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real estate updates, goal change, CLOSED ON THE 6 HOMES!!

August 24th, 2015 at 09:47 am

HI all

Worked 141 hours these past 2 weeks. Crazy.. good money but not what I want long term. I may get a Nordic Track ifit treadmill w some of the money. that or they have one of those training bikes w ifit with incline and decline.. both are approx $1500

I feel I am getting out of shape!

Anyway.. CLOSED on 6 homes. had to borrow from my emergency fund approx $2000.. will pay that off next month

I TOTALLY own these 6 homes now. no mortgage

IF homes run well I should be able to pull $3500 from the homes and will not have put in $1000 a month anymore towards covering the monhtly payment. so total NET increase to me per month $4500 ($1000 saving and $3500 new income).. basically ALL will be saved and invested to reach my 6/2018 goal

2 homes vacant. One we have an excellent long term tenant for and are fixing up. this is the home the 15 year tenant moved out of.

One has been vacant for almost 3 months.. 4 weeks I got rent for.. and the rest is a total loss.

Met with other property manager.. looks real good.. will post for input here and have asked some other folks

Thinking of for sure switching over the vacant house to him immediately w the rest to follow..

Made a mistake switching last time so want to be real sure but how can I lose? this guy is letting this house sit and has not sense of urgency.. other stuff too. will update later.

Current property manager does not appear to have time to show the house timely, and marketing is not getting what we need. I asked several folks what they thought of the vacant house. and they looked at it and were surprised our starting rent was so low and that it had not rented... even providing comps they owned near by with renters.

I contracted w a real estate attorney to appeal the real estate tax assessments across all my homes (my personal one too) .. cost 33% contingency of the 1 year reduction amount.

I currently pay $20k across 6 homes and 3 units and $10k for my own home. I am hoping for a $3k or more decrease. Never did this so do not know. What I think is good is that we just recorded SUPER low sales prices across the 6 homes w the title transfer..

Anyway. IF 3 units were also paid off I would make $6200 NET a month (this includes escrows for tax, maintenance, vacancy etc) . so I am $1800 off my goal of $8000 NET by 6/2018. Will continue to work on that.

I am CHANGING my June 2018 goal from 'having my own home and having it paid off' to 'having my own home and only owing $100k on it'. I do not feel I want to use my money to payoff the home totally right now.. $100k or less owed is fine..

Still waiting to hear on primary home refinance.

Onward. and looking forward to when hours lower (45-50 is fine but 70+) is 'soul sapping' so I can concentrate on Me, health , happiness and MORe to life than finance and work!

Also saw Dad yesterday. though he is happier at Silverado and cared for better. he is weaker and really not sure how much time we have. I am spending as much time as I can w him. This weekend I showed him the yard and he could not make it around the house (walking) on his own.

2 Responses to “real estate updates, goal change, CLOSED ON THE 6 HOMES!!”

  1. LAL Says:

    Where will you get the $1800 in passive income by 2018? I think switching can't hurt since your PM stinks. I have to say recently I've not been impressed by property managers since I was the tenant looking for a home.

    If I were able to contact multiple owners I would tell them you are WASTING your money. Your PM didn't return calls, didn't show houses, and by the time I saw things they were sitting vacant for a long time.

  2. Rachael777 Says:

    the $1800 increase in passive monthly income by 6/2018 is still to be determined. so not sure yet. maybe I can get some by raising rents/cutting costs. the rest may have to come from another property or something else. not sure. just calling it out to think on right now. I am $1800 short in monthly net for my goal so got to ' start thinking' Smile

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