All,

Update. not super awesome. Rough transition but expectedd. (this is on the 6 homes. 3 units are fine)

1. rents-approx 50% in (note I have 70% of the TOTAL rents but 50% of the tenant portion is not in). I was at first told they were all in by the old property manager-PM. Confusion about who is collecting. 2 tenants called and were told to send it to the other person and never sent it. New PM is collecting from 2 homes today. These people did call old PM and attempted to pay last week (so should have money) but were told to wait for new PM contact
2. finding some delayed maintenance items (leaks not fixed etc)..$$ but at least fixing right
3. tenant in that one house not out yet. expecting word from S8 this week on what they are doing.. I will feel SO MUCH more at ease once that is turned over.

Just hanging in there and making my payments.

Section 8 inspection on one home next week. (another test for new PM)

HOPING this turns out well in general.

I do feel we will get someone good in tehre once we move this lady out just upsetting... but no rent loss so far. I am concerned about cost to prepare house for new tenant but new PM is going over there next week to check things out and I feel I can trust her to get things done right for a fair price and to make sure tenant is aware of hte costs to her if she leaves the house in disarray. I did NOT have confidence in old PM w that.

Once tenant situation (move out) clarifies itself I will schedule the 2 roofs (I have money)

Hoping in the long term that things smooth out and costs are less and homes better run/maintained with none of these insane costly situations popping up.

Property manager transition update #2.

WOw.. So glad I switched. already feeling better and more powerful and tenants are listening. including the tenant we are getting rid of. I can feel my life smoothing out as we speak (stil got some work to do but feels I am going in the right direction)

Tenant 1 already switched over her garabge. Tenant 2 (who we are getting rid of) was told we are charging her for xtra costs for garbage (due to her extra people in the unit) and if County comes by next week and issues a complaint or fine we will charge her for it. Also told her Section 8 was being notified of extra people in unit and we expect her out by month end.

We will see how it goes but I LIKE the stronger stance and no nonsense attitude. Some tenant (another house) called the new pm today and already said she likes the new property manager vs the new one.

A letter goes out today to the offending tenant (we are getting rid of) and Section 8.

And all rents appear to be in!!

I feel excited for the future. thsi was such a weight on me.

Just did a quck look at my 6 homes/3 units costs and I guess MY PROGRESS (need to feel good)

I have owned the 6 homes since 4/2013 and the (2) 3 units since 11/2013

My plan was to switch 3 (of the 6) homes out of Section 8. I have one switched over and one on the way to switching. This shoudl result in higher rents and cost savings. I cut insurance costs by $2000 a year and increased my vacancy allowance.

Total repair vacancy allowance per month is $970 a month. This is budgetted but NOT saved to the rental emergency fund each month if not spent. If not spent . I simply save more in the NON real estate fund. I still have the $21k emergency fund for the rentals. After the 6 homes feels smoother...if I do not need that $970 in a month. I will throw it towards the rental emergency fund.

I have gone through one property manager (learned a lot) and am on the way to a new one and more learning

My net across all (if paid off) has gone up $220 so far a month (and I increased repair/vacancy allowances).. so if these were paid off (and they are not but the 6 homes will be in 3 years and 10 months and the (2) 3 units in 6 years 3 months unless I ramp it up after the 6 homes are paid off or refinance jsut to increase cash flow) ..I would have $5666 a month net income. I expect a $2-300 a month increase after we turn this next one over and OUT of section 8 and expect a DECREASE in misc repairs/costly errors with an increase in long term fixes/improvements (which may cost more up front but will minimize issues/costs long term and makes homes more attractive to buyers and renters)

I SURVIVED the first year and get one home pulled out free and clear in September (3 months away).

i have 5 more rents to raise this year at the 3 units (but likely only $10-15 each)

Thanks for listening. counting my blessings but lots of hard work left to do and the most important I thikn is just making the payments on these homes/3 units and getting my house refinanced ASAP and KEEPING employed with no breaks.

HI all,

Bad news on refinnace. Broker got mixed up and thought I could go FHA or conventional. I CAN NOT as my last foreclosure just ended last monht (year waiting period to buy, 2 year waiting period or 3 to refinance). I need to get out of this loan ASAP (this year). Anyway broker has some private money too (7%) but he is not sure if they will do this far (Illinois.. he is in NY). Fingers crossed

Savings. Svaings has slowed down considerably last month and this month as my 'house fix up/enhance the house/new beginning budget' has gone up and I had several extra costs (RE taxes on my house were higher than expected etc )then missed some income (not paid to me). Anyway I missed the 401k once last month but am back on track with that. I cut my cell bill in half (that was the only expenses left to cut outside of FOOD) and I also have an auto withdrawl of $325 a month to savings. $125 goes towards the rental emergency fund and $200 towards sharebuilder.

with increasing the rent at one of the 6 homes and getting everything back on track. I hope to have in additional $300-500 a month avail to fill up that rental emergency fund and then start saving more. And that guy sstill owes me $6000.. all of which will go towards the rental emergency fund

I am still holding $6000 for roofs (outside of #s on the left) and will do roofs once 6 homes smooth out (ie this tenant leaves and it is filled)

Also any job I get will likely be at $63-65 an hour which should net me $1000 more a month but still TIGHT and need to reduce costs and more likely increase income and get this refinance done and get rid of other hanging things (2 flat, new job and decide on what to do w my car).

I must decide on the car by end of year or start payments again or just pay it off.

Onward..

HI all,

Property manager transition update ...Old PM JUST sent info to new property manager today at 4pm. He sent phone numbers etc.. still need maintenance records, leases, keys. I am reconstructing my files (PC crashed) so do not have that handy until files rebuild. (I have a violation notice from the county I need to rectify by Friday. regarding having separate garbage., they currently share a dumpster which I pay for and they reimburse, dumpster was fine until one house moved in all sorts of folks, now garbage is spiling out etc, and caused a complaint). ANYWAY. old property manager knew this for weeks and told me one house was getting their own garbage and it was being fixed and there was no issue there... turns out nothing was done. Old PM also sent out an incorrect transition letter (wrong info, confusing) without checking w me first and is not returning my calls. I can not afford missed rent so hoping it does not impact that.

VERY upsetting but supporting my decision to leave. New property manager was pretty shocked too.

I will call old PM tomorrow about the transition and rents etc

Looking forward to a smoother '6 homes' future!

I mentioned before I stutter. with all this stress hanging over me these last few weeks my speech 'crashed'.. feels bad to be having a hard time again. normally the 'fix' is to take some time and relax and have fun again. regain my bounce.

If you have been reading my posts you have seen me sortof slowly descend moodwise.... got to get back up and happy again.

No word on new job applications yet.

Onward.

Hi guys.. tried to get out of my funk today and got some stuff done.

Refreshed resume online and applied for 2 more jobs. one in NAPERVILLE!! $60/hr w remote work and possible for more than 40 hours a week.. one downtown (we went in asking for partial remote) at $65/hr. I will continue to look EVEN after interviewing for these if we get an interview..and will apply for more tomorrow.

FINGERS crossed!

Property manager transition. Old PM a bit cranky, less cooperative. New one a little stressed trying to get her arms around things (she is still waiting on phone #s and info on tenants from old PM). They did talk via phone and decided to let old PM collect rents (he already has some) and send them to me minus repairs etc. I will then pay new PM monthly fee (she may kick some back to old pm). Crazy but hopefully it works. I meet w NEW PM Saturday just to go over stuff, current issues, plan for homes etc. Feeling tentatively good things are in the works.

Section 8 tenant who we gave 30 day notice too and who old PM said was not moving out any time soon but had more than her alloted # of people in the house and therefore costing me money and stress.. I called S8 on her and in one phne call got S8 to tell her to leave by the end of the month so hopefuly turning that over shortlyy (first test for new PM.. ) Potential rent increase almost $300/month w a new tenant! I also got written guidelines for infractions that can cause someone to lose Section 8. I have 4 other homes w S8 folks (good people though) but want these guidelines for future boundary setting.

REFINANCE.. Guy called and thinks he can do it.. bank is calling me tomorrow to verify things and get details.. final details and RATE maybe as soon as this week or next. he submitted at 5%%!!!!

Wow.

Also got 'increase rent forms' from Section 8 so will see if I can get a rent increase (we were told no rent increases mid contract but the person who heads the program sent me the form so maybe she can make an exception). I will see if I can apply for rent increases across all the rest of the homes. It is worth the few hours it will take

HI all,

Quick update.

Property manager transition is NOT going smoothly primarily because I can not reach the old property manager (more reason to get rid of him) and my cell phone died so am off the grid except email and fax.. crazy and using other folks phones . (cell is my main phone)> I get a new phone today (woohoo) and I DID switch my plan.. saved $100!!

Being more responsible with my not for profit and hopefully getting us back on track.

NO JOB NEWS. I REALLY want that job.

Praying every day and praying for news next week (good news!)

COntinuing to love the house .. and work on that refinance. After this refinance.. I should be in the clear.. submitting letters and more info.

Hopefully tentative approval NEXT WEEK (with rate info) be a big load off my shoulders

For those not caught up. I bought my house back from bank (out of foreclosure) at the end of January at a steep discount but had to get a hard money loan (12%) and pay 6 points to do it.. worth it if I can exit it properly and asap. Loan has a 6 month prepayment penalty so can leave soonest August 1. I NEED to get out of this because I can not afford loan payment and tax escrow in year two (or it will be very hard). Year one I escrowed taxes in one big lump sum up front so am only paying the mortgage which is $2970 a month.

THINGS ARE TIGHT and the house purchase was not really in the 5 year plan or at least not now. so I ended up doing year 1 w the 6 homes (still unstable but should; stabilize fast under the new property manager) and funding this loan at the time

Enjoy this day guys. Ending w Deacons Wife's comment to me 'I suspect we will both emerge at the end of this fit and fine'

I am counting on that.. pretty rough right now.

Hi guys

I need to update more. been SUPER stresed w this property manager switchover. whenever I 'procrastinate' on something it hangs over me and I get stressed and down. I need to do upsetting things right when they occur to me so I do not get so upset.

Updates

1. 2 flat, settling up w the tenants as of 6/12... then house is gone! I have the money to settle up.
2. 2 flat ex tenant.. never paid me.. I have someone calling him but considering that gone (loss of $810)
3. refi.. talked to my first best option and sent him paperwork (this is a broker) and he ran it by some folks and INITIAL thoughts are they CAN DO IT (shortly after 8/1). WOW.. still firming that up . got more docs to send and an explanation letter but WOw. that would be awesome if I could refinance out of this loan that quick.. Loan payment now is $2970 (12%interest) AND I pay taxes ON TOP of this.. new loan payment would likely be the same or LESS but WITH taxes. I will have normal fees w this loan and 1 point to the broker
4. paid all taxes (thank the Lord I escrowed!!)
5. Got an interview w that $63/hr job last Friday and did WELL.. they are in a hurry.. hoping to hear this week.fingers crossed and prayers.
6. still scrambling .. primarily because of excessive expenses to buy new furniture, and fix things up with the house but made up my 'shortfall' already but about 6 weeks ago put $3000 on a (buy now pay 0 interest if paid in full in 12 months) Pottery Barn card.. it is in my budgdet to pay it off but wish I had the money to pay cash.. and may need to pay that off 'pre-refinance'. I do not regret the furniture and house fix up. I really needed it for ME.. have not done anything w this house for years and now making it a 'home'.. real proud and excitedd and Happy
7. putting up a new website for my consulting business (in the budget.. no debt!).. should be done in a few weeks
8. roofs are still on hold through the property management transition. I have $6k (not reflected in the left column) and will need $2k more.

So exciting times.. but LOTS going on.. can not WAIT til the 2 flat 'settling up' is done.. and the property management is back on track and my job situation is firmed up and I have FURNITURE . I sold everything so have no where to sit (patio stuff came last week..so can sit outside which is nice) but no where else to sit unless I sit downstairs in the finished basement.

All rents continue to be in but costs and 'missed opportunities' are high w the current '6 homes guy'.. scary to change over but think it is for the best.

I can take a fully paid off home (out of the 6) out of the contract in August..and have that as an extra safety net (can sell at will without encumbrances)

the update. hope you all had a great weekend.

I will post once I hear on this job and with news on the REFI and property manager switchover.

HI all,

STILL REELING and off balance and not doing well.

Probably related to a personal relationship issue here (several people have shared theirs.. I may just briefly share mine at some point). feeling like my relationship is stalled and angry, sad, and frustrated with it... wondering if I should move on. I feel like I am on a fresh start, and want to make plans etc and he is not there yet with his life and maybe w me.. we have seen each other for a year but are not talking about doing anything.. he did bring up moving in etc.. I did not respond to it as it seemed not serious. He later said he was afraid to bring it up directly for fear if I said no 'the elephant would be in the room' and figured I was not ready. He says he loves me, does all sorts of 'actions' to show it, he is not a guy who writes poems or says all these loving things all the time (or has long talks) though he says he loves me all the time, talks about future things we can do, wants to be with me etc ec, introduces me to everyone. I guess I do not feel the CONNECTION because I am planning for the future and it is WEIRD having him there and not knowing if he is a part of it or thinks of that. He is extremely involved w the house fix up/tightening up.. SUPER HANDY and loves working in the yard, inside, outside. whatever.. lots of ideas. he is an electrical engineer and grew up on a farm.

ANYWAY..
1. 2 flat gone.. will settle up with tenants based on what court docs say
2. 6 homes.. still have not turned over that one house.. tenant still stuck in s8 limbo moving out. still frustrated with current prop manager. I am feeling like I have to extend him to July 1 as he put in all sorts of costs/time to show the place etc.. original cut off date was June 1...THOUGHTS?
3. talked to the first refinance option (the best option) for my hard money loan. he thinks he can get me out as soon as Aug 1 (soonest date) with rates between 6-8% . I am at 12%v now. I was hoping for 5 or 6 but even at 7%.. my payment WITH TAXES will be the same as my hard money payment now (which is WITHOUT taxes)
4. speaking of which taxes are DUE.. Thank the LORD I keep them escrowed in my account for the house I live in!!
5. Job.. changes at the company.. changes in our group.. likely layoffs.. which means my contract may not get extended after 11/28. I will knwo in June but am looking NOW. I make $55/hr.. hoping to raise that to $65/hr to a DRIVEABLE location. .. no train rides.
6. had someone call that 2 flat tenant who owes me $807.. he told them he does not feel he needs to pay me and filed for BK chapter 7 but left me off because he feels he should pay me something. i am like 'just pay me something and get it over with!'. he still does not return my calls. I do not need the stress.

Trying all sorts of stuff to get out of this brief downfall.. making to do lists.. checking things off. taking care of ME..etc

Have a great day folks.

HI all

I continue to be dragging the bottom here and need to focus and get back on track.. spend some time gettign 'defrazzled'..

Interview. went well but did NOT get it.. they went w someone who took $10 less an hour.

Renewal. I got renewed at work but only for 5 months (11/28) which happens to be right when we have our 'change freeze' and basically there is no work to do from 11/28 thru 1/15/15. I need to know now/soon if it is likekly I will be extended past that because if it does not look likely I will look for work now (good time of year to look).If I wait to look after 11/28.. basically hiring shuts down til 1/15 so I will not be talking to hiring folks until at least 6 weeks of joblessness. Not good.. I have 4 months of savings in case of job loss. includes enough for rentals). NOt an ideal situation to be let go in 11/28. Disappointing

2 flat. Talked to the bank attorney. They do not get the deed or record it for 3 weeks after the sale confirmation. I asked because I have utilities in my name and can not change them over until then. With that in mind, tenants paid 1 more month. I iwll settle w tenants as of 5/31 unless confirmation does not go through or my understanding is wrong.

2 flat tenant (who moved). no news on $807. Contacting him at work today but upset and I have no recourse unless I sue.. upsetting. maybe a loss.

Painters finishing today. hoping it looks good but way overbudget.. $400+

My 401k cancellation (just for this month) did NOT go through..I was trying to make up some of that shortage for this month w that . So full contribution went through and I am $1800 short of where i want to be for the month unless I pull out of savings.. postponing that as long as I can (trying to sell stuff, switch things around, recover what is oweed from 2 flat tenant and start consulting etc etc)

Calling property manager today on 6 homes. Section 8 tenant is still there.. (but looking . applications sstuck in approval process). Upseetting. I want her out and this turned over before June 1..

Also calling motorcycle guy who owes me $6000

Work continues to be insanely stressful and lonely (no one at the office). I was excited about hte new job 'sortof' to meet people and have more of a fun atmosphere and will start looking now for higher paying jobs. Since the first inquiry from a recruiter.. 2 more have surfaced w the same $75 hour rate. I am willing to take $65 if it is not so far I just went in at $75 at this first job to 'throw something at hte wall, see what stuck'.. but still disappointed and motivated now to look.

6 homes and 3 units taxes went DOWN (still getting exact figures but some good news)

Put $138 towards rental emergency fund and $630 more in 401k. and cut cable starting next month by $130.

The Rachael update.

Hi all

Day 4 here and weighed myself yesterday

LOTS of new energy..diet is not hard. I am averaging 30 carbs vs 20 but weight today was only 3 lbs down which means i am still in the 'possible' water weight category.

Getting consulting website and charging up and running. charged 2 craigslist things for folks to help facciliate the sale to practice running cards again.

Been swamped at work.. testing days.. and boss comes back next week... hoping for renewal so I feel strong going into my interview.. which recruiter is trying to set for next week

No new $ news. it is so much funner to 'save/invest' something even small amounts eery day or every few days to see the #s change. sortof addictive.. I need to get this consulting up and running and that will help with that.. right now only paid 2x a month

Been a tough month financially but only down $800 now (for bills due around the first) and have plans to get that.. so will likely only need to take out $2500 for roofs (or less) from rental emergency fund

Will call property manager today for updates on turning over the house. I WISH he was like the other property manager who gives me updates vs my having to track him down all the time

Onward and spring is here.

No $ from that ex tenant yet and no word from bank on delaying the confirmation

Have a great day guys.

Hi all

Dr Atkins day 1.. I did not have proper food in the house and had to run out for food ...starving. anyway I finished the day with 37 carbs.. goal is 20 for the first 2 weeks. I am doing this for 2 weeks. I will do better w proper food in the house. I also got those ketone testing strips. I lose weight pretty easily so thinking even though I am over I am off to a good start.. just starting is good!!

Interview. we are trying to coordinate for next week. 401k looks possible at the new job

Got a $550-600 water heater warning from my property manager.. for the 6 homes..(unless I have MASSIVE repairs in addition to this.. this does not exceed my monthly budget)

I am 'short' approximately $1200 (not including roofs) for bills due on or around the 1st (even with no 401k) . I will continue to sell stuff. Sold $450 so far this week! and listed some more high dollar items too..some of this shortness is because credits/refunds are not going to be in by the 1st and that rental guy has not paid me yet.

HI all

bad news but using this as a diary too

Bad news

I 'assumed too much and too positively."" on items that were out of my control

Assumed tenant (who moved out of the 2 flat early) would pay me $810 on time.. it is late and may be a week or more out or I may have to fight for it. I have to pay utilities on that the 2 flat til it sells and this would have gone towards it. potential $2-400 utility bill outstanding??

and assumed 2 flat would not confirm til the end of May. it is confirming on the 13th

also roofs will likely be $2000+ more than I budgeted (low budget!)

Thsi means I have an $800-1200 hole for this month (plus roofs) and owe the other 2 flat people $400 out of their security (which I already reclaimed)

I already used the security..so this represents $400 i have to come up

BAD assuming..

Here is my plan

1. sell my stuff (sold $310 worth so far.. got more to sell and appointments this week).. potential of $300+ more and may list other stuff ($300 more.. but not this week likely)
2. stop 401k for next check. potential $730 more $ to me
3. stop unnecessary costs (getting refund on 'just answer' website subscription and stopped that, stopping my fico.com, getti8ng refund of $120 on something else (potential $175 but refunds not coming instntly)
4. see if I can delay confirmation one more month (got a call into the bank).. worth $1025
5. start consulting ASAP (now).. probably can do $200-300 by end of the month
6, take $2000 out of rental emergency fund to pay for roofs AND maybe delay unti that one house is turned over
7. call that guy who owes me $6000.. see where that is at.. that will go towards the rental emergency fund by the way
8. stop auto savings plan for this month or next check

and lastly DO BETTER next time.. stop cutting things so close with stuff out of my control in the air

Onward.. hoping to update with good news.

tenant who owes $810 contcted me today but says they are short and do not have it.. trying to come up with when they will

also my not for profit is in a cash crisis.. which is stressing me and I have very little time to deal with it.. want to close that thing.

with the money shortage..'Necessity is the mother of invention!". I do not want to reduce my emergency fund accounts.. trying to make up as much as I can with adjustments etc.

Hi all,

I got news on the job. They WANT a face to face w me and will set it up next week. I have not found out if I am the only one called in but I may be.. which means i am a shoe in. We will see.

I have asked the contracting company if they have a 401k I can join right away. News soon. I assume there is some waiting period. he will see if I can join.

Roofs looks like $2000 over budget. My budget was for a layover. now doing a full tear off (much better idea!).. architectural shingles.. $8k for 2 homes. I am holding $6k. I will ahve to use my rental emergency fund for the other 2k and then build it back up again.This job would go a LONG way towards building it back up.

2 flat was reclaimed by the bank. my guess is because of the pending 'life safety violation'. Confirmation date is 5/13.. I make $1025 on rent there.. I wonder if I should ask them to delay confirmation for one more month?

If the original confirmation date is held I owe the renters some $450 on the 'settling up' . I am short because the other renters owe me $810 and have not paid yet.

Finances are feeling very tight right now.

Hi all.. got a $50 Sharebuilder bonus and been reading all these folks selling stuff on Craigs List (my stuff has not sold for weeks).. Thinking I am too high adn I just need to suck it up and get rid of stuff.

Trying to sell a couch for $550 and sectional for $450.. just read someone got emails (I have received NO EMAILS!) and was selling a couch and something else for $150. I need this stuff gone so will lower prices and hope to get some interest..

No word on job yet.(no bad news but no good news either)

and expecting roof quotes today. getting a few more for those 6 homes.

So motivating and instructive to read others blogs on this declutter challenge and 'my organized friend'.. i struggle w organization so taking some tips and will start setting aside time every day

Anyone read Flylady (organizational lady. very good)

Have a good day.. Hope to hear good news on the job and Craigs list.

2 flat goes to foreclosure sale today!

Hi all.

Job interview (phone screen) went well... lots of 'buy signals'.. "when you are here.." etc..
others
I felt good it went well. less good w the distance. I asked some 'work at home' questions that may have given her the impression that I did not want the job. I said I did want it obviously but may ahve been less convincing .. Thsi is practice and 'what if'. If they have interest I will be told today if I get to come in for a face to face and hten basically it is mine. I should have news from the recruiter today.. Job would net me approximately $3000+ MORE a month. Drive is 43 miles one way (gas costs). If I am seriously thinking of it I will drive out there this weekend and see how far it really is.

I am already pulling traffic reports for time in the car.

Looks like work at home 1x a week..(after a while) and she wants me to work 8-5.. I am BETTING I can get flex hours. I do not want to take lunch and hten leave at 5 in the middle of rush hour.. 8-4 is fine.. eat at my desk..better yet 7:30-4. I am an early bird.

Office is in LINCOLNSHIRE but a straight shot up 294.. actually fine for 4 days a week.. 50% more pay. no hours cap and SOCIAL life at the office. I work at home now and when I do show up at work (which is rare) no one is there (really.. maybe 2 people.. very quiet.. boring etc..) that is partly why I work from home. so boring at work.

This sounded like a fun (actually easier job). I could work w people and be more involved. Contract per interview could be essentialy as long as I want it if they like me and it is a good fit.. never had someone 'not like me' or let me go so thinking this may be long term

So we shall see

2 flat sells tomorrow
Feeling frustrated w current property manager (slow response time, confused paperwork etc etc). new one is taking over as of 6/1.. hoping we get this unit turned over quickly.. tenant has found a place and is waiting for S8 to 'approve' and transfer paperwork.. So it will not be a sure thing until that happens. which means the 'move in' date for any new tenants (none found yet.. but soon) is a little fluid as we wait that out.

Things are moving forward but lots in the air

boss gets back 4/28 from India and I expect news on the renewal then.

I feel 'short' this month and do not like it..

*I just looked up traffic reports and traffic is light on the route.. 40 minutes leaving at 8am..I am actually HOPING I get the call back and afraid I seemed too disintersted or concerned w the drive.. PRAYERS I get the call back.. what an income boost, more social, easier and work would be left 'at work'" and LONG term contract. (years)

Hi all,

job interview today. I make $55/hr now. interview is for 50% more... rates must have gone up! a recruiter just found me on linkedin yesterday and set this up today

I have not heard on my renewal but still feel I will be renewed

I am taking this job interview for practice, confidence and 'what if'. this is a 50% jump over what I do now and they are saying that I can work from home after the first several weeks. Initial job though is 45 minutes away.. it is a deal breaker if I can not have flexhours to minimize traffic.

Interview is via phone. I have a slight stuttter.. always prefer to keep phone interviews to a minimum but in my field this is the norm and I get through them

Here we go.. 6:30. wish me luck.

First Sharebuilder investment went in. Exciting and motivating to be investing again even in small amounts. I just did an Index and Bond ETF I think

Deciding on 2 roofs for the 6 homes today
Shoudl have news this week on showings on that one (of the 6) homes we are vacating and turning non section 8.. 2 showings last weekend. apparently both were interested and took applications.

Fingers crossed for all

I miscalculated and have ZERO $ to save from now til the end of the month. I will start over next month.

I bought new furniture from Pottery Barn this month.. to refresh the house and start over.. very nice.. cannot wait til it comes.. that is where the rest of my tax refund went.

I am not seeing large lump sums to the rental emergency fund in the near term.. still $8750 short w an expected $5-6 coming w that loan payoff (not in yet though)

2 flat renter still owes me $807 .. he says he will deposit shortly. I need it immediately so I can close that out. house sells 4/17.

Positive news.. renter that we are letting go in the '6 homes' house IS in fact on her way out and MAY have found a place. We got the reference check yesterday.

We will start showing the place this weekend and will clarify her move out date as well. She is w Section 8 so all has to be approved through them (this is why the dates etc are a little influx) but I am feeling encouraged.

Hoping to raise rent $250/month

Meanwhile holding a garage sale the 26th-27th... trying to sell and get rid of stuff. Any tips on a better garage sale? I can take charge cards.. hopefully that will help.

Hi all

ALL RENTS in across 6 homes and 3 units.

This month I will owe less than $200k across the 6 homes.. getting more roof quotes now (want to do 2 roofs this month) and working on my own house which is fun.. and a nice break. Not doing any repairs.. more tightening up.. and redecorating some.. FUN.. exciting. The house is MINE now.. wow..

Love spring.

New property manager takes over 6/1. can not wait. These homes are a major part of my early retirement plan and I need them running like clockwork. I have $1050 of monthly allowance for repair/vacancy each month across the 6 homes and 2 3 units. would love to save some of this.. vs shelling it out.

My current property manager will start marketing that one home (of the 6) thsi week at a $250-300 rental increase and look to coordinate a move IN at a similar time to the lady we gave 30 days notice too move OUT

Lots of things in play.. Stay tuned but would LOVE a $200-300 rent increase each month and 100% of the 3 unit folks are ALSO due for an increase this year too. looking to raise $10-25 each.

Egress window court update.

Fined $200. Supervision for 90 days (all offenses)
Had the lady move upstairs (out of the unit without proper egress)..city is fine w that

Both tenants are in the process of settling up
One utility bill switched over to the tenant (Nicor)
City of Naper wants $400 deposit from tenant to switch the other one over so I will hold it and 'bill her/take credit' up til house sells and is confirmed

Sale 4/17.. confirmation 30-45 days thereafter

Should hear on RENEWAl in 3 more weeks

PRAYERS and onward.

Hi all,

I talked to my aunt yesterday and she gave me (will send) the $7000 she had pledged IF the house worked out.

WOw! wow!

Feeling like things are all going well lately.

I have $21k in the rental emergency fund (need $30k) and have $6500 for roofs (at the 6 homes.. quoted cost).Calling this guy today to see if I can still get the winter rate. That motorcycle guy still owes me $6k and is in touch every week.

Talk to old/current property manager today..and to new one (to confirm for June 1)

We give notice to the SEction 8 lady today.. 30 days and will look to rerent it immediately pending her response. I am giving her $100 move out credit for the inconvenience and if damages do not exceed her security deposit and if she cooperates w showings. I think it will go ok. Also my talk with current property manager gives me a chance to set real expectations for renting this out. was in the past 'afraid' to be too direct as I had no back up.

Onward.

It looks like BOTH renters will be cooperative w settling up through end of May now.

Renter 1 (upstairs) moves out today but broke their lease.. they owe me $805 more which is due next week (and some will go towards utilities.. $400-500) but they settled up through end of April .

Renter 2 (downstairs, w egress window issue) is settlng up through END of May tomorrow and will turn the utilities on in their name. Once all monies come in I am essentially done w this place. Sells 4/17.. confirmed 30-45 days after

This means I can ask that guy (lender option #1) if he can refinance me sooner out of this hard money 12% loan for my own house. He said he could after I owned the house for 12 months.. since I owned the house before the refinance for 8 years hopig he can use that timeframe or stretch it.. only caveat is the house is in my LLC name now and was in my and my ex's name.

We shall see. I will contact him end of May/June (after sale confirmed)

I also have court on the egress window. I was ticketted. Court is tomorrow and I was given 30 days to get her out. She is moving upstairs so hoping to just show hte new lease, pictures and move on from that too.

More news tomorrow on ticket and settling up.

Monies from settling up will just go towards savings. I am due $1800 more but $400-$500 goes towards utilities so will get approx $1400 to use and from now on I have to budget WISELY to make this hard money loan w no 2 flat rental money assistancce.

I am on contract at work too...so get NO paid vacation. was thinking I need 2 more small funds (car maintenance/repair, and vacation.. a weeks vacation is a loss of approx $1650 net.. I want to save that so vacation is an easier decision). Where would I keep small funds like that? What do you guys do? I want to keep them separate.

Hi all,

This is a big month for me. I lose the 2 flat.. and all the rental income that goes along with it. I meet w the tenants today and this weekend to settle up. I am trying to settle up through 5/31.. I have little leverage but things look good.

Without the 2 flat.. my first paycheck does not cover the payments due from the 1st through the 15th so I have to save from the 15th check or in general. Cushion I need is $1200-1500. I will build that now and leave it in my account.

Put $4000 more towards the rental emergency fund. I decided (barring major issues or uncertainty) I will keep the rental emergency fund at $30k (after I pay for 2 roofs)..so I still need to come up with $37b total but will then leave it at $30k..

Talked to old property manager (it is done!) and will follow up in writing. he is not happpy to lose the account... wanted to know what he did wrong, can improve. I said we can talk next week if you want. He wants (and per contract) gets 60 days so means new one takes over as of June 1.

I do not want to ruin the relationship w him and am checking with new PM if she has a person to refer me too should she no longer be able to property manage for me.

I am looking to turn over one of the homes from Section 8 to non s8 in the meantime for a rental increase of almost $200+ a month. Old PM wil handle that because time is so good to rent to folks.

Maybe not a good time to introduce more uncertaintly but I am doing it. S8 is guaranteed til the lady is out and we gave her til May 1. House should be easy to rent. Only caveat is if she causes problems showing but we will find that out next week and can bring S8 in to intervene if necessary (fingers crossed)

Still need to talk to Ma and aunt for $7k
No new news from guy who owes me $6000 but he is in regular contact so feel once it warms up his motorcyle will sell and I will be ok.

Does it make sense to contribute to the Roth/HSA now or wait til rental emergency fund is built? my guess is wait but wanted thoughts.

Thanks all.



Just had idea. I can offer current tenant $100 incentive as a 'sorry for short notice' and be cooperative w showings. We are basically terminating her lease suddently with 30 days notice.

thoughts??

Hi all,

Outstanding news.. Tax refund is over $13000.. Why so high? my accountant had all those loss carry forwards from the years I did not work

Wow.

$9600 came today

Plan.. put $10,000 into the real estate emergency fund.. maybe more. I lose the 2 flat in 2 weeks (4/17- and then 30-45 days to confirm sale)and am settling up w tenants so need to figure things out.

The 'ok news'.. I asked for a renewal. boss was in a bad mood.. stressed. has been for weeks (he leaves town for 4 weeks tomorrow).. anyway.. I did not get a yes but I did not get a no either. I got a vent about random things w work.. he said budgets are finalized in April and he will know when he gets back or before (he will log in from time to time) and he said they are letting go 2 people (contractors on specific non important projects. not a big deal) AND hiring 2 more people in our group. I am well liked and they have all sorts of work so I am feeling good but conversation was not 'super awesome'.. He ended with 'you are not on the list to be let go" Well.. glad I got that reassurance! I then had my major migration this weekend so have been working a lot. I coordinate all network across 15 engineers.. insane..47 banks.

And FEELING STUCK!! 3 Unit property manager is all set to go. and I have called the old PM but have not reach ed him and I feel this HUGE WEIGHT from not getting that resolved. I also have not called my aunt. So on the agenda today is calling both and reporting back

My stress will be 10 thousand times less w those 2 things resolve or at least 'done'

Thanks for the encouragement guys.

Still plugging forward.

I can pull a fully paid off deed out from the '6 homes contract' in August and the other (new one) property manager who is a realtor will help me figure out which one.

I need to make those calls today (prop mgr and aunt) so I can move forward. feel frozen!!

Next month will be my first month paying the hard money loan without the 2 flat income. Got to get thsoe 6 homes stabilized. I have $1000 worth of cushion built into the 6 homes budget but w the current PM use that almost every month.. with the new property manager I hope to save that cushion or some of it and throw it to the rental emergency fund or once that is funded somewhere else. (invest/savings)

So the rental emergency fund should be almost $21000 in the next few days (only $15k left to go to hit $36k) but seriously considered stopping at $30k especially if I do those 2 roofs shortly here and then leave it at $30k (w 2 roofs paid for and homes w new property manager). I will continue aiming for $36k in the meantime though.

Hi guys

I get possible news today on TAXES (hoping for a BIG refund, $10k+) and my aunt may give me $7k.. Talked to the guy who owes me $6000.., motorcycle has not sold yet but he is thinking by June. I will put most of this money towards the rental emergency fund (got $26k left to fund) and the other goals on the left.

I have a big go live this weekend (hopefully goes well) will ask for my extension (going for a year) either end of this week (if things look good and boss in a good mood) or next week .

Boss is gone the entire month of April.

It is raining here but a nice spring rain and I can smell the earth and plants.. wonderful!

Also talk to property manager today (possible new one..) to confirm we are all set for the 6 homes. She wanted to review leases etc first and then will talk to the existing PM.. and cancel his agreement

2 flat update.. Guys upstairs are leaving April 1 (they are paying through May 1_) lady downstairs who was stickered may move upstairs. If so this means she is in a legal apartment. Plan is to settle w her through the end of May, have her switch the utilities to her name and 'walk away'. House sells 4/17 and remains in my name for 30-45 days afterward util sale is confirmed. Renters can stay through term of lease or 6 months whichever is less.

Have a great day guys and keep pressing forward.

I feel I am getting things done and smoothing things out so I can move forward.

Hi all,

In serious need of a vent... feeling very stressed

My taxes are still NOT done and I do not know how much I will get back (it will be between 7-14k I believe..) Accountant is still working on it (or not. he is swamped w corporate taxes this week). My accountant is now saying next week. Crazy upsetting. I know he is swamped but I feel jerked around.

Good news.. my 3 unit property manager IS interested in all of the 6 homes. I had a great talk w her Saturday last week. I am nervous about how to talk to the existing property manager or how to engineer the change

Contract w current prop manager is dated 5/1/13 for a termn of 1 year and says I need to give 60 days notice to cancel, basically account for all disbursements, rents etc up to the time he has the properties. so figure I give notice this week?? but what do I say/I do not want issues and what if the 3 unit lady does not work out? I just let him go from the 2 flat but it is being sold 4/17.. and he had no issue. would not have wanted him on that long term either.

Any thoughts guys?

Anyway I am feeling the switch will be great/awesome. I have so much more confidence in her but nervous w so much at stake and things are tighter right now as I build my emergecy fund (and still do not have taxes, money owed to me etc, just took over hard money loan, asking for renewal at work next week)

Jsut feeling stressed (in general) and it is coloring my view of everything and an extra 10-15k in the rental fund would help that.

Anyway. I am so frustrated w the taxes thing and still trying to SMOOOTH out my life by being prepared for emergencies and having a plan..

Hi all,

Quick update and diary keeping so I can read later.

Added another $500 to the personal emergency fund today.. ALMOST THERE.. approx $1800 left to go to finish that

First payment to hard money loan done.. WOW

Taxes not done yet.. still working on raising refund. initial hope was $14000 (WOW..) based on a quick look and loss carry forwards.. however loss carryforwards expire or go away w the home they are for.. a more detailed look Tuesday by the accountant put me at only $7000.. he is seeing if he can revise it.. reason for MEGA decrease was because some of the loss carryforwards were on a house that went away. News soon hopefully

Still need to talk to my aunt who pledged $7000 in the past if the house came through (which it did!!)

and that loan I am owed $6000 (figure that will come in the Spring)

All rents basically in.. no issues.. still need to talk to water company on reimbursement

No new news just waiting.. working on house (fun stuff and tightening up) and hoping for warmer weather

Also trying to 'do well' at work. I am up for renewal in June but will make the request late March

Have not worked or started consulting stuff. been stressed w not for profit that I either need to give away or clarify and get control over (feels out of sorts and running a little off the rails now.. adds stress to me)

Hope everyone is doing well.. lots of good news on the posting.

Can not wait til both emergency funds are built so I can start building again.



My accountant and I talked 2 nights ago and I was all stressed about rebuilding my funds and he said to relax and enjoy the positive and said I am 'almost 80% there to my goals'.. That is true never really thought of that but my big goal was to get $8000 monthly cash flow in 5 years. if I just keep the homes and 3 units I will be at almost $6000.. I am building emergency funds now (will be done this year), the rest I can invest, I have health insurance, own my house now (w a mortgage), so I think I should give myself more credit than I do sometimes. but still keep focused and take some more time to have fun too.

HI all,

Guy who was moving out of one of the 6 homes .. moved out! AND we got someone who moved in on the 1st.. at $50 more and we still have that garage to rent. Trying to cut my losses every month. So far in 11 months. I have cut the estimates and averages by about $1680 a year. This will be the year of rent raises (fingers crossed) and renting that garage out..so trying to cut it more... expecting taxes to go up this year too.. so looking at every cost. only costs I have are maintenance/repair, management (can not reduce) and vacancy. Opportunities to get more income include that garage, raising rents and laundry at the 3 units..

Anyway.. found some old notes from 2008. with what I had then.. interesting. I tried to figure out what I would have had now if I had gotten 8% interest for 6 years with no further deposits.. (on the right side). Something to look at. I want to make up what I had and more.

News from ACCOUNTANT TOMORROW..(hoping for big money big money big money) on my tax return.



and the hard money payment has not come out yet.It was due to be withdrawn the 1st.. so should come out today.. I am feeling 'sortof on hold' as I wait for that to come out.

Have a great day all.

All,

For those that do not know I have a 2 flat ( is not listed in the side or any calculations as it was known it was going away)that I am letting go via foreclosure. It does not impact me or my credit as I filed for BK Chapter 7 years ago. I thought I had til May though .. looks like the sale date was set for 4/17.. wow..earlier than I had thought.

The other property manager.. the guy who did not return my first call etc.. said he did not want the homes (via text!! disappointing). I asked him why and it appeared he did not want stress trouble etc as they are already managed by the other property manager who he knows.

Upsetting. I sortof took it personally.. I am waiting to hear if the 3 unit property manager wants to take all or some.

In the meantime I need to work on a way of how to get the original PM for the 6 homes to be tighter . He is (hopefully_) getting this one house rented super quick which is nice. Maybe more written communication vs verbal.. guidelines for when I am involved.. will think on it and ask some folks to help me draft some stuff up.

Maybe I need to be more involved. give him more guidance.

I do not know. upsetting. feeling down. I hopefully talk to my accountant today and he is always 'logical' and 'black and white' which helps me. I can be more emotional at times and forget the positive.

Quick update

I have been working w this Mint.com site and it is helping me see sortof hidden areas (fastfood, misc stuff, auto withdrawels) etc.. Very good for that

Having a hard time getting my transfers to show up correctly in an easy way(I do all sorts of transfers from account to account to savings and the LLC for the real estate..) but working on it. I may just drop them from the budget.. do not to waste time and I am using mint to get a handle on my unfixed costs.. food, misc etc..

Good idea to do.. and will definately help me track things in the future. Overall food costs (w fast food) probably will end at $390 for the month (includes grocery misc). I think this is super high.. $28 a month for more auto withdrawals I need to cancel.

New renter for that one home is looking positive. Income proved out. Hoping to sign a lease tomorrow or Sat. I will keep all security for current tenant (current property manager says we may need to do some misc cleaning but overall looks good)..I am going to suggest we give the renter a break of some amount and have them clean.. I will use this extra windfall (security deposit) to build back up the repair escrow (that the prop manager holds) which suffered that large expense last month of $2000 for water.

Asked good property manager which homes she is intersted in..

Still waiting to hear from other guy. Maybe he did not get message? not good sign.

Water company is 'waffling' on reimbursement. Talking to president tomorrow. This is the EXACT reason I do not like the current property manager. I may be stuck with this $2000 bill because things were not run tightly. Upsetting. Bill he gave me was not detailed. I will ask him for a detailed bill and then call water company president. VP said 'you know we are just a small company. we do not have a lot of money.."

Will set up consulting work this weekend (start getting that organized)

Doing taxes MONDAY!! (or sooner)... fingers crossed .. hoping I get a LOT back. total Fed tax paid was $14k. so I will get some percentage of that back.

and my FIRST hard money mortgage payment comes SATURDAY. $2970. Everything is on hold til I see how that works... so thinking I will end the month w $2800 to go to the personal emergency fund but holding that in my account into this big withdrawal goes through.

About it for now. I want to hear back from these other property managers. Upsetting that I have not.