the room' and figured I was not ready. He says he loves me, does all sorts of 'actions' to show it, he is not a guy who writes poems or says all these loving things all the time (or has long talks) though he says he loves me all the time, talks about future things we can do, wants to be with me etc ec, introduces me to everyone. I guess I do not feel the CONNECTION because I am planning for the future and it is WEIRD having him there and not knowing if he is a part of it or thinks of that. He is extremely involved w the house fix up/tightening up.. SUPER HANDY and loves working in the yard, inside, outside. whatever.. lots of ideas. he is an electrical engineer and grew up on a farm.

ANYWAY..
1. 2 flat gone.. will settle up with tenants based on what court docs say
2. 6 homes.. still have not turned over that one house.. tenant still stuck in s8 limbo moving out. still frustrated with current prop manager. I am feeling like I have to extend him to July 1 as he put in all sorts of costs/time to show the place etc.. original cut off date was June 1...THOUGHTS?
3. talked to the first refinance option (the best option) for my hard money loan. he thinks he can get me out as soon as Aug 1 (soonest date) with rates between 6-8% . I am at 12%v now. I was hoping for 5 or 6 but even at 7%.. my payment WITH TAXES will be the same as my hard money payment now (which is WITHOUT taxes)
4. speaking of which taxes are DUE.. Thank the LORD I keep them escrowed in my account for the house I live in!!
5. Job.. changes at the company.. changes in our group.. likely layoffs.. which means my contract may not get extended after 11/28. I will knwo in June but am looking NOW. I make $55/hr.. hoping to raise that to $65/hr to a DRIVEABLE location. .. no train rides.
6. had someone call that 2 flat tenant who owes me $807.. he told them he does not feel he needs to pay me and filed for BK chapter 7 but left me off because he feels he should pay me something. i am like 'just pay me something and get it over with!'. he still does not return my calls. I do not need the stress.

Trying all sorts of stuff to get out of this brief downfall.. making to do lists.. checking things off. taking care of ME..etc

Have a great day folks.

Updates (interview, renewal, 2 flat, homes)

May 5th, 2014 at 09:10 am

HI all

I continue to be dragging the bottom here and need to focus and get back on track.. spend some time gettign 'defrazzled'..

Interview. went well but did NOT get it.. they went w someone who took $10 less an hour.

Renewal. I got renewed at work but only for 5 months (11/28) which happens to be right when we have our 'change freeze' and basically there is no work to do from 11/28 thru 1/15/15. I need to know now/soon if it is likekly I will be extended past that because if it does not look likely I will look for work now (good time of year to look).If I wait to look after 11/28.. basically hiring shuts down til 1/15 so I will not be talking to hiring folks until at least 6 weeks of joblessness. Not good.. I have 4 months of savings in case of job loss. includes enough for rentals). NOt an ideal situation to be let go in 11/28. Disappointing

2 flat. Talked to the bank attorney. They do not get the deed or record it for 3 weeks after the sale confirmation. I asked because I have utilities in my name and can not change them over until then. With that in mind, tenants paid 1 more month. I iwll settle w tenants as of 5/31 unless confirmation does not go through or my understanding is wrong.

2 flat tenant (who moved). no news on $807. Contacting him at work today but upset and I have no recourse unless I sue.. upsetting. maybe a loss.

Painters finishing today. hoping it looks good but way overbudget.. $400+

My 401k cancellation (just for this month) did NOT go through..I was trying to make up some of that shortage for this month w that . So full contribution went through and I am $1800 short of where i want to be for the month unless I pull out of savings.. postponing that as long as I can (trying to sell stuff, switch things around, recover what is oweed from 2 flat tenant and start consulting etc etc)

Calling property manager today on 6 homes. Section 8 tenant is still there.. (but looking . applications sstuck in approval process). Upseetting. I want her out and this turned over before June 1..

Also calling motorcycle guy who owes me $6000

Work continues to be insanely stressful and lonely (no one at the office). I was excited about hte new job 'sortof' to meet people and have more of a fun atmosphere and will start looking now for higher paying jobs. Since the first inquiry from a recruiter.. 2 more have surfaced w the same $75 hour rate. I am willing to take $65 if it is not so far I just went in at $75 at this first job to 'throw something at hte wall, see what stuck'.. but still disappointed and motivated now to look.

6 homes and 3 units taxes went DOWN (still getting exact figures but some good news)

Put $138 towards rental emergency fund and $630 more in 401k. and cut cable starting next month by $130.

The Rachael update. Smile