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Rental updates, job update and life

May 27th, 2016 at 11:33 am

Hi all

We have someone who looks good for that vacant house. Section 8 inspection Tuesday. This was the house that was REMOVED from Section 8 due to a bad history from the owner. I got Section 8 reinstated on another house w this issue.. hoping to get the same here.. No rent increase.. in fact $20 less but filled same month, we can ask for a rent increase in a year and generally s8 are much longer term tenants. vacancy is REALLY expensive so trying to avoid that at all costs.. turn over is really expensive too . .I just spent almost $2k getting this house fixed up. do not want it turning over in a year.

Person for 3 unit fell through and chose a place nearer to her work. We are still showing it and still aiming to fill for the first. Fingers crossed

My boss says she IS going to renew me . My contract is up July 7. Not sure for 6 months or longer. I asked for a year and talked to her boss who says he has budget.. and in fact I am already in this budget through year end and he will be put me in for next year. project I am on is likely to extent into mid next year

After July I will have maxed the 401k.. so my paycheck will go way up. What ever that 'difference' is will go directly into savings/investments

HIGH repair month last month and missing 1 month rent.. but still getting NETS of almost $6000. I had almost $3000 of repair maintenance costs last month.. upsetting but not avoidable.. house fix up..fence.. water heater.. sewer rodding.. were among some of the larger items.

I am considering ending a relationship and just sortof moving on. always upsetting/scary/stressful to end a relationship but does not appear to be 'long term' and sortof feeling I am wasting my time and feeling 'stalled'.. just a lot of stuff..

About it for now. despite some bumps here and there still thrilled with new management company and my plan.

For the end of this year I will still save as much as I can.. invest.. develop systems/ processes for the rentals and continue to work on creative ideas to get this house (where I live) paid down significantly..

what a feeling it will be next year this time when I will be essentially 1 year from having all properties paid in full and likely receiving over $8000 cash flow.

5 Responses to “Rental updates, job update and life”

  1. VS_ozgirl Says:

    Good news that your boss is going to renew your contract for the next few months, so you know you have that stability. Sorry to hear that you are considering ending a relationship because you feel it isn't going anywhere - is a meaningful conversation possible before doing this to see what your other half's thoughts and goals are?

  2. rob62521 Says:

    Sounds like financially your plan is coming to fruition. Super!

  3. LivingAlmostLarge Says:

    Good that you are getting renewed. Wow $6k rent net after all these expenses is impressive. What is your gross and mortgages?

  4. Rachael777 Says:

    Gross FULLY rented is 13286. Expenses include taxes, mortgages (total approx $6500 for mortgages on super expedited payoff), maintenance escrow, vacancy escrow, utilties, insurance, management fee at 5%. Fully rented WITH funding all costs and escrows I should net $8400 AFTER units are paid off. I have until March 2018 for the 3 units and June 2018 for the 2 flat.

  5. Rachael777 Says:

    My repair/maintenance budgetted escrow is $900 a month. my budgetted vacancy is $665 a month. I am tracking to budget for normal repair/maintenance but NOT including siding, roof, seeding and landscape 2 yards, driveways and other improvements ($21k). I am UNDER budget so far for vacancy. My repair/maintenance costs are less than half of what they were under the former management company

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