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Project Manager update

September 11th, 2015 at 09:08 pm

HI all

thanks for the feedback on the property manager issue. here is where we ended up

1. Current PM will terminate 11/2/15. Rents for November will go to new PM. I need to send the new PM an updated contract to sign. he did sign the one calling for him to take over as of 10/1
2. Current PM will keep the vacant homes until that time. The one I am rehabbing is done and BEAUTIFUL. he has showings tomorrow and one person we took an app from who wants to move in who has family in the area and is likely long term, Other vacant house, he has showings tomorrow and had a good one yesterday. Fingers crossed. we went over what he is doing and the only thing I can add is to put it on the list at Section 8 whch he should have done already.


Meanwhile we have 1 house and 1 unit coming up for renewal. Both look good but he did not send renewals out yet (hello??) but claims to have talked to the house and they want to stay another year. He has not called the unit yet but send out the notice today. He will have updates next week.

All rents in except vacant homes

Paying off the 6 homes makes a MAJOR difference in the cash flow across the homes and my own budget. I had a mortgage of approx $5500..

I am still however catching up after paying my part of paying off the 6 homes so super tight this month making my savings goals.

Work hours are slightly down w the holiday and took a day off here and there. I should average 48-50 again as of next week

I have had contact with the office of the new property manager and they are very professional etc.. organzied really excited. AND they are 2% less.. over $2k a year difference and will work w my contractor.

For this 'hard to rent ' home. the new property manager did not feel it should take 3 months and talked to some folks who felt the same way 'unsure why it is taking so long'... Regardless, IF this house IS this hard to rent, I will look into selling it and others on that street and buying easier to rent homes/units with the money.

Calm and continual cash flow is my goal

I will hear on my tax dispute in November across the rentals. Hoping for a $625 decrease each month in taxes but have no experience or facts to base that estimate off of

Still trying to reach $8000 stable monthly cash flow by 6/18

Did second submittal for refinance on main house. should hear next week. (had to submit a bunch more docs)

onward

Posted in 6 homes-rentals, 3 units-rentals, Musings | 4 Comments »

4 Responses to “Project Manager update”

  1. VS_ozgirl Says:
    September 11th, 2015 at 10:01 pm 1442008915
    1442008915

    Calm and continuous cash flow sounds like a good thing to aim for, wishing you luck with that

  2. LivingAlmostLarge Says:
    September 13th, 2015 at 01:06 am 1442106368
    1442106368

    How is the cash flow now working out with the 6 homes paid off? How many homes do you own on the street?

  3. Rachael777 Says:
    September 14th, 2015 at 12:43 pm 1442234608
    1442234608

    hi there. This is the first month with the homes paid off and I am busying paying myself back the cash it took to purchase them (gift did not pay them off totally) ... so not able to give a good read on cash flow this month. . However once full (2 vacant but hoping to sign leases this week) I should be netting around $3500-$3900. I am checking my #s this year and last year to get a more accurate read. I am also hoping to be more towards the $3900 figure once the new property manager takes over and things smooth out. On a high note we seeem to have gotten rid of all the bad payers and just are stuck with SLOOOW rental turnover right now. Pretty much 100% of my cash flow will go towards saving.. trying to do 401k at 19% and save $6650 every month.... $2000 towards 3 unit payoff in 6/18 and the $4650 to get to a goal of $400k or more investments by 6/18. I will not reach my goal of saving $6650 this month due to the internal payback needs. Thanks for asking.

    I own 6 rental homes right now, and 2 3-unit buildings and my own home (currently going through my last refinance no that to get it down to 3.25, almost at 6% now). I will not use the refinance to lower the payment and will instead cut the term in half with almost the same payment

  4. Rachael777 Says:
    September 14th, 2015 at 12:49 pm 1442234971
    1442234971

    oh. clarifying. I own 3 homes on this one street and if the results with the new property manager are the same, will sell all 3 to buy different homes. In talking to him however and others they were not concerned w the neighborhood and were unclear what the issue was with the renting the house. House next door and down the street have very nice long term people in them,. I mmay take a hit in cash flow to do a swap if I do that but better to get super easy to rent homes than endure this. The 3 units and other homes, you can hardly put the sign out before people are knocking on the door. Even if it comes to that ( selling all 3) , I AM glad I bought and got in as now I have trade-able asset and can trade/buy up if I want. .. had I waited and not taken these I would be out.

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