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updates on 2 flat, school, rentals and me

October 27th, 2017 at 12:08 pm

Hi all

Just a quick update

IF the rentals were paid off (they are not.. but 5 months barring no issues they will be) I can expect to pull some $7000+ a month from them. I am straining for that day

the 2 flat purchase was a mistake and I am seeing the consequences of that every day.I really just want it to end. Electric done and passed. Framing done and passed. Insulation is pending. Contractor has another death in the family. Never know if to believe him or not

Taking Tony Robbins words 'what is good about this (bad situation) that you are not seeing right now.

I certainly have learned a lot. Have gained some contractor contacts, learned about the permit process and inspections. Learned the hard way about what to look for.. just crazy

Anyway I am continuing to plod ahead. Currently forecasting a total fix up cost of $44-45000. May be more. May be less. Just want it done. My hope was to have it finished next week. Now may go into the week after with all these delays. It is what is it and I am going to try to make as much lemonade out of lemons as I can. Bad time to rent but again it is what it is.. just doing the best I an with what I have. Takes a lot of time though and stress. Most time intensive property. Most stress.

Other rentals going well.

I feel very strongly I will sell it in the Spring but we will see. Projected costs puts me at a cap rate of 10.6 right now.

I continue to put all I can towards the current mortgages on the 3 units and this 2 flat property costs

Hoping to fully restore the rental emergency fund this month.

School started last week. I started with 3 courses but dropped one. I am in Intro to Theological Research (hard!) and Hermeneutics (less hard). Both are VERY challenging and LOTS of work. I am struggling to find a routine to fit it all in

Work picked up slightly. I will be billing 50+ hours this week and last

About all for now

Health insurance is likely to go up.I pay $485 now just for me.. $6000 deductible then insurance pays 100%. It appears they may be able to sell some scaled down plans this year for less costs .I am not on meds or have any special needs.. We will see.

Onward but wanting to get off this treadmill of always having to pay something off

End of March and selling this 2 flat can not come soon enough!

Rachael

4 Responses to “updates on 2 flat, school, rentals and me”

  1. rob62521 Says:

    Glad work picked up. That is a positive note with more money coming in. Sorry about your insurance going up.

  2. AnotherReader Says:

    Do you get your insurance through the ACA exchange? Or do you get insurance somehow through your employment? Not sure how your state ACA exchange works, but it might be better to look at bronze or gold plans. Because the cost-sharing reimbursement was cancelled, silver plans have jumped in price in some states, making alternate plan classes more attractive.

  3. Bluebird Says:

    You're doing a great job! The cap rate for the 2 flat is still really good. Don't let your emotions get in the way of a good rental property that will add to your retirement plan.

  4. Rachael777 Says:

    Regarding insurance I think I am currently on Bronze. trying to get all medical checks ups done in the next 4 weeks as they will be 'free' as I already paid the deductible.

    Thanks all for the feedback. 2 flat realistically looks like weeks away from completion. main contractor is getting flaky. current ambitious goal is 2 weeks but struggling and SLOW..

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