Live & Flip

Thank you burgular

This post is a shout out to the crooks in my neighborhood.  Thank you for breaking my backdoor window.  Had it not been for you I would have never even thought to replace it.  In my quest to fix the broken window and every window replacement company quoting me close to $200 for a 19 inch by 15 inch double pane window, I started searching Lowes.  I happened across the same exact door that I have.  Only this door had a full window with mini blinds in it.  Noticing it was an insert, I promtly...

No Third Rental Yet

I was unable to refi on my third rental.  I needed another 13k in liquid assets in order to make this happen.  To be honest, I'm not entirely disapointed.  What started out as a good deal has really turned into a sour one.  Mostly due to the amount I would have to bring to closing.  Originally it was just closing costs.  Then fannie mae dropped refi from 80% to 75% and during the long delay to refi the house dropped 10k in value.  Mostly due to investor interest and flippers in my renta...

Lots going on

I'm failing a bit at my goal for one blog post a week.  I really just need to set time aside each week.  Lately my time management has not been great.  SO I have to resort to an  update again.My rental is still vacant, but I have a section 8 tenant that is approved and nearly ready to move in.  This is a little property and my new property manager handles plenty of sec 8 tenants.Speaking of property manager, they have taken quite a headache and time sink off my shoulders already.  I estima...

Snowstorms and Property Management

This is just a quick update on what is happening. On my rental that had the water leak, I had another issue.  A 30+ year old Russian olive tree couldn't take the weight off a recent very wet snow storm.  The whole tree fell over.  It appeared to be rotted near the center of the trunk.  I have spent my evenings doing tree removal.  It has taken 3 trips so far and I have removed about 2/3 of the tree.  I went out and bought an electric chainsaw.  Don't laugh, that little 3 Hp bugger has ...

Finally Out

I finally got the non-paying tenants out of one of my houses.  I poorly managed this one and let the tenants slide way to long.  I should have had the eviction papers on them by the 15th of march.  Instead I listed to their excuses.  First time landlord mistake that I have been warned about 100 times.  I guess I just had to learn the hard way. Apparently the tenants decided it was my fault they didn't pay and left a few surprises for me when I went back into the house the following day.Â...

Progress Report 4/2

I thought now would be a good time to check up on what I have accomplished and take a look at where I am headed. My own home. -I contacted a buyers agent.  Found a house (3/1) in an older neighborhood.  I picked up the house for 90k with a VA loan.  Current market value is 125k.  -Minor repairs throughout.  Replaced the locks.  Bringing the lawn back to life.  It looks pretty good actually. -Security system. -Replaced the original furnace circa 1954. -New gate. ...

Newsflash Genius, your a Landlord

This month really hasn't gone great as far as my rentals go.  I have one non paying tenant that I will be evicting.  I have the deposit at least, but still chaps my hide I haven't received one payment from them.  The gentleman I talked to last time ended up being thrown in jail himself.  Hard to make money for rent behind bars. On my other property there was a water leak from the water heater in the basement.  It caused a decent amount of water damage.  I take partial blame for this one...

Spoke to soon

My last post I mentioned all is going well with the rentals.  Well, I finally ran into my first SNAFU.  To be honest its not a big deal yet, but since its my first major issue (other then repairs) its kinda of a big deal for me. I have not received payment for rent on my 2nd rental.  Since there was a bit of confusion as I transfer responsibility to me from the last owner, I had to be sure rent was not sent to him first.  Rent certainly wasn't sent there.  Little hard to send rent while ...

My Big Break II

In an earlier post My Big Break I wrote on how I have now purchased three rental properties.  I apologize for the delay, but I wanted to present this info to the folks at the Beer and Pancake meetup before posting on here.  I know, I know who cares if five people know before hand.  Meh, call me strange. Any who, its a fairly simple processes.  I got in contact with a rehabber in my area.  He is able to purchase properties for as low as 40 cents on the dollar.  He then fixes up the prop...

My big break

When I purchased my own home I made it clear to my buyers agent that I would be in the market for more houses.  I made an poor attempt to pick up one property for a fixer.  The deal fell through because I just couldn't line up the hard money needed.  It turned out to be a blessing since that property would have been a thin profit for me.  Then in October my buyers agent presented an opportunity to me I just couldn't pass up.  He had gotten in touch with a rehabber/wholesaler. This partic...