Michael Rossi's Blog

The purpose of this blog is to give you a look at the daily life of a rental property owner. It's not all sitting on a yacht like you see on the TV Infomercials! Visit our Website at: www.1MinuteToRentalPropertyRiches.com

Thursday, May 29, 2008

Where in the World is Michael?

If you are a regular reader of this blog, you may have been wondering where I've been. If you've watched one too many infomercials, you might imagine that I was out sailing on my yacht! (I don't have a yacht) However, the truth is that I've been working my butt off trying to get two rentals ready for the Section 8 inspections that occurred Tuesday. One of the rentals was a 3-4 bedroom house that needed a significant rehab. This was a property that I purchased in January and the holdover tenants finally left. The place was a disaster, which I knew when I bought it ($25,000 for a LARGE 3-4 bedroom house). The rehab wasn't very expensive (with me doing the work), but there was a bunch of it. Every inch of the house needed painting and I even hired a painting crew to help, as I discussed in my previous post. The floor in the bathroom was rotten and I had to replace it. One wall had some rotten studs that had to be replaced. There were a BUNCH of holes that needed patched. One window was broken. I could go on and on and on and on.

So, instead or working my usual 3 to 4 hours per day, I've been working 11 or 12 hours per day over the past few days. The good news is that after all this work, BOTH rentals passed the Section 8 inspection on Tuesday and I will begin receiving rent for these rentals on June 1st. As a side benefit, I have two more rentals completely rehabbed, which is helping with my goal of getting my business stabilized this year.

Yesterday also ended up being a VERY LONG DAY! I met with three new tenants to sign leases and had several conversations with Section 8 about new Section 8 tenants I am accepting. My actual work goal for yesterday was to replace 2 ceiling lights and install a shower ring and new shower faucet above a clawfoot tub for a 2 bedroom apartment that I have rented. I wanted to complete the work yesterday because I am leaving today to go camping!!!! Installing the lights only took a few minutes. Installing the shower, however, become a REAL CHALLENGE! Things started out very smoothly as I installed the shower ring. Next, I needed to replace the faucet with a new one that had the shower fitting. That's where the "fun" began. The nuts on the faucet were rusted onto the tub. I tried and tried to free them - all to no avail. Finally, I got out my sawsall and cut them off - UGH! I probably wasted an hour just removing that faucet. Then, I discovered that the tub drain was broken and I had to make a trip to Lowes for parts (my 3rd trip of the day). Finally, at about 8pm last night, I was finished.

So, now the agenda turns to several days camping, bicycle riding, riding my motorcycle - FUN! Several members of our small group from church will be joining us tomorrow after they get off work.

When I get back from out little adventure, I should be back to my normal 3 to 4 hour per day routine.

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