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Good news updates, rentals (govt payoff bombshell at least to me)

March 7th, 2016 at 05:07 pm

Hi all

Good news updates. I got the house approved (need to a few minor fixes) from Section 8 but guess what. The inspector called the manager personally on his cell and told him he only let the house back in the program because of HIM and then the manager told me that he regularly hosts a golf outing for section 8, contributes to this guys sister's campaign etc and considers it the cost of doing business.. Wow. did not know that but another reason I am happy I switched to this guy
So lease signing should be this week and them move in this weekend

Rent is going up $20 a month

New manager is also submitting my victorian for a rent increase. lady is on a smaller voucher than the size of the house so rent is real low ($1025)

when I tried for a rent increase myself and through the old manager I was turned down last year. hopefully this will work. if so it will further justify my keeping that house and switching the property manager

Did all my tax stuff and sent to the accountant. Hoping to have a rough estimate of refund this week

He is doing the not for profit and Dad's taxes too this year

My not for profit grossed $76k last year . our largest year yet

Looking at costs from last year and doing taxes really helped me see the difference year to year and easy ways to keep track of things. taxes will be easy next year w this new property managers reports

HOMES really smoothing out and will be a big income source for me

Doing siding of a house and 3 car garage this year along with a roof and 3 new driveways. These items will be my big money spend this year but I think will make the homes look nicer, rent easier and all are long term fixes.

All is good

My plan (5 year plan) is working out!!!

Rachael

5 Responses to “Good news updates, rentals (govt payoff bombshell at least to me)”

  1. AnotherReader Says:

    Good job!

    My big expenses in the last year have been tenant turns and four new roofs! Profits have been "slim," to say the least.

    That's a lot of animals you can save with that $76k!

  2. Rachael777 Says:

    Thanks for the feedback. I know I have done a lot of fix up in the first 3 years but all is good and long term which will mean my budgets/costs should be lower for several years after this. Are your homes paid off?

  3. AnotherReader Says:

    About half of them are free and clear. The last 15 months of capital improvements and turnover expenses have slowed down payoff progress on the others. Fortunately, roofs have lives of at least 20 years, so once they are checked off the list, they go off the radar for a long time.

    Once you pay off the triplexes, you will be in an excellent cash flow position. You can buy more property, or invest the new net income in taxable paper asset accounts.

  4. LivingAlmostLarge Says:

    That is amazing. How did you start the non-profit? I can't believe you raised so much money has it been a long time?

  5. Rachael777 Says:

    I would like to take credit for raising $76k but most of that was 'income' from cat adoptions.. the rest was donations but we have not focused a lot on donations and need too.. the rescue is a cat rescue and formed in late 2007. takes a bit of work to form and I can describe in a separate post

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