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updates rentals, and other income etc

February 25th, 2014 at 07:47 pm

HI all

Busy time and INSANE at work. Been feeling scattered and a bit stressed.. up and down...

Updates

DENIED for Chase Freedom (big mistake to apply. hellooo.. what was I thinking)

3 unit lady (who I love) drove by the homes, likes them, had several questions and will let me know by end of week which she can take (if if I go that route)

In the meantime she showed her prowess by getting the 3 unit guy who was late to pay FULL rent and $210 late fees and March rent. awesome! He is back on track now and looks good for the future

6 homes. another story. No good news on water issue (not resolved, but water company is working on it, digging, trying to find well, insane, saying it is too cold for a backhoe) .. they almost got it in last week w the warm up but did not.. I am asking them to put in writing they are reimbursing me for my costs.. $ TWO THOUSAND!! (yes big costs.. that was to dig up to the street and prove the water issue was not with us). I want this reimbursement!!

Also that guy who moved in 2 months ago and lost his job. He is moving out at the end of this week. Packing up as we speak. BUT we had 4 showings so far and have a tenant who looks good on the line (and she wants to move in on the 1st) AND it is good this 'lost job guy' is voluntarily moving out. I will keep at least 50% of his security to pay to fill it.. Hoping to come out ok here and rent was raised $100 and STILL getting showings. awesome.

The other potential property manager. i have asked for refernces, rates and costs.

Accountant is swamped (he is super good) and have not done taxes yet.. want this $ and to know how much it is. calling him today again..

Should end the month w $2500 to go towarrds emergency fund. would put me at $16000 so $2k to go for normal emergency fund

AND guy who owes me $6000 may have it 'soon'.. he is sellng his motorcycle and has a showing today. And HE called.. fingers crossed.. all goes towards rental emergency fund.. he will give $5k after motorcyle sells and the rest later. Thsi will go to the rental emergency fund.

$4-8k tax refund will go to rental emergency fund as well

and may have $5000 from another source

Have not sold car yet but am definately warming to the idea.

Been doing odds and ends on the house.. tightening things up. have a SUPER handy boyfriend (engineer and grew up on a farm.. good combo).. put in new lights in laundry, and back room, fixed shower faucet and other random things, helped me move and throw out things, set TV in exercise room.. overall house looks 'neater/ cleaner' and definately more tightened up.

Can not wait til Summer to tighten up the outside..

I paid an average of $45k for each of the 6 homes and pulled comps nearby for a friend and my two homes on 1 street should sell for near $100k each or one over that price..

and lastly.. 'the 2 flat'.. told tenant she had 30 days to leave.. (based on not doing egress window.. city says apartment is not legal etc).. I am concerned I am going to get some push back from her(already have). City can fine me if she is not out on time.. (April 1).. I will follow up w her every week. Told her if I get any sense of an issue I will have the city 'sticker' her unit at which point she must leave immediately.

have not started consulting work and need too.. $120 hour..I want to get over this emergency fund hump asap!! I will be more relaxed then.

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

4 Responses to “updates rentals, and other income etc”

  1. Another Reader Says:
    February 25th, 2014 at 10:52 pm 1393368746
    1393368746

    All very positive. More reserves in your situation give you more room. What happened with doing a short sale on the two family?

  2. Rachael777 Says:
    February 25th, 2014 at 11:46 pm 1393372018
    1393372018

    on the short sale.. I have looked at that. I have 2 exit plans for the loan I am in (1) this guy who needs the foreclosure just 'closed' whether it be short sale, deed in lieu or sold, a 640 score and similar income and debt etc (knows about car already) ANd for me to own the house a year (have a strategy that may shorten that) (2) FHA 'back to work' .. 540 score, similar income and 1 year waiting period past foreclsoure sale, deed in lieu OR SHORT SALE (1 year after court case has dropped.) The foreclosures do not show on my credit report (only in court records) since I filed for BK, Chapter 7. So.. there is no advantage to doing the short sale. So to minimizes stress and work and avoid delaying the closure of the foreclosure case.. I am just 'letting the 2 flat go'. It will have no impact on my credit report and a short sale does not help my refinance. The 3 month redemption period is up mid April. sale date can be set 30 days after that and then 30 days to confirm sale. so have til Mayish? w the rents. However city wants downstairs tenant out by April 1 (I am not doing the requested egress window.. cost $2k . does not make sense w short time frame) so beginning April my rental income (from the 2 flat)will drop to $1350 and then drop totally in May (ish). It sounded like a good idea for a while there but sounds like waiting period also includes short sale date too..

    Thanks for reading. Trying to stabilize and build those funds ASAP.. and enjoy life and be ready for the refinance. Note" house is in 'saleable' shape as is now..

  3. Another Reader Says:
    February 26th, 2014 at 12:57 am 1393376235
    1393376235

    I agree the "tightening up" as you call it will enhance the salability of your house, should you need to sell. Is your hard money 12 months only, or can it be extended long enough to get a refi done?

  4. Rachael777 Says:
    February 26th, 2014 at 01:08 am 1393376902
    1393376902

    Hard money loan term is 2 years. I will try to refinance at month 7 (w loan option 1.. may not work that early) and should be able to access both loan options at 12 months but either way I have the loan if needed for 2 years.

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