Hi guys. IN an effort to be prepared and reduced risk. I have been looking into other property managers.. so if one does not work out at some point I have a back up. I can not run these homes, 3 units myself.. nor do I want too. I am also not satisfied w the 6 homes guy and wanted to see what else was out there.

Ok. .I have woman A on the 3 units. I like her a lot.. Strict no nonsense lady. People including tenants respect her. Very communicative so I am not worrying or asking questions. Sortof a 'get it done' type which I like. I give her guidelines and she gets things done within those. If there is an issue she communicates (tree fell on one of the 3 units, late rent etc). She is a realtor w an active real estate office and has been around for a long time. I trust her. Her personality is similar to mine. She has a brick and mortar office in town. She also, if my suggestions thoughts are wrong, is not afraid to point it out.

and I have man B on the 6 homes. B has 26 units of his own and also property manages full time. He is also head of membership of the local landlord association.

Problem is I do not trust person B and was thinking of finding options to him for now and 'just in case'. B has said things before that he has not done. When there are issues I am 'surprised' w the bad news or asked to 'help' and feel I have to take the ball (example the water issue at the one house). I am told things are handled and they are not. Tenants saying they are not getting called back. Several times when appointments were set w tenants and he did not show. Seems like life stops on the 'weekend'. Had a electric issues at the 2 flat and the tenant ccalled B first and then called Me because B 'does not respond'. I called B (got no response all night) and ended up sending someone over there to fix the issue. I feel the tenants do not respect him and I am not sure I do. I HAVE talked to B on this with really no results. I however have not been as strong w my words as I could be because I had no back up. I feel he may not have be up to it or too swamped. He appears 'swamped' all the time and overwhelmed. He has 'fixed' things 2-3 times that should have been replaced..costing me more $. Late fees being dropped etc etc.

Options so far

1. person A has the address list and is driving around (when the snow clears up) to see if she can take all or some of the homes. News this week.

2. Went to meet w this guy Saturday, ex marine, has 50 units and manages 50 more, office in town, investor and more of a 'get it done' attitude, I felt more of a fit with himn. He charges 1% more and some other costs but if things are 'handled' and I can trust him .. seems worth it.

Plan is to wait til Wed/Thursday and see if A has time for more units and write up what I really want.. so I am clear and then get some input, talk to these folks (new guy and A) and decide.

Maybe I talk to person B first .. probably.. but just feeling he is not up to it. If the tenants do not respect him.. they take advantage and in so doing take advantage of me

In general I feel the 6 homes are not run 'tightly' and some of the things that have occurred just make me not feel 'secure' that he is handling things and I am always feelgin I have to call him.

So.. news this week.

Hi all

That 3 unit guy is paying and getting caught up in full next week. Love my property manager on this one!

Testing day at work went well (I run datacenter migrations for this company for banks.... crazy insane job!)..I will ask for my extension in mid March though. Boss is gone ALL APRIl so I can likely work at home more then.I currently work at home 2x a week.. but lots of people work at home there. normal for company..

and talked to my accountant. he thinks I can get between 4-8k back on my taxes. Hopeful look!! that would be awesome. News next week. We will meet then.

I want a cash cushion... used up all available cash w that short refinance. After the 2 flat drops... unless I pick up some consulting jobs (which are fun and have 3 possibles in the works) I am going to have a BIG drop in savings and my plan is to fund BOTH emergency funds this year and breathe a little easier.

Happy Valentines Day all. The sun is shining .. feels good and fun to see it through the windows...and I got a free coupon to wash my truck (filthy!).. and am then going to dinner.



Rachael

Updates

Chase Sapphire . did not apply for.. afraid I would get denied

Did apply for Chase Freedom

Going to Costco Sunday to check it out

Having a good rental month. all mortgages paid and costs were low.. putting this monies toward my emergency funds once I get paid tomorrow and have final accounting on rentals.. (early next week) and setting up a better routine and filing system.. feels good .. more in control..

6 homes person (who lost his job). looks good to find another one and stay on.. (not sure yet though of course, til rent is paid)

and news on 3 unit person tomorrrow

I want to work on extra income here (that side work I do) .. get my 2 funds funded faster.Be So happy when I have these emergency funds funded!

hi all,

Back to tracking things so I can review this later and learn some stuff and maybe you can learn from watching.



k.. starting Dr Atkins for a week. get a jump start on things.. I am working out which feels good but got to lose those 8 lbs I picked up w the short refinance 6 month saga

GOALS.. (still firming these up) but for sure $18k to personal emergency and $36k to rental emergency fund

Should be able to complete personal emergency fund by April 1

I will be so much more secure these funds built.. hello??!!.., why did I not think of this before

I DID contribute $3500 to Roth this January and for now keeping 401k at 10% (get 3% over that from work too) will likely decrease once 2 flat drops off (3 months??)

'6 homes'.. one renter lost his job.. paid his rent but represents a risk.. property manager is talking to him today to see how we look for next month or if we need to take aggressive action. I talk to Prop Mgr at 6

'3 units'.. one renter did not pay rent this month. these are the buildings I have that super old timer prop mgr on. nice older lady. straight as a whip.. she says she will have it worked out by Friday. she knows this guy and his Mom and he has lived there for 6 years already. 5 day notice given...so hoping for resolution in some way. also discussed raising rent strategy. we will start raising w the first renewal in April and have many in the Fall. also going to get the Fall ones to renew on a year and 1/2 or something so they are stagggered. right now 4 people have leases ending in November. not good.

My house is a ranch so lower angle roof.. had to install gutter roof heaters last week ($290) to prevent water dams etc.. VERY bad winter

one of the 6 homes (they pay rent). the water companies lines froze (theirs not mine) and they have been out there trying to fix it for the past 2 weeks but bringing water in the meantme.. they are digging up all sorts of holes in the yard but the city attorney is involved (I called) and they will be fixing the landscape, giving this lady 1 year free water and reimbursing my costs to prove it was not my pipes that froze. Why don't I get 1 year free costs!!

So.. some excitement and risk but to be expected w 6 homes and 2 3 units and being managed but would be AWESOME if I had those funds built and of course had these paid off, had thousands in investmnts etc etc.. but I am where I am at

May sell Genesis.. still thinking but can not even get it down the driveway right now or on the street w the snow... so on hold.

MONEY

Goal this week
1. visit costco. see if worth it
2. look into Chase Freedom/Sapphire, see if worth it
3. form a plan to start my consulting again /$120/hr.
4. pay all rental bills.. and GET ORGANIZED w a routine.. way disorganized this month.. crazy w the house and work
5. figure out an easy plan to track unfixed costs.. tried Mint. not liking it. may do Excel.