Open house on the Cherry St property is scheduled for Sunday. Hoping to get some traffic through. I don't think it has been shown yet. Realtor's generally don't like open houses, but maybe we'll get lucky! This is probably a good time to give a shout-out to our realtor: John Chernesky from Remax (http://www.johnchernesky.com/). He definitely gets the job done for us.
Still taking electrical and HVAC bids on the 2nd Flipper (Village Lane). That seems to be coming together really really well. Hope to have it on the market by the first week in August.
Hubby starting looking for a third flipper today, but we really need to sell something before we can buy another. Hubby claims we can buy a third one but won't have enough money to fix it up - LOL. He is actually thinking about having a buddy of his invest in number 3 so we can continue moving forward.
Still haven't filled the empty apartment, and decided to at least report the $2100 we are owed from the eviction to the credit agencies. Weirdly the court system seems unable to help us (even though $1800 of it is an official judgement from a case). Hubby is going to look into it a bit more, but it doesn't look promising at all. It really stinks because we know where they work, but apparently we can't put any kind of lien on their paychecks. Hubby is sending a letter telling them to pay in 30 days, but they haven't paid in 6 months so I am obviously not very optimistic.
Showing posts with label fixing up property. Show all posts
Showing posts with label fixing up property. Show all posts
Wednesday, July 18, 2012
Friday, July 6, 2012
First Flipper Goes On Sale on Monday
I've been neglecting the blog lately - too much going on! - I will try to do better.
The first property hubby has renovated goes on the market on Monday. Quite a transformation (will try to upload pics tomorrow after it is fully cleaned). A lot more work that he originally anticipated, but we should still get a nice profit and certainly have the satisfaction of seeing the transformation before our very eyes!
Hubby has started work (well not personally, but the general contractor has started) on the new townhouse. Finally closed on that property a week ago. Working with the HUD was a major pain in the neck. We ended up closely a full two months after the original date, and the REALLY stupid part was that the listing indicated that they wanted to close in like 10 days! This property seems like it will require less. Contractor has already replaced the front door, fixed the sliding glass doors, removed a section of drywall that had mold behind it, and fixed the plumbing (the copper was stripped). We are deciding how much of a kitchen reno to do, and have to do the paint and carpet (as always!). Also need to replace the furnace and AC. Looking for a nice profit out of this one.
On the rental front, hubby reported that rent for 4.5 out of 7 properties is received for July! Planning to pick up one more payment tomorrow, and the second half from someone next Friday. FINALLY evicted the tenants who were months and months behind on the rent. That is now empty and clean. Hubby is confident he can have it rented by August 1st.
The first property hubby has renovated goes on the market on Monday. Quite a transformation (will try to upload pics tomorrow after it is fully cleaned). A lot more work that he originally anticipated, but we should still get a nice profit and certainly have the satisfaction of seeing the transformation before our very eyes!
Hubby has started work (well not personally, but the general contractor has started) on the new townhouse. Finally closed on that property a week ago. Working with the HUD was a major pain in the neck. We ended up closely a full two months after the original date, and the REALLY stupid part was that the listing indicated that they wanted to close in like 10 days! This property seems like it will require less. Contractor has already replaced the front door, fixed the sliding glass doors, removed a section of drywall that had mold behind it, and fixed the plumbing (the copper was stripped). We are deciding how much of a kitchen reno to do, and have to do the paint and carpet (as always!). Also need to replace the furnace and AC. Looking for a nice profit out of this one.
On the rental front, hubby reported that rent for 4.5 out of 7 properties is received for July! Planning to pick up one more payment tomorrow, and the second half from someone next Friday. FINALLY evicted the tenants who were months and months behind on the rent. That is now empty and clean. Hubby is confident he can have it rented by August 1st.
Thursday, May 31, 2012
Tenants moving out
It seems like we will be losing tenants from at least 3 of our 7 apartments, and maybe as many as 5! We are happy about 2 of the tenants who are definitely leaving. One has struggled to pay the rent on and off from the beginning. The second is the unit we are trying to evict. Unfortunately the other three are all fabulous tenants. One family has lived in their unit for over 4 years. We will certainly miss them, and Hubby will be very busy trying to fill vacancies as they come up. Luckily things seem like they will be spread out a bit, so we won't have 5 empty units at one time.
One of the problems with move-outs and showing is that you have almost the same problems as showing a house, but none of the control. Hubby showed one of the apartments tonight, but the woman who was interested was really turned off by the mess, from both the interior of that unit, and by another tenant who has junk all over the place. We may need to wait until the tenant is completely out, and force the other tenants to clean up their act before even trying to show the place. This definitely means lost rent as the place sits vacant.
The renovations are continuing on the flipper and we are still waiting to close on the 2nd flipper (although the realtor says he has a buyer for the 2nd one. All we have to do is get thru the buy and renovation!). Hubby is continuing to work with folks on craigslist about the wheel chair ramp and I finally finished up with all the eBay stuff. Hubby is enjoying working on the property half days. He may put in some "overtime" this weekend to paint the basement!
One of the problems with move-outs and showing is that you have almost the same problems as showing a house, but none of the control. Hubby showed one of the apartments tonight, but the woman who was interested was really turned off by the mess, from both the interior of that unit, and by another tenant who has junk all over the place. We may need to wait until the tenant is completely out, and force the other tenants to clean up their act before even trying to show the place. This definitely means lost rent as the place sits vacant.
The renovations are continuing on the flipper and we are still waiting to close on the 2nd flipper (although the realtor says he has a buyer for the 2nd one. All we have to do is get thru the buy and renovation!). Hubby is continuing to work with folks on craigslist about the wheel chair ramp and I finally finished up with all the eBay stuff. Hubby is enjoying working on the property half days. He may put in some "overtime" this weekend to paint the basement!
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