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6 homes updates-tough month!!

August 7th, 2015 at 05:07 pm

HI all

6 homes updates.. feeling stressed and trying to just get through it all.. Whatever God gives you to lift he gives you the grace to carry'

I STILL Do not feel I have the 6 homes under control

1. 1 house has been vacant for 8 weeks (but only missing rent for 4 weeks of that so far). Took 3-4 weeks to fix it up (too long. will remedy that next time), then spent 2 weeks at too high of rent and now 2 weeks at the realistic rent. .getting showings and good feedback but not rented yet. Upsetting and stressful. had long talk w property manager on it today
2. the section 8 house, forgetting if I mentioned it we were thinking we wwere going to pull it out of section 8 and then instead did all sorts of roof, water drainage work on it and left it in section 8 because the lady has lived there for so long and wanted to stay... well she UP AND LEFT. I found out from Section 8? not her. not the manager! He is going over there tonight to look at it but with her being in there for 13 years likely needs a full paint job and updating. ARGGH!! Manager says he talked to section 8 Tuesday to get it reinspected and no one said she moved out and she did not either. He talked to her Monday. Crazy

I have been having MORE AND MORE insane crazy totally unprofessional costly things happening w the section 8 folks .. Property manager says folks are getting out of section 8 and did not think it was bad to lose this house out of section 8 as rent was low (13 years in there) and the annual inspections and nonsense like this. craziness

Bottom line though is I am going into the month with TWO VACANCIES (1) already at 8 weeks and (1) likely to go at least 4 weeks as we have to do a rehab on it..

I am not prepared to spend more $ to rehab another home and am going to need to beat some bushes to find the money. or something. I am feeling severely money crunched. SEVERELY. with the landscaping (paid for) and the fence (money sitting waiting for completion)..I have been scratching around for money and cutting all costs already. hard to find or cut momre.

I speak with another local Property Manager Tuesday
and will speak to a local investor this weekend to for ideas to rent these faster... cut costs..

Positive things

1. all the rest of the rent is in
2. the house that we did rehab looks good and rehab is paid for in full
3. I am working 65+ hours a week at work so getting extra money
4. still hoping to hear positive news on the gift to partially payoff the 6 homes
5. this too shall pass (hopefully onto better tiimes!)
6. fixing up this house will mark the 4th house rehabbed.. only 2 more to go after this and one of those looks pretty good
7. even though it is hard to fund these rehabs., if done right these are long term investments into the homes.

Onward.

3 Responses to “6 homes updates-tough month!!”

  1. livingalmostlarge Says:

    I'm confused you have a rental EF isn't that enough to cover the vacancies and the repairs? This is a short term bump. Are you upset because it affects your calculated returns?

    Why didn't your property manager tell you the rent was too high initially? Are you sure they are good? I have recently had bad experiences with property managers. Enough that if i had the owners name I'd call and tell the they lost 6 applicants, including myself from renting a house sitting vacant for already 3 weeks.

  2. Rachael777 Says:

    I was trying not to use my rental fund of $15k (and save as much as I can so additional vacancies and rehab eats into that.) These were not in A1 shape to begin with so gradually getting them all in shape or I thought it would be gradual but ended up being quite the whirlwind instead!) and the property manager. yes I think he left it too long at too high of rent and yes not sure if he is the best around . he is 'good' or better than the last but some big shortcomings. I am investigating others but do not want to leap too fast before thoroughly checking others out and working w this guy...so still learning and fine tuning. I am 2 years into this and in it for the long haul so want to do things right and still findig out what 'right is'. This other property manager is older,. more seasoned, has more staff and has some guarantees (in terms of filling rentals and bad renters). I meet him Tuesday and call references. . Thanks for the comments though.. trying to learn and fine tune as I go. Getting this 6 homes, 3 units was a challenge in and of itself and figuring out how to run them and to work with a property manager is another challenge.

  3. scfr Says:

    That does sound tough. I would imagine that things can never feel completely under control with 6 rental homes. Even with just a primary residence "it's always something." This past week for me it was needing to get the A/C serviced to the tune of $304. And we're still trying to decide which roofer to use to put on the new roof we need following a late-spring hail storm.

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