I got my 401k match from last year. approx $3650.. nice!
I am trying to get my entire 401k in this year by July in case my contract ends (but do not think it will). it also forces me to live on much less which is good and I will continue at once I am complete w the 401k deductions (approx July)
I am looking at a 2 flat, contract sale
occupied , price $72,500, total rent $1750 ($900 and $850)
With all expenses (water bill, tax, maintenance escrow, insurance and mgmt) the cap rate is over 14%. Seller will sell with $25k down and finance the rest over 4 years,. payments $1018
I did an inspection (cost $450) and seller is fixing a big list of items I asked for . I should say this is a seller referred by the property manager and she is wanting to sell all her properties and move to a different area. First floor unit just prepped for new tenant too.
So i will re-inspect property Friday (my list of items) and see if it makes sense then.
Inspections are SO WORTH it. even if listing is 'as is'. I wish I had done then on the '6 homes' but live and learn.
Viewing the 'Job Search' Category
had a great meeting w my property manager
Felt more confident, reassured, got more access to their system and my data. They showed me how to access 'notes', 'event history'.. everything.I can log in and see if rent is paid and if not I can see the notes of what they are doing about it. Still having to toss 2 people.. upsetting .... court date ALREADY set up though for the 15th on 1 and still setting court date on the other. I want good LONG term tenants and good properties
house across from my Victorian is SMALLER and listing for more than I wanted to sell mine for. wow. Hope mine sells well next year.
ALso having some new thinking about section 8.. these people really have a system for handling section 8 and it might be worthwhile. they know how to handle the tenants and I can tell the tenants already respect them
I have MUCH LESS stress from the homes
I stil think I am 2-3 months out from smoothing the homes out (getting these folks out, new folks in) they sent out new leases yesterday so the tenants are on their leases.
Repairs so far (have not been many) have been reasonably priced and well done.
We have a small backlog of minor repairs to do from the prior manager but feeling very good and like things are being HANDLED
also makes me think I can buy more.I am still short of my $8000 net a month goal (even if the 3 units were paid off) there is an investor who wants to sell this house that is in real great shape for $62k.. and it would rent for $1250.. looking at it
Work is ok. feelign on track but feeling sortof bored too. want a new challenge
I am working out and doing more things but still troubled by this personal relationship.
I am REALLY feeling like I CAN DO THIS.. and meet my goal of $400k by 2018, $8k net cash flow and be on my way to relaxing more and freedom.. Wow..
Accelerating payments on the 3 units makes things tighter but I wanted to force myself to do it
My old job asked me to bill an extra 20 hours last week so I could help with transitioning my work after hours. Total billed 61.5. that is 700 extra after taxes) WOW! That is awesome. Also got an unforeseen insurance refund of $100.
I put $1900 towards the vacation fund (as you know) and $500 towards saving to keep me at the $500 short still for the month... actually now only $350-400 short for the month. may put more towards the rental fund. we will see.. My plan/challenge is to make that $500 shortfall happen without dipping into savings.
FIRST DAY at the new job tomorrow.. sortof nervous.. excited.. hope it goes well
14 inches of snow today. glad I got my snowblower as a gift and that I still have the Tahoe.. need to figure out SOMETHING with a 4 wheel drive or the Tahoe.
3 units .. bumpy road but not unexpected. Guy who is not paying should be moving out this week. GOOD NEWS.. need to turn it over ASAP. Will take his security and unit should be in good shape as it was just fixed up last mmonth for him
Other lady who is behind missed 2 payments . we are doing a 5 day notice tommorrow and just getting rid of her. HOPEFULLY she goes fast without a big court thing and then we have our first renewal notice going out at $630 this month to another unit.
So little rough right now but will be better long term to get rid of these bad tenants and bring it back up to market rents.
6 homes continue to chug along but had a 'city inspection on 2 of them' (happens every 4 years).. got a big list .. property manager is figuring out costs and what exactly inspectors wants.. costs/plan next week..many items are small and you never really know from looking at the list as they pick from 'pre written drop downs' to fill in the form
STIll believe in homes and the plan.
My notice date.I went to work and said I could give 2 weeks notice.. they were thrilled and said they need that etc etc..They also said that my original PO is up THIS FRIDAY but an extension was in the works and I should assume I was worknig for 2 more weeks. They were going to do the right paperwork etc.
Much back and forth and updates occurred and basically they are not able to reach the person ( the final signer) who was to sign the work order so are just going to have me leave Friday.
That was what I originally wanted but upon thinking on it was going to work the extra week and bank that towards a vacation fund. I do not have time to list all the back and forth but how this was handled is very disappointing and shocking and makes me think that had I NOT given notice I would have been dropped anyway with no notice due to lack of the final signature.
Shocking .. demotivating and upsetting
I work at home today and will wrap things up for an end date of Friday.
The project sponsor is all upset and is trying to see if they can override the decision and keep me for a week but not feeling too confident.
tight month next month but onward!
I have been quiet here as I have been in major job search mode and after so many disappointments did not want to share news until I had something. I DO.
$57 hour plus INSTANT vested 3% match.. at my old company. either work at home or in Lisle (10 minutes away tops). Contract for at least 1 year but they are already talking full time. This is the largest financial services (to banks direct) company in the world so a great place to land full time if the pay is right. I am going in as a senior project manager working directly for the office of the CIO. I give notice Monday. Job is for a senior PM so have to look at payrates etc.. but either way.. GREAT NEWS! also JEANS when I go to work. all good!!
6 homes going great
3 unit transition going great. feel really good with the property manager I have and we are working so well together. this year the goal is to raise rents across all the 3 units by $4-500 a month. this will completely close the negative cash flow gap! PM has already talked with all tenants and we have 3 that look bad or iffy but it is in the plan to turn over 3 units. HE is getting better rent collection though on these 'iffy' tenants then the old PM.
He sees the apartments as I do.. very nice easy to rent and can definitely see the increased rent potential. We are looking for $630 for existing folks and $650 or more for anyone we turn over.
feeling really good. speech is coming back.. less stressed.. real nice day out. all is good..
other stuff. need a new pc.. $350-450? .. old one crashed
new job pays the 15th and lsat day of the month which means my first paycheck from them will not be until the END of February. I currently get paid every week. the last check from my existing company will be Jan 30th so I have essentially 4 weeks with no paycheck. I need to figure out how to do that and not draw from savings etc
I feel energized and alive with the new job opportunity. 401k option again with match and being on track w the 6 homes and 3 units..
April 2015 marks 2 full years of the 6 homes. only 3 left after that on the current pay schedule but looking to move that up
Goal now is to pay off the 6 homes by 2/2018 or 3/2018 vs May, 2018 or with my newly gained more free time (with the new job) exploring options to get a larger lump sum and pay them off years early
I now can make decisions on the Tahoe soon too with the lack of a 100 mile roundtrip drive every day
Life is good. onward
getting new PC today hopefully
the month of no paychecks is likely to impact my savings for this month and next month.. trying to minimize that impact
Checking in.. Clarifying goals for the 'not for profit, personal goals and financial goals tomorrow. I work at home tomorrow.
Still at that job but kicking up job search again thsi week. I am in for 2 jobs. fingers crossed. Got word on another work at home last week.. called.. submitted and then put on hold. Crazy!
6 homes property manager officially took over the 3 units on the 1st. VERY excited w him and encouraged but Very disappointed with old 3 unit manager.. apathetic towards rents, costs way overbudget, dishonesty.. etcv
Anyway.. LOOKING FORWARD.
She put in a problem tenant that she gave $20 off too (without asking) and that tenant is now not paying rent and owes $746 + late fees + this month rent. We are doing a 5 day notice tomorrow am and my guy has dropped by 3x. Upsetting but 'part of the business' and 'part of smoothing' things out. I forecasted turniing over 3 of the 6 units this year due to raising rents so this is not 'out of the budget' totally.. .though the back rent is.
I find out tomorrow which rents are inm at the 6 homes and 3 units. One thing I like w this guy is that I have certainty w rents and information.
I am also thrilled that I am managing him and the costs better.. Feeling very good.
Work is 'ok'.. my speech has taken a major hit w the stress at work. tyring to get it back. If I was not so threatened at work I could stand it a few more months. even the 2 year term (but likely only have work thru June) just every day is SUCH a nightmare right now w layoffs, and so high stress and hostility.
I will petition to work 5 extra hours a week again starting next week.
Not for profit cat rescue is coming together too.. setting goals and managing people and finances better. Tough 'health' month.. Lost 3 kittens..FIP, lost 1 adult..liver/anemia issues .. and 2 kittens have ringworm. Crazy days but nothing we have not seen before. BIG #s this year and lots of volunteer engagement. I have our annual party this Sunday with all (most) of the volunteers.
Other rescue who wants our cage bank (we have 3) says they will have the $ in 3 weeks. Fingers crossed.
Have not sold the Tahoe or really tried too. Hard for me to list the Tahoe when a snow storm (like today) could crop up any second and my job depends on driving 100+ miles a day.
I will either hold off on selling until March or see if I can figure otu another 4 wheel drive option for snow days.. I can get an older SUV for $7k.. still in good shape...and the rescue is primarily who needs it so can kick in something. I WIll be selling that Tahoe at some point soon.
My boyfriend grew up on a farm and is one of those crazy handy types and an engineer. He is also 'more practical' then warm(?) with his gifts.. He got me that snow blower for Christmas but then what was super nice. I am Christian. he got me this super nice house thing from a Christian store and (drum roll please). I had just lost that adult cat (very sad upsetting case.. I only foster the tough cases so I lose more than most) and he built me a kitchen in my 'back-back room' in the basement. I have a 3/4 finished basement and 1/4 unfinished.. The unfinished side is 30x 17 space unfinished (its own room). he carved out 10 x 17 of that. installed cabinets, sink, mini fridge, microwave, lights, counter top.. very nice. I am going to paint that tomorrow or something. This will make it much easier for the next hard case so I do not have to run up and down the steps to the fridge, microwave, blender. I can just hang the sub q fluids. Easier to clean, isolate all sorts of stuff.
Made the first payment on the new home mortgage!
Onward. I so enjoy reading everyone else's info and updates.
feeling better today.. almost Christmas too.
I have been wondering why I am so much 'shorter' this year. I took off time last year and felt good about it.. this year I need to impact savings to take off and am only taking off a few days.. but it is good for the soul to have rest and take off from thsi insanity
Anyway last year I had no mortgage and full income from the 2 flat.. so I must have been rolling in cash
I want THOSE days back. haha.
3 unit update. Talking to the NEW property manager (that has the 6 units) felt very good with our talk. he is calling people next week w transition info and sending something out
No blips in 6 homes and I PAID off the roof and gutters so I have done an insane amount of upgrade/fix up work on those 6 homes and survived (and saved some)
Next year we may have to turn over a few of the 3 units which is fine.. if we can get them turned over quickly w good tenants and HIGHER rent.
I discussed the issues now w the 3 unit so this new guy is prepared
We are not going to be lenient like the other PM was..
My phrase (said partly in jest) 'nothing is up but the rent' (from an eddie murphy movie) and the old PM was very bad with collections and running a tight ship.
Anyway. goal is to markedly close the gap w those 3 units so i have little to no negative cash flow
and maybe turn over 1 more section 8 house to raise the rent by $300
We shall see what makes sense and how the 3 units go
In for 3 jobs but not expecting news until after the new year
One in Naperville. One in Warrenville and one at my old company (REMOTE!! or work in local office which is 5 minutes away)
Hope everyone is having an exciting close to the year.. can not wait to calculate results and set new goals for the new year
I did NOT get the job.. they went with an engineer turned project manager instead (the mgr had sortof hinted at that BUT they said I am welcome to apply elsewhere in teh company and they will recommend me. I will! Large bank. lots of job always popping up) AND I heard on that other job (that was on hold) .. they are closing the role due to layoffs.
ON a high note. I am going for another job at a prior company.. Downers Grove location.. pays the same and 6 month contract to hire AND also going for a job at my last company (the one I left a few months ago). Job is based in Brown Deer Wisconsin (head of their network operations center) but it is routine for folks to w work at home. so I will explore that. I now have VERY good written references from my co workers to use too and their contacts.. Making calls today.
I am already in for job #1.. Downers Grove.. $65/hr contract to hire. would love to work there again. worked there for 4 years. got merged out then was called back to run their outsourcing contract. so from an IT perspective I know their technology AND the technology and staff where they outsourced.,I reached out to a coworker who just so happens to be a VP now and this role in in his organization. He says he will make sure I get 'due consideration'
They are not looking at resumes til after xmas though
For the other job. Brown Deer job at the comapny I just left. I am going to talk to the headhunter now and see if I can get a phone screen and sell myself for the work at home. . I have no problem driving out there every so often though.
that is contract to hire with a hire salary of $115-120k
Jobs will open up in the new year too but I am only looking super local right now. at home or near Naperville
Got dealt a bad blow there yesterday but still fighting
I REALLY want to settle somewhere so I can stop this crazy job search every year or two so contract to hire is optimal.
Feeling I have until at least March at my job now.. it DOES pay well.. and I ccan get some overtime.. just the drive.. politics and lack of stability.
No interview results yet. Tomorrow am they say. Got a lead on what looks like an awesome job. infrastructure project manager at a company I used to work full time for in 2004. Pays more than the 'interview job'.. I know people .. fun atmosphere, close to home and contrct to HIRE! I am being submitted for it
3 units news. been quiet about that as I am getting so frustrated. 3 units turn over at the end of this month. That vacant unit. STILL NOT filled.. well sortof filled.. Property manager said it was filled and move in date was 12/1..that date came and went.. Pm says he can not come in due to work . then each week he was going to pay something.. and move in 'that weekend'.. today I call PM (he was going to pay thsi weekend and move in). did NOT pay in full..I told her the unit should not have been taken off the market if rent was not inn hand and security deposit.. she says she knows this guy etc.. and this is a one time case.. a large expense last month...child support mix up.. I asked her to send me his application in the am, lease and proof of income. She gets huffy and asks if I want to rerent it > I said I would let her know in the am and if so I will transition immediately. I said I do not care what issues he has or that she knows him I care that he is going to pay the rent on time on the first for the next year. She says she knows what is going on and that is why she feels comfortable. I said I do not and it is your job to convey what is going on so I do understand and feel comfortable if it makes sense to do so. Someone else is paying $100 late too and I asked when that was coming in and she says 'it was either that or the electric bill.. it will be in next week'
I said I wish I could solve everyone issues but I can not .. I have bills too and I need the rent.
The issues with her if you recall have been RENT COLLECTION and filling of units quickly! I can not stress how easy these should be to rent.. and to thikn she held it without a dime after saying it was filled. lease signeed.
Only possible good thing is the she SAYS (we will see what she sends) but she SAYS lease is signed for Dec 1 and so he is paying in full for this month. (or so she says)
Hopefully job news tomorrow..and get this 3 unit straightened out.
I am expecting some turnover at the 3 units next year.