I ALMOST got started working on the doublewide project today. Everything started out well, meeting with another investor and friend (Allagash from REIClub) who was passing through Ohio. He brought some good luck with him from Texas, as I finally got my 3 bedroom house rented today!
Then, I got a call from the bank that the renewal of my business line of credit was done and they wanted to complete it by 2pm today to meet the month end. So, I had to drive back into town to sign a small mountain of paperwork. Next, I met with another applicant for one of our duplexes and stopped by my house to do the screening. This tenant claimed to work at a local prison and have a clean record. However, when I started screening her, I found that she had a recent criminal history and that she had been sued by several local businesses. No thanks. Fortunately, I have a Section 8 tenant that is already approved for this unit, although Section 8 has not done the inspection yet. So, it should be rented either way.
After all this, I finally got out to the doublewide project and prepared to cut the tongues off. Unfortunately, I hadn't used my cutting torch in a couple of years and one of the regulators wouldn't work properly. So, I made another trip to town to the welding shop and bought a new regulator. By the time that was done, I was ready to quit for the day. Tomorrow is another day! You know what they say...third time's a charm.
Wednesday, October 31, 2007
Tuesday, October 30, 2007
It's almost always the water!
I left for town this morning with the intention of spending about 15 minutes unclogging a bathtub before I started working on my doublewide project. Unfortunately, these plumbing repairs always seem to take longer than expected. Today, it took a LOT LONGER! What started out as a simple, 15 minute unclogging of the tub turned into a ripping out of the carpet; removing the floor; and replacing the pipes type ordeal.
I started out by trying to unclog the drain with a hand-type snake, which should be fine for all normal clogs. When that didn't work, I tried to use my professional, $400 power snake. I knew that things weren't going to go well when the end of the snake BROKE OFF! With that, I had to remove the carpet and the wood floor to expose the piping. The pipes were very old galvanized lines. I tried to disassemble them, but the fittings were hopelessly corroded together. Therefore, I was forced to cut the pipes off with a sawsall and headed to the plumbing store for the PVC replacements. After all was said and done, I spent about $42 and 3 1/2 hours to fix this problem. I normally only work 3-4 hours each day, so after completing the repair, I decided to call it a day. The doublewide project will be waiting for me tomorrow.
I started out by trying to unclog the drain with a hand-type snake, which should be fine for all normal clogs. When that didn't work, I tried to use my professional, $400 power snake. I knew that things weren't going to go well when the end of the snake BROKE OFF! With that, I had to remove the carpet and the wood floor to expose the piping. The pipes were very old galvanized lines. I tried to disassemble them, but the fittings were hopelessly corroded together. Therefore, I was forced to cut the pipes off with a sawsall and headed to the plumbing store for the PVC replacements. After all was said and done, I spent about $42 and 3 1/2 hours to fix this problem. I normally only work 3-4 hours each day, so after completing the repair, I decided to call it a day. The doublewide project will be waiting for me tomorrow.
Monday, October 29, 2007
Drying Up!
After a week off, with the exception of showing a few rentals, the ground is starting to dry up and I'm planning on putting in some work on the doublewide tomorrow. My goal for tomorrow is to cut the tongues off the end that has yet to have blocks installed. If I can easily cut them loose, we'll just push them under the house and leave them there. If not, then I'll actually cut them in half and haul the steel to the recycling center.
On Wednesday, I'm hoping to finish the blocks on the end. That will complete the block work and nearly complete the project.
On Wednesday, I'm hoping to finish the blocks on the end. That will complete the block work and nearly complete the project.
Sunday, October 28, 2007
Rain, Rain, Go Away!
After being in a drought all summer, we had 4 inches of rain this past week. Unfortunately, all that rain turned my doublewide project into a giant mud hole and therefore I didn't get any additional work done.
In my last post, I stated that I finally found someone that I was able to approve for my 3 bedroom house that is vacant. Unfortunately, they did not come up with the money. I'm showing the house again today to two more couples. I'm still hoping to get it rented for November, but we're starting to get quite late in the month. At any rate, I'd much rather have another month of vacancy that to rent it to a deadbeat that will tear up the house and that I'll only have to evict later.
In my last post, I stated that I finally found someone that I was able to approve for my 3 bedroom house that is vacant. Unfortunately, they did not come up with the money. I'm showing the house again today to two more couples. I'm still hoping to get it rented for November, but we're starting to get quite late in the month. At any rate, I'd much rather have another month of vacancy that to rent it to a deadbeat that will tear up the house and that I'll only have to evict later.
Monday, October 22, 2007
Qualified!
It was bound to happen. I finally found someone that is qualified to rent my 3 bedroom house. This is a young married couple with 5 children and NO CRIMINAL RECORD!!! They say they want the house and we'll see if they come up with the money. Nothing is a done deal until the money is received and obviously I won't hold it for them without a non-refundable deposit. So, I'm keeping my fingers crossed.
In other good news, I now have the blocks laid on the front, back, and one end of the doublewide project. I have laid blocks around many doublewides, but this was the worst. EVERY SINGLE ONE OF THE TOP BLOCKS HAD TO BE CUT! Many of these blocks required several cuts to fit around beams and other obstacles not typical of more recent doublewides (this one is a 1979).
I just received a call from one of my tenants asking how much the front apartment rented for. They were asking because the front tenant told them he was leaving. You guessed it - I haven't heard a word from him. He certainly hasn't given notice. This is a holdover tenant from the previous landlord and he did not pay a security deposit. The landlord I bought the building from would take just about any story or promise in lieu of a deposit. This is what always happens if you have no deposit. The tenants don't feel obligated to follow the law or the lease because the landlord has no leverage over them. This is the last holdover tenant from the previous landlord, so I won't encounter this situation again soon.
In other good news, I now have the blocks laid on the front, back, and one end of the doublewide project. I have laid blocks around many doublewides, but this was the worst. EVERY SINGLE ONE OF THE TOP BLOCKS HAD TO BE CUT! Many of these blocks required several cuts to fit around beams and other obstacles not typical of more recent doublewides (this one is a 1979).
I just received a call from one of my tenants asking how much the front apartment rented for. They were asking because the front tenant told them he was leaving. You guessed it - I haven't heard a word from him. He certainly hasn't given notice. This is a holdover tenant from the previous landlord and he did not pay a security deposit. The landlord I bought the building from would take just about any story or promise in lieu of a deposit. This is what always happens if you have no deposit. The tenants don't feel obligated to follow the law or the lease because the landlord has no leverage over them. This is the last holdover tenant from the previous landlord, so I won't encounter this situation again soon.
Saturday, October 20, 2007
Cash Crunch!
Cash flow is the lifeblood of any business. If you want to stay in business, you need to have positive cash flow. In fact, the lack of adequate cash flow is the number one reason new businesses fail! I know this and am constantly preaching this to new investors.
To have adequate cash flow, you must buy your rentals at a big discount. Of course, I have done that and all of my rentals cash flow quite nicely. However, in addition to buying right, you must also plan your spending, especially capital expenditures. This month, I did not do this very well and I found myself in a cash crunch. It all started with the doublewide project I am completing. I have been doing this project with all cash and it is nearing completion. That has drained my cash on hand and I will be refinancing later this month to get my cash back. All of this was planned in advance. However, a couple of unexpected events occurred that I hadn't planned for. First, my wife was involved in a major accident. Her Mercedes was totaled and she needed another car. I am a big believer in not using credit for non-income producing assets. In other words, I always pay cash for automobiles. I spent some of my reserve cash on her new Jaguar (2002 Jaguar S-Type). Then, I suddenly had 5 new vacancies, all of which were unexpected. One couple broke up and moved out. Another tenant moved without notice to shack up with her boyfriend. Another long term tenant gave her 30-day notice because she has a new baby and needed a bigger house. Another excellent tenant got custody of a relative and needed a 4 bedroom house. I don't have one available. She gave her 30-day notice last month and moved out this month. Finally, I had to evict another tenant. OUCH!
None of these things by themselves is a big deal. I use cash flow to do projects all the time. The car accident was certainly unexpected, but again not a big deal. Likewise, in the rental business, you can be full one month and then have several vacancies the next month. However, combine all of these events in a single month, and my cash got very low. OOPS! If I had to do it over, I would not have put so much cash on the car. This would have allowed me to keep a better cash reserve level and allowed me to avoid the cash crunch altogether.
Everything has worked out fine. When you have a relatively large rental portfolio, money comes in all month long. Every time you rent another unit, you receive the rent and the security deposit. Also, almost every month at least one new tenant has their first month's rent or deposit paid by one government agency or another. When this happens, that money arrives later in the month. Also, when you evict a tenant, you must put up a deposit for the setout. If you do the setout yourself (I always do), you get that money back later in the month. All told, this usually adds up to another few thousand dollars each month.
The moral of this story is that you must always plan your cash flow carefully and ensure that you don't get overextended. This month was a reminder of that fact!!!
To have adequate cash flow, you must buy your rentals at a big discount. Of course, I have done that and all of my rentals cash flow quite nicely. However, in addition to buying right, you must also plan your spending, especially capital expenditures. This month, I did not do this very well and I found myself in a cash crunch. It all started with the doublewide project I am completing. I have been doing this project with all cash and it is nearing completion. That has drained my cash on hand and I will be refinancing later this month to get my cash back. All of this was planned in advance. However, a couple of unexpected events occurred that I hadn't planned for. First, my wife was involved in a major accident. Her Mercedes was totaled and she needed another car. I am a big believer in not using credit for non-income producing assets. In other words, I always pay cash for automobiles. I spent some of my reserve cash on her new Jaguar (2002 Jaguar S-Type). Then, I suddenly had 5 new vacancies, all of which were unexpected. One couple broke up and moved out. Another tenant moved without notice to shack up with her boyfriend. Another long term tenant gave her 30-day notice because she has a new baby and needed a bigger house. Another excellent tenant got custody of a relative and needed a 4 bedroom house. I don't have one available. She gave her 30-day notice last month and moved out this month. Finally, I had to evict another tenant. OUCH!
None of these things by themselves is a big deal. I use cash flow to do projects all the time. The car accident was certainly unexpected, but again not a big deal. Likewise, in the rental business, you can be full one month and then have several vacancies the next month. However, combine all of these events in a single month, and my cash got very low. OOPS! If I had to do it over, I would not have put so much cash on the car. This would have allowed me to keep a better cash reserve level and allowed me to avoid the cash crunch altogether.
Everything has worked out fine. When you have a relatively large rental portfolio, money comes in all month long. Every time you rent another unit, you receive the rent and the security deposit. Also, almost every month at least one new tenant has their first month's rent or deposit paid by one government agency or another. When this happens, that money arrives later in the month. Also, when you evict a tenant, you must put up a deposit for the setout. If you do the setout yourself (I always do), you get that money back later in the month. All told, this usually adds up to another few thousand dollars each month.
The moral of this story is that you must always plan your cash flow carefully and ensure that you don't get overextended. This month was a reminder of that fact!!!
Friday, October 19, 2007
0 for 4
I had another woman apply to rent my nice 3 bedroom house today. From the time I talked to her on the phone, I wasn't impressed. She was just...wierd. Her mannerisms were odd. I know that's not very objective, but I trust my instincts.
When I met her at the property, my suspicions were only amplified. She WAS wierd. She brought a plastic grocery bag with dozens of her "husband's" pay stubs. In addition, she brought three envelopes - one with $600, one with$80, and one with $100 (which wasn't the amount needed to rent the house anyway). Wierd! Why was she trying so hard to prove she could afford the house?
At any rate, I MIGHT not deny someone for being wierd if everything else is OK. So, I had her fill out an application. As I reviewed the application with her. I noticed that she had listed 3 addresses in 2006, including a house she claimed to have bought and then sold. When I asked to see her driver's license, I noticed it listed yet another (4th) address and that it was issued in 2006. I questioned her about all of these addresses and she admitted to moving 4 times in 2006! That is not a good sign that she will stay a long time in my rental.
When I got back home, I ran her screening. She didn't have any criminal activity - GOOD! Her "husband" (shack up boyfriend) had several domestic violence and other criminal activity, but all if it was at least 6 years old. I called her current landlord. He said that she had not paid the October rent and that her lease ran through March. The applicant said that she was moving because the landlord would not fix her water heater. I asked him about that and to my surprise he said "THAT'S RIGHT!" He went on to explain that she didn't pay the gas bill and had her gas shut off. When the gas company came to turn it back on, they wanted this and that fixed before they would turn it back on and he wasn't in any hurry to help her out. That was good enough for me! The pieces of the puzzle were now all in place.
She had violated her current lease by not keeping her utilities turned on. She had not paid her October rent. She was trying to leave before her lease was up. She was wierd. I denied her application and told her that I wouldn't take a tenant who has cheated another landlord!!!
When I met her at the property, my suspicions were only amplified. She WAS wierd. She brought a plastic grocery bag with dozens of her "husband's" pay stubs. In addition, she brought three envelopes - one with $600, one with$80, and one with $100 (which wasn't the amount needed to rent the house anyway). Wierd! Why was she trying so hard to prove she could afford the house?
At any rate, I MIGHT not deny someone for being wierd if everything else is OK. So, I had her fill out an application. As I reviewed the application with her. I noticed that she had listed 3 addresses in 2006, including a house she claimed to have bought and then sold. When I asked to see her driver's license, I noticed it listed yet another (4th) address and that it was issued in 2006. I questioned her about all of these addresses and she admitted to moving 4 times in 2006! That is not a good sign that she will stay a long time in my rental.
When I got back home, I ran her screening. She didn't have any criminal activity - GOOD! Her "husband" (shack up boyfriend) had several domestic violence and other criminal activity, but all if it was at least 6 years old. I called her current landlord. He said that she had not paid the October rent and that her lease ran through March. The applicant said that she was moving because the landlord would not fix her water heater. I asked him about that and to my surprise he said "THAT'S RIGHT!" He went on to explain that she didn't pay the gas bill and had her gas shut off. When the gas company came to turn it back on, they wanted this and that fixed before they would turn it back on and he wasn't in any hurry to help her out. That was good enough for me! The pieces of the puzzle were now all in place.
She had violated her current lease by not keeping her utilities turned on. She had not paid her October rent. She was trying to leave before her lease was up. She was wierd. I denied her application and told her that I wouldn't take a tenant who has cheated another landlord!!!
Thursday, October 18, 2007
Looking for a Decent Tenant
Still looking for a decent tenant for my 3-bedroom house. I had a middle aged couple come by to look at the house yesterday. They filled out an application and want the house. When I asked them where they lived, they said they were staying with a friend, which is almost always a RED FLAG! The woman filled out the application, but the man only put his name, but failed to include his middle initial, birthdate, or social security number - another RED FLAG. I asked to see their driver's licenses and added the man's info to the application.
When I did the screening, both of these people technically passed our basic criteria. However, there are so many warning signs and past problems, that I'm going to turn them down. The woman had two evictions, in 1991 and 2000 (nine years apart). That says to me that their financial situation was not improving over an entire decade and they lacked character over a 10 year period. The woman claimed to be injured and sued K-mart. She looked completely healthy but is on disability. I don't like people that are trying to get rich suing people!!! The man had two full pages on his criminal report (mostly traffic infractions), but including a criminal offense for writing a bad check in 1999. Finally, the woman has filed for a restraining order against another woman THIS MONTH! I'm betting the other woman is the man's ex-something. I don't need this kind of drama and I certainly don't want these people in one of my best rentals.
When I did the screening, both of these people technically passed our basic criteria. However, there are so many warning signs and past problems, that I'm going to turn them down. The woman had two evictions, in 1991 and 2000 (nine years apart). That says to me that their financial situation was not improving over an entire decade and they lacked character over a 10 year period. The woman claimed to be injured and sued K-mart. She looked completely healthy but is on disability. I don't like people that are trying to get rich suing people!!! The man had two full pages on his criminal report (mostly traffic infractions), but including a criminal offense for writing a bad check in 1999. Finally, the woman has filed for a restraining order against another woman THIS MONTH! I'm betting the other woman is the man's ex-something. I don't need this kind of drama and I certainly don't want these people in one of my best rentals.
Tuesday, October 16, 2007
Dodged Another Bullet
I had another group of people apply for my 3 bedroom, 2 bath house today. This is one of my nicest houses and I like to find really good tenants for it.
I received a call this afternoon from a woman who was looking for a 3-bedroom house and was also looking for the school district that this house is in. I described the house to her and explained our screening criteria to her. She said that the screening wasn't a problem and that she would like to look at the house. I agreed to meet her in 30 minutes.
They arrived at the house just before my arrival. I was please to see a very nice Chrysler in the driveway - a good sign. As the woman got out of the car, she was clean and didn't have any obvious tattoos - another good sign. My first clue that something was amiss appeared when the man didn't get out of the car. People that are going to rent a house almost always want to see their new house. I asked the woman if her husband wanted to look at the house. She said something to him and he got out of the car. Although he didn't have any tattoos or any obvious warning signs, I didn't like the way he looked.
I showed them the house and they wanted it. I again explained our screening criteria and told them I would be checking everyone that would be living there. The man immediately responded that he would NOT be living there. YEAH RIGHT! I wasn't buying that for a moment. I asked where he lived and the woman replied that he lived with his sister. I asked how she would have enough income to afford the rent and she said that her mother would be living with her and her children. She claimed that between her mother and her, they made $3,000 per month. Then, a couple of minutes later, she asked if we would take a check from the Salvation Army for the security deposit. I responded by asking her why someone with a $3,000 per month income needed assistance from the Salvation Army.
To make a long story short, I returned to my computer to begin my screening. I always start with the criminal background check and discovered that the woman was evicted a little over 5 years ago. She also had a theft conviction about 8 years ago. Next, I called her next-to-last landlord. The landlord vividly remembered this tenant and told me it took her 4 months to get the property back in shape to be rented! This was enough that I had decided I wouldn't accept this applicant, but I was curious enough about the boyfriend that I checked him also. HE WAS EVICTED EARLIER THIS MONTH!!! That's why they insisted that he wouldn't be living in the house! He also had a conviction for assault and another one for drug possession.
A good screening helped me dodge a bullet today.
I received a call this afternoon from a woman who was looking for a 3-bedroom house and was also looking for the school district that this house is in. I described the house to her and explained our screening criteria to her. She said that the screening wasn't a problem and that she would like to look at the house. I agreed to meet her in 30 minutes.
They arrived at the house just before my arrival. I was please to see a very nice Chrysler in the driveway - a good sign. As the woman got out of the car, she was clean and didn't have any obvious tattoos - another good sign. My first clue that something was amiss appeared when the man didn't get out of the car. People that are going to rent a house almost always want to see their new house. I asked the woman if her husband wanted to look at the house. She said something to him and he got out of the car. Although he didn't have any tattoos or any obvious warning signs, I didn't like the way he looked.
I showed them the house and they wanted it. I again explained our screening criteria and told them I would be checking everyone that would be living there. The man immediately responded that he would NOT be living there. YEAH RIGHT! I wasn't buying that for a moment. I asked where he lived and the woman replied that he lived with his sister. I asked how she would have enough income to afford the rent and she said that her mother would be living with her and her children. She claimed that between her mother and her, they made $3,000 per month. Then, a couple of minutes later, she asked if we would take a check from the Salvation Army for the security deposit. I responded by asking her why someone with a $3,000 per month income needed assistance from the Salvation Army.
To make a long story short, I returned to my computer to begin my screening. I always start with the criminal background check and discovered that the woman was evicted a little over 5 years ago. She also had a theft conviction about 8 years ago. Next, I called her next-to-last landlord. The landlord vividly remembered this tenant and told me it took her 4 months to get the property back in shape to be rented! This was enough that I had decided I wouldn't accept this applicant, but I was curious enough about the boyfriend that I checked him also. HE WAS EVICTED EARLIER THIS MONTH!!! That's why they insisted that he wouldn't be living in the house! He also had a conviction for assault and another one for drug possession.
A good screening helped me dodge a bullet today.
Monday, October 15, 2007
Laying Blocks
I'm making very good progress on my new doublewide rental. All of the inside work is done and the tenants have partially moved in. The heating and cooling company came out and finished up installing the electric furnace and air conditioning. The electric has been completed and is on. I am now in the process of laying blocks around the double-wide so that it will be on a permanent foundation. With doublewides, the blocks must be laid after the house is set and it is a HARD, PHYSICAL JOB! I have the blocks in the front done and will be doing the blocks along one side today. With a little luck, another week will see this job completed!!!
After this job is complete, I will be going to the bank to refinance it. I have done this entire deal with cash and need to get my cash back, so that I can buy additional properties. I currently have 4 deals waiting on the money from this refinance, so I've got to get it done!
I also don't think that I mentioned in any of my previous posts that I filed an eviction on another tenant this month. Prior to last month, I had been doing very well with the tenants. I hadn't had any evictions in several month. Then, last month I had one of our low income tenants fail to pay and I evicted her. This month, I had the tenant in one of our nicer houses fail to pay and I filed an eviction for him. The important thing with evictions is that the tenant MUST be evicted as soon as he fails to pay the full rent. It is much better to have a vacant property than a property that contains a non-paying tenant. My motto is that "IF YOU DON'T PAY, YOU DON'T STAY!" It's just that simple.
After this job is complete, I will be going to the bank to refinance it. I have done this entire deal with cash and need to get my cash back, so that I can buy additional properties. I currently have 4 deals waiting on the money from this refinance, so I've got to get it done!
I also don't think that I mentioned in any of my previous posts that I filed an eviction on another tenant this month. Prior to last month, I had been doing very well with the tenants. I hadn't had any evictions in several month. Then, last month I had one of our low income tenants fail to pay and I evicted her. This month, I had the tenant in one of our nicer houses fail to pay and I filed an eviction for him. The important thing with evictions is that the tenant MUST be evicted as soon as he fails to pay the full rent. It is much better to have a vacant property than a property that contains a non-paying tenant. My motto is that "IF YOU DON'T PAY, YOU DON'T STAY!" It's just that simple.
Tuesday, October 9, 2007
Another Scammer
I had two more couples apply for our two open 2-bedroom apartments today. You may recall that I turned down yesterday's applicant because he had a 2 page criminal wrapsheet. Both of today's young couples claimed to have clean records. The first couple was very straightforward in filling out the application. When the second couple had completed their application, I noticed that the woman had not included her name anywhere on the application, even in the Section for additional residents. I was immediately suspicious because I specifically told her that I needed both names and even showed her where to put her name, SS#, and date of birth. Therefore, I told her again that I needed her name; SS#; date of birth; and that I also needed to see her driver's license. The man stated that she wouldn't be living there, only visiting - EVEN THOUGH THEY HAD A CHILD AND WE'RE LOOKING AT THE APARTMENT TOGETHER. The translation of that is that they know she can't pass the screening so they are pretending that she won't be living there.
When I returned home, I ran the screening on both couples, starting with the criminal background check. The first couple checked out fine. My suspicion about the second couple was right on the money. The man had an old criminal record (nothing in the past 7 years), but the woman had been evicted 3 times, including at the end of July!!! Needless to say, I'm not renting to this couple!!!
On a more cheery note, the electric company finally connected the electric to my new doublewide today! That was very good news. I've ordered the blocks for tomorrow and I'll start the very physical task of laying the blocks either tomorrow or Thursday.
When I returned home, I ran the screening on both couples, starting with the criminal background check. The first couple checked out fine. My suspicion about the second couple was right on the money. The man had an old criminal record (nothing in the past 7 years), but the woman had been evicted 3 times, including at the end of July!!! Needless to say, I'm not renting to this couple!!!
On a more cheery note, the electric company finally connected the electric to my new doublewide today! That was very good news. I've ordered the blocks for tomorrow and I'll start the very physical task of laying the blocks either tomorrow or Thursday.
Monday, October 8, 2007
Outta There!
Today was setout day for one of my tenants. Apparently, she thought that her money was better spent on alcohol and drugs than on the rent. Personally, I didn't think this was a good decision as she is not only now homeless but I took all of her belongings to the dump today. It was her choice to make and she made it. Now, she will have to live her poor decision.
As I was finishing the cleanup of her apartment, I had a young couple stop by to apply for this apartment. They were relatively clean cut and claimed to have no criminal record. However, when I ran their background check, I was shocked to find that this 21 year old man had TWO FULL PAGES OF CRIMINAL HISTORY. That was only in municipal court (for misdemeanors). Obviously, that was enough info for me and I will NOT be renting to this loser. I didn't even check his wife, but I'm sure that she is no angel either. The saddest part of this is that they had a very young child. I feel sorry for a child that has such losers as parents.
UGH!
As I was finishing the cleanup of her apartment, I had a young couple stop by to apply for this apartment. They were relatively clean cut and claimed to have no criminal record. However, when I ran their background check, I was shocked to find that this 21 year old man had TWO FULL PAGES OF CRIMINAL HISTORY. That was only in municipal court (for misdemeanors). Obviously, that was enough info for me and I will NOT be renting to this loser. I didn't even check his wife, but I'm sure that she is no angel either. The saddest part of this is that they had a very young child. I feel sorry for a child that has such losers as parents.
UGH!
Friday, October 5, 2007
Crackers
After the long day yesterday, I decided to make today a short day. I installed the stairs on both decks (on the double-wide project) and then called it quits early, after working about 3 hours. I was looking forward to a nice, quiet evening. My wife and I enjoyed a delicious dinner and then I received a call from one of my tenants. The tenant who is being set out Monday invited several crack addicts over to help her move some of her stuff. The evidently had a big drug party; made a big mess in the apartment; and the police were called. The lock has been removed from the door and the door was open - just in time for every drug scum in town to use the apartment for a Friday night party.
So, my Friday evening was interrupted. I drove down to the apartment building to check the apartment for druggies and other riff-raff. Once I determined that the apartment was empty and the tenant was out, I installed a new lock on the door. The evicted tenant told another tenant that she was out, although she left a LOT of trash for me to throw away.
So, after a few minutes of hassle, I was once again home to enjoy my evening. Such is the life of a rental property owner.
So, my Friday evening was interrupted. I drove down to the apartment building to check the apartment for druggies and other riff-raff. Once I determined that the apartment was empty and the tenant was out, I installed a new lock on the door. The evicted tenant told another tenant that she was out, although she left a LOT of trash for me to throw away.
So, after a few minutes of hassle, I was once again home to enjoy my evening. Such is the life of a rental property owner.
Thursday, October 4, 2007
Soooooooo Busy
Today was a busy, busy day! My day started out at 7am with paperwork (as usual). My main paperwork project this morning was making up the deposits from day 3 of rent collecting. In addition to simply making up deposit slips, I also check all the cash with a "counterfeit pen" to be sure the cash is valid. So far, I've never had any bogus money, but I keep track of the cash from each tenant, so that if I do get bad money, I'll know who I got it from.
Once the deposits were all prepared, I had to go to an 8:15 appointment with the eye doctor. After some recent Yag Laser Surgery, my bionic eye is once again at 20/20, which is good!
Next, I made my daily trip to Lowes to buy materials for today's project. Today's project was to install the back deck and to put stairs on both decks. While at Lowes, I received my first call of the day from a tenant who wanted to pay his rent. Therefore, after loading the truck up with treated lumber for the deck, I went into town and collected the rent from the tenant who called and two other tenants.
With my first 3 rents of the day, I drove to the doublewide project and installed the back deck. The back deck is only 8 feet by 10 feet and this only took about an hour to install. I then attempted to install the stairs, but I bought the wrong risers. I made some further measurements and will try again tomorrow to install the stairs.
At 3 pm, I had several more rents to pickup and one lease to sign with a new tenant. I had to make this quick, because I had an appointment with my lawyer at 4pm regarding my wife's recent car accident. The appointment with my lawyer lasted about 30 minutes and then I went to pickup one last rent.
Finally, we went to pickup my wife's new car - a 2002 S-type Jaguar. After a long day and our less than stellar experience last week searching for a car, I was very concerned that the car would not be ready. I was very pleasantly surprised when it was not only ready, but everything was done as promised and the car looked great! So, even though this was a long and difficult day, it ended on a good note!
Once the deposits were all prepared, I had to go to an 8:15 appointment with the eye doctor. After some recent Yag Laser Surgery, my bionic eye is once again at 20/20, which is good!
Next, I made my daily trip to Lowes to buy materials for today's project. Today's project was to install the back deck and to put stairs on both decks. While at Lowes, I received my first call of the day from a tenant who wanted to pay his rent. Therefore, after loading the truck up with treated lumber for the deck, I went into town and collected the rent from the tenant who called and two other tenants.
With my first 3 rents of the day, I drove to the doublewide project and installed the back deck. The back deck is only 8 feet by 10 feet and this only took about an hour to install. I then attempted to install the stairs, but I bought the wrong risers. I made some further measurements and will try again tomorrow to install the stairs.
At 3 pm, I had several more rents to pickup and one lease to sign with a new tenant. I had to make this quick, because I had an appointment with my lawyer at 4pm regarding my wife's recent car accident. The appointment with my lawyer lasted about 30 minutes and then I went to pickup one last rent.
Finally, we went to pickup my wife's new car - a 2002 S-type Jaguar. After a long day and our less than stellar experience last week searching for a car, I was very concerned that the car would not be ready. I was very pleasantly surprised when it was not only ready, but everything was done as promised and the car looked great! So, even though this was a long and difficult day, it ended on a good note!
Wednesday, October 3, 2007
Building a Deck with Bluetooth
My old cellphone bit the dust, just one month after my 2 year plan expired and coincidentally just when I became eligible for a free phone from Sprint (with a new 2 year plan of course). Is this a phone company conspiracy to keep people hooked on their service? I don't know and I'll leave that topic for another forum.
I use my cell phone as my business phone, so I couldn't go even a day without a phone. So, I headed down to the Sprint Store to get a new phone. After looking over all the different phones, I decided on a MotoRazor. I also added the $25 service pack which has all the bells and whistles. My new phone has a GPS; internet access; some TV channels; and a live weather radar, which will come in handy for seeing where the rain is located when I want to paint a rental. Those are all nice features, but the feature I like the best is the Bluetooth. Wow, that Bluetooth earpiece is really going to improve my life!
During a typical day, I receive about 30-40 calls. Most of these calls are from potential tenants wanting to ask about our available rentals. Prior to today, I have always had to stop whatever I was working on and answer my cellphone. THAT IS OVER! Now, I can simply tap the button on my bluetooth earpiece and talk on the phone while both hands are free to continue working. Since most of my calls last about a minute, the Bluetooth should add about 40 productive minutes each day to my life. I like it. In addition, it will certainly make driving safer as I will have both hands on the wheel while being able to talk on the phone.
Today, I started adding building the decks for the doublewide. The tenant will be moving in on Sunday, so I've got to get the decks and steps done! I made good progress, installing all the posts and finishing the floor of the front deck. Tomorrow, my plan is to finish both decks including stairs. Of course, tomorrow is the 4th, which is the last day for my tenants to pay rent, so I'll be bouncing back and forth between collecting rents and working on the deck.
Additionally, my wife and I are meeting tomorrow with our attorney about my wife's recent car accident. We now have one witness and I am confident that she will be acquitted of her traffic citation when we go to court.
Finally, we are picking up my wife's new Jaguar tomorrow! I'm looking forward to that!
I use my cell phone as my business phone, so I couldn't go even a day without a phone. So, I headed down to the Sprint Store to get a new phone. After looking over all the different phones, I decided on a MotoRazor. I also added the $25 service pack which has all the bells and whistles. My new phone has a GPS; internet access; some TV channels; and a live weather radar, which will come in handy for seeing where the rain is located when I want to paint a rental. Those are all nice features, but the feature I like the best is the Bluetooth. Wow, that Bluetooth earpiece is really going to improve my life!
During a typical day, I receive about 30-40 calls. Most of these calls are from potential tenants wanting to ask about our available rentals. Prior to today, I have always had to stop whatever I was working on and answer my cellphone. THAT IS OVER! Now, I can simply tap the button on my bluetooth earpiece and talk on the phone while both hands are free to continue working. Since most of my calls last about a minute, the Bluetooth should add about 40 productive minutes each day to my life. I like it. In addition, it will certainly make driving safer as I will have both hands on the wheel while being able to talk on the phone.
Today, I started adding building the decks for the doublewide. The tenant will be moving in on Sunday, so I've got to get the decks and steps done! I made good progress, installing all the posts and finishing the floor of the front deck. Tomorrow, my plan is to finish both decks including stairs. Of course, tomorrow is the 4th, which is the last day for my tenants to pay rent, so I'll be bouncing back and forth between collecting rents and working on the deck.
Additionally, my wife and I are meeting tomorrow with our attorney about my wife's recent car accident. We now have one witness and I am confident that she will be acquitted of her traffic citation when we go to court.
Finally, we are picking up my wife's new Jaguar tomorrow! I'm looking forward to that!
Monday, October 1, 2007
Day in Court!
Today was my day in court, or should I say my tenant's day in court. For the first time in several months, I had an eviction this morning. This particular tenant is a serious drunk who recently fell off the wagon and is now spending all of her government check on alcohol and drugs. I have no tolerance for tenants that don't pay the rent and I posted the 3 day notice the day after the rent was due, on September 5th. As a result of this eviction, we have lost September and October rent; court costs (about $150); and legal fees (another $150). Of course, I had a security deposit $400, which will help offset some of the loss and I may be able to rent the apartment for half of October, which would also help.
Contrast that to the case before mine in which the landlord accepted excuses for two months before finally posting the 3 day notice at the beginning of September. This landlord lost the rent for July, August, September, and October. If this was not bad enough, this amateur landlord also agreed to give the tenant a little more time to vacate the property before filing for the setout. I absolutely couldn't believe it. To be honest, I felt like shaking the landlord and asking her if she had lost her mind. She's already lost 3 full months rent and is now allowing the tenant some more time to live rent-free. No wonder so many landlords don't make it in this business.
When the judge asked me if I would give my tenant a few more days, my reply was "ABSOLUTELY NOT"! Right after the eviction proceedings, I payed the fee to have the tenant set out. Why would anyone possibly give a tenant a few more days after they've already been ripped off?
Contrast that to the case before mine in which the landlord accepted excuses for two months before finally posting the 3 day notice at the beginning of September. This landlord lost the rent for July, August, September, and October. If this was not bad enough, this amateur landlord also agreed to give the tenant a little more time to vacate the property before filing for the setout. I absolutely couldn't believe it. To be honest, I felt like shaking the landlord and asking her if she had lost her mind. She's already lost 3 full months rent and is now allowing the tenant some more time to live rent-free. No wonder so many landlords don't make it in this business.
When the judge asked me if I would give my tenant a few more days, my reply was "ABSOLUTELY NOT"! Right after the eviction proceedings, I payed the fee to have the tenant set out. Why would anyone possibly give a tenant a few more days after they've already been ripped off?
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