6 homes update.
The house section 8 lady vacated and we are turning non section 8 for a big rent increase.. -Clean up and fix up in the works!! (new paint, light fixtures, faucets, appliances.. *she took hers*, carpet and general fix up and clean out). will increase rent at least $300. trying for $400. To be done Thursday and then start showing immediately!! THIS will be the house I take deed too first (September)
Other house (next door) where lady was late w rent. I talked to her myself and her reduced income situation appears short term. She wants to stay, wants to pay, house is clean inside. I got some $ from her today and expecting the rest next week. She is aware if she does not come up with it we need her to leave asap. I think that will smooth out. I said I want to do some fix up there too.. this will be the 2nd home I take deed too.
Excited to see how these homes turn out and to SMOOTH things out.
Doing a LOT of fix up in the 6 homes.. in past 3 months (3 water heaters, 4 sump pumps, 1 roof and now this whole house fix up, several leaks, lingering issues fixed too). Also completing an outdoor drain system for these 2 homes next to each other (above) and fixed the foundations on them.. (last years posts)
So ALOT.. THANKFUL you guys encouraged me to get a larger emergency fund. thankful I found some good people to do the work (still finding people) and potentially thankful for this new property manager (still evaluating her) and thankful for my accountants support and encouragement
IF (when this works out) I will have 6 fully paid off easy to rent homes in 3 years 10 month time. I am not kidding myself I need to do 2 more roofs (in the near future) and probably will uncover some more mid-large fixes next month (property manager going through each house and making a punch list per house) but if I can survive this year I think it will drastically reduce and improve. I will likely reduce my savings this year to do this.. Budget though with FULL RENT is $750 a month for repairs.. so basically once the large things are taken care of I have $ to nip away at these punch list and rebuild my funds.
THANKFUl I am have a good job too and a fairly easily marketable skill set.
I can not afford a job loss or job break right now so closely watching contract end dates etc from now on..
The 2 3 units continue to plod along (they have no delayed maintenance items) and we will raise rents in the fall. they are paid off in 2019.
I anticipate reducing my rental emergency fund by $5k more in the next month or so to pay for all this and potentialy another roof and the drains (not in yet) but hoping for the motorcycle guy (owes me $6 k.. talked to him Friday) to come through soon and just saving as much as I can each month.. also have the possible sale of car(s) and got $1500 more stuff to sell on Craigs list... ALso next year should be getting a $10k tax refund.
Surviving (crunching numbers right now big time) and looking forward.
Prayers for main home refinance and 6 homes to settle down.
Updates -6 homes (positive)
6 homes update.