Home > 6 homes/3 units update-and work update

6 homes/3 units update-and work update

February 25th, 2015 at 03:54 pm

Hi all

I went out this last weekend and walked through the 2 side by side homes in detail. These were 2 of the ones who had the city inspection and that we had not rehabbed yet. The home with the most items is being vacated in April (lady is moving on. YAY..we did not like here). we expect a rent raise from Section 8 to $1200+. it is at $975 now.. We will attempt to defer the fixup until then so we can just do the rehab at the same time when she is cabinets are way out of date so considering new kitchn cabinets there.. the other one had a some minor items and I love the tenant (but she only pays $950.. long term tenant and Section 8 is on that 10 year rent freeze). So this year for large expenses I have that one roof, the turn over of this house and probably turning over 3-4 units at the 3 unit property.. Feeling good and positive with raising rents and keeping things on track. Being MORE proactive and am now saving for this rehab..and the roof (vs being reactive and trying to pull it out of nowhere). I already socked away the cage bank money $1750 and will get $1250 from the tenant who is moving to go towards rehab/roof money.

We won in court for the 3 unit tenant who is not paying. he has until March 6 to move out. if he does not we have to file additional paperwork to physically move him out and the physical move will likely happen at the end of this month. Attorney was wonderful.. easy and low cost and costs DEFINED.. So he is moving end of month either way. one bad tenant down. I get updates on the other tenant today (the one trying to catch up) and property manager is sending out lease renewals today.

Feeling positive

My hours at work definately look like 45+ a week on a regular basis. This means I can fully fund the 401k and save $13-1500 a month on top. some months this will be true savings some month it will go towards the work above.


1 Responses to “6 homes/3 units update-and work update”

  1. creditcardfree Says:

    Sounds like pretty good news!

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