Posted by: teh_homepwnerer
on 2010
Tagged in: Untagged
The Brakes on, but the car is still moving!
Ya, me and Scott had decided it was time to get things rolling again with the site. I guess hiatus would be an understatement.
Things started off pretty bad at the first of the month (April) when I lost out on 2 home contracts I had been working on for a few weeks. Were talking about 60k in equity a piece and at least $300.00 a month in cash flow. Ya.. Thats with rent loss, maintenance, repairs, management fees and a few incidentals thrown in for measure.
Both homes were owned by a local firm that was holding deliquent notes. We had worked out a deal with the owner and was going to short the firm, but we never were able to get back to the negotiations after our inspection. Odd how when you have a legitimate claim they think your trying to rob them. Oh well.
Then, the rain comes a pouring down. 3 homes I own all get water damage at the same time. Nice. Here is some word of advice - teach your tenants to handle small repairs and emergency preparations so you don't have to get late night calls.
On 2 of the homes that had water damage, (caused by heavy humidity and clogged up A/C relief valves) my tenants know what to do, so I didn't have to jump on getting them fixed till after the weekend. One of them on the other hand was addressed by me personally because the husband was the only one who we had trained on cleaning out the valves and changing out filters. Had we shown both family members, this might have been avoided as well. Sorta noobish on my part. heh.
Posted by: teh_homepwnerer
on 2010
Tagged in: Untagged
Was listening to a guy today talk about a house he was about to buy and needed some advice on whether it would be a good deal. The home had a pool and was going to be on the market for a suspected 30-45 days.
A fellow investor told this guy to not buy the home. Told him that it being a liability due to the cost to maintain a pool could essentially make it a detriment to purchase. Also, the buyer thought that by having a pool he could get another 100 dollars a month rent.
The jest of this story was this:
By having a pool, the owner was looking at about a extra 75-100 dollars maintenance, plus the costs of the home sitting on the market for a extra 30-45 days.
Heres why it was a bad deal.
Rent - $800.00 = income
