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Updates fence, homes, investing

July 26th, 2015 at 07:45 pm

HI all

Sortof some random thoughts here
1. landscaping is DONE.. looks BEAUTIFUL.. love it well worth it. yard is more simplified much easier to maintain. no groundcover.. wonderful
2. fence. worked it out w the neighbor. I will put the 6 foot fence in FRONT of their chain link fence in all sections except one (where I own the fence). Fence guy is great says he can get with in 2 inches. FENCE is already funded (not reflected in #s to the left) and shoudl be installed Friday or Monday (takes 2 days though)
3. Toured 3 of my homes with the property manager today. starting to feel my homes are well taken care of.. still have deferred maintenance items that were not done but feeling GOOD and CALM.. like things are smoothing out. The house we rehabbed looks wonderful and we have someone who 'lookds good with good credit' very intersted and if they work out we will take it OUT of section 8 .. which long term may be good. Section 8 requires these yearly inspections which have been somewhat of a nightmare and even w the homes in better shape just the idea of having some inspector come through each year is not a good feeling. . We are checking income and other stuff on this lady today but FINGER CROSSED> I have one more home I want to take out of section 8 but the lady there has lived there for 13 years so we are just waiting her out.. no rush.
4. This year has been the hardest in terms of turn overs but good to be on the other side of that and good to feel I am on the downslope slide of major fix up work across all. Feeling I can just budget much of the rest like no urgent big money things pending and homes are looking good with is nice. For this year we have 2 more 3 unit renewals (at the big jump up rate) and then 1 more section 8 renewal outside of that.. no more big rent changes planned or in the works.. My goal righ tnow is to KEEP tenants and minimize expenses

Been researching other property managers and ways to minimize costs, how to track things, learning from others, went to the landlord meeting etc. . Mine manager charges 7%. This other guy (also in town) says he will charge me 5% ($2000 difference per year or more) and my initial indepth research says he may be able to do the same as my current guy and MORE and produce documentation which my guy is weak at..just investigating right now and checking references

I am also still doing the work to refinance the main home and reduce the rate/and maybe term.

Feeling BETTER. calmer. less panicky

Dad is doing MUCH better at Silverado.. shocking.. like it appears his mental status has IMPROVED (vs just not getting worse). He is mmore 'there' than he was. asking intelligent questions, participating..I am still merging accounts and getting access to all . some are in a trust which is requiring more documentation. Dad's house did sell

5 Responses to “Updates fence, homes, investing”

  1. rob62521 Says:

    Glad you are feeling better. You have been very busy!

  2. AnotherReader Says:

    You switched property managers based on a recommendation once before, and that did not work out well. In your shoes, I would be cautious about switching again. I do not know any property managers that charge as little as 5 percent. It's just not a profitable business at that rate. Likely there are other hidden fees or costs that will raise your overall percentage to the 8 to 10 percent range.

    You are getting repairs and upgrades done with the current manager. He may not be perfect, but after almost 20 years of owning rentals, I can tell you no property manager is perfect. Most are mediocre to bad no matter what their references say, so if you found one that's decent I would be inclined to stick with him.

    Good that you got your dad settled in a place he likes. Congratulations on getting his house sold and the money in the bank to help pay for his care.

  3. creditcardfree Says:

    So glad to hear very good news from you including your Dad's health and home sale!

  4. Rachael777 Says:

    Another Reader.. good points and I am well aware of the first property manager switch and how that went. That is why I am not jumping in and working with my guy first and not making any fast moves... but good to have someone else remind me.. 'lest history repeats itself' haha .. anyway I am trying to take things in stride and look at the big picture but still open to researching others as they come along.

    Rob/Credit card. Thanks for the support! Smile

  5. VS_ozgirl Says:

    Sounds like lots of great things going on!

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