We're back after taking yesterday and today off to go snowboarding. The weather was quite warm for late December, with today getting into the 50's. However, the snow conditions were quite good and there was almost no crowd either yesterday or today. We had a lot of fun, starting out just snowboarding and then heading over to the terrain park for some jumps and tables. Lots of fun.
Even though I was off yesterday, I did do one work related thing before we left. That work was to do the paper work for a new LLC for my new rentals. I also got an EIN (employer identification number) for the new LLC. I will need the new LLC and the EIN to close the loan with the bank.
That's it for today. All that snowboarding wore me out!
Saturday, December 22, 2007
Thursday, December 20, 2007
End of the Week!
Today was the end of the week for me! I took Monday off to go snowboarding and I'm taking tomorrow (and Saturday) off to go snowboarding again. I did a little work today (for about 2 hours) on one of my rentals, but my mind wasn't really in the work. Christmas is getting close and I'm ready for snowboarding and Christmas activities - not work.
This freedom to do what I want to do is my favorite part of my rental business. I'm not anticipating much work happening between now and the end of the year!
This freedom to do what I want to do is my favorite part of my rental business. I'm not anticipating much work happening between now and the end of the year!
Wednesday, December 19, 2007
Loan Approved!
I got some good news from the bank today. They say that they will fund my latest purchase of 10 rental units in 4 buildings. This includes 2 single family houses, a duplex, and a 6 unit apartment building. This is the first loan I have done since all the sub-prime fiasco; credit crunch, etc. No problem!
In addition to talking to the bank, I also had to do a little credit repair work on my own credit score. When I was talking to my bank about the loan, they told me that my credit score had dropped a BUNCH because the other local bank I use had turned in several late payments to the credit bureau. Since I've never made a late payment on anything, I knew immediately what the problem was. Here's the story: I use two small local banks for all my real estate purchases. At one of the banks, I have a line of credit. Commercial lines of credit usually run for a year and then must be renewed. Normally, this renewal only takes a signature and it's done. However, the paperwork apparently wasn't right on my line of credit and the bank needed to redo it from square one. For whatever reason, this took them 3 or 4 months. During this 3 or 4 month period, the line of credit was technically in default because it had become due and payable when it expired. I received a statement during each of those months saying that I owed the entire amount plus a late fee. When I received the first one, I called the bank President and told him about the statements I was receiving. He told me to continue to make the payment and disregard the notices, which I did. Well, apparently, someone at the bank didn't get the memo and turned the loan into the credit bureau. UGH! So, today, I called the President of the bank again and he asked me to bring a copy of my credit report to the bank. I subscribe to FreeCreditReport.com and so I printed a copy off of that and took it to the bank. He explained that he wanted the credit report because the bank needed to determine where they screwed up and that they would remove the items from my credit report.
After this, I did a little more Christmas shopping and then finally went into town to work on my 2 bedroom house. Today, I replaced 2 broken windows with plexiglass (thanks to vandals); replaced several missing lightbulbs (stolen by the tenant); replaced a broken toilet seat; and checked on the bat that I assisted yesterday. I expected to find the bat dead, but he was gone! Maybe he survived after all.
Finally, I showed a rental to a potential tenant. That was about it! I'm going to work a few hours tomorrow and then take Friday off to go snowboarding.
In addition to talking to the bank, I also had to do a little credit repair work on my own credit score. When I was talking to my bank about the loan, they told me that my credit score had dropped a BUNCH because the other local bank I use had turned in several late payments to the credit bureau. Since I've never made a late payment on anything, I knew immediately what the problem was. Here's the story: I use two small local banks for all my real estate purchases. At one of the banks, I have a line of credit. Commercial lines of credit usually run for a year and then must be renewed. Normally, this renewal only takes a signature and it's done. However, the paperwork apparently wasn't right on my line of credit and the bank needed to redo it from square one. For whatever reason, this took them 3 or 4 months. During this 3 or 4 month period, the line of credit was technically in default because it had become due and payable when it expired. I received a statement during each of those months saying that I owed the entire amount plus a late fee. When I received the first one, I called the bank President and told him about the statements I was receiving. He told me to continue to make the payment and disregard the notices, which I did. Well, apparently, someone at the bank didn't get the memo and turned the loan into the credit bureau. UGH! So, today, I called the President of the bank again and he asked me to bring a copy of my credit report to the bank. I subscribe to FreeCreditReport.com and so I printed a copy off of that and took it to the bank. He explained that he wanted the credit report because the bank needed to determine where they screwed up and that they would remove the items from my credit report.
After this, I did a little more Christmas shopping and then finally went into town to work on my 2 bedroom house. Today, I replaced 2 broken windows with plexiglass (thanks to vandals); replaced several missing lightbulbs (stolen by the tenant); replaced a broken toilet seat; and checked on the bat that I assisted yesterday. I expected to find the bat dead, but he was gone! Maybe he survived after all.
Finally, I showed a rental to a potential tenant. That was about it! I'm going to work a few hours tomorrow and then take Friday off to go snowboarding.
Tuesday, December 18, 2007
Dr. Doolittle
I got back to work today - well if you can call two hours work! I fixed a lock on one of the tenants doors and replaced a broken window. I then replaced all the mini-blinds on a 2 bedroom house that I'm getting rent-ready. While I was replacing the mini-blinds in the kitchen, I noticed a small bat that had gotten its wing caught in a small corner of the kitchen where the drywall didn't quite meet. Somehow, the bat managed to get his wing wedged in this small crack. There was some blood on the wall where the bat had been injured. When I first saw it, I thought it was dead. I touched it and it immediately began to screech. It was obviously not only alive, but in distress. I put on some gloves and tried to gently slide the bat's wing out of the crack. Unfortunately, that didn't work and the bat was still really stuck. I next tried to pry the two sheets of drywall a little farther apart to open up the crack. Again, no dice! Finally, I used a screwdriver to gently put a hole in the wall just above the bat's wing. With a little work, I was finally able to free the bat. The bat had a small hole in his wing, but I didn't see any obvious serious injuries. Therefore, I took the bat outside and put him in a stack of logs. I doubt if he'll survive, but I did my best to help him out.
After helping the bat and putting up all the miniblinds, I called it quits and headed to the mall to do some Christmas Shopping.
Tomorrow, I'm going to call the bank about my loan for the rentals that I'm buying. I'd like to get these properties closed by the end of the year, if possible.
After helping the bat and putting up all the miniblinds, I called it quits and headed to the mall to do some Christmas Shopping.
Tomorrow, I'm going to call the bank about my loan for the rentals that I'm buying. I'd like to get these properties closed by the end of the year, if possible.
Monday, December 17, 2007
More Snowboarding Today!
I took another day off today to go snowboarding. The weather was excellent for a day at the mountain. We had a significant snow fall over the weekend and they were making snow today also. They have more than 2 feet of base and all the runs were open. Since today was Monday, there were very few people there. I didn't stand in line for a lift even a single time. I can't even count how many runs I made, but it was a BUNCH. I feel like I am getting close to meeting my goal of being proficient at snowboarding "goofy" (wrong foot forward). One or two more days will probably make me very comfortable boarding both ways. Next, I will need to start jumping "goofy". That should be a challenge!
You might think that I've completely forgotten about my rental business. I have not. I will be doing a little maintenance tomorrow and will probably do a little work Wednesday and Thursday as well (unless someone wants to go snowboarding one of those days). I also need to finish my Christmas shopping tomorrow.
Starting Friday, I'm planning to take off until after Christmas. We're going snowboarding over the weekend and then of course Christmas is on Tuesday. That's about it for today!
You might think that I've completely forgotten about my rental business. I have not. I will be doing a little maintenance tomorrow and will probably do a little work Wednesday and Thursday as well (unless someone wants to go snowboarding one of those days). I also need to finish my Christmas shopping tomorrow.
Starting Friday, I'm planning to take off until after Christmas. We're going snowboarding over the weekend and then of course Christmas is on Tuesday. That's about it for today!
Friday, December 14, 2007
SNOWBOARDING!
The best part of owning a rental property business is being able to take off whenever I want. Today was just such a day. Our local ski resort opened today at 4pm (after being closed all week) and therefore I took the day off so that I could be there when they opened. This was Friday and therefore most people had to work today. Therefore, I had the mountain almost to myself for the first hour. In fact, I literally snowboarded a full 45 minutes before I even saw another skier. IT WAS GREAT!
My priority this year is to be able to board "goofy", meaning that I am learning to board with my non-dominant foot forward. It is essential to learn to board both ways so that I can do 180s during jumps. I got a very good start toward that goal today, making many runs "goofy". Now, I just need enough repetition to feel comfortable at higher speeds and jumping. Weather permitting, I may go again Sunday or Monday. Again, Monday would be better as it will be less crowded with most people working.
My priority this year is to be able to board "goofy", meaning that I am learning to board with my non-dominant foot forward. It is essential to learn to board both ways so that I can do 180s during jumps. I got a very good start toward that goal today, making many runs "goofy". Now, I just need enough repetition to feel comfortable at higher speeds and jumping. Weather permitting, I may go again Sunday or Monday. Again, Monday would be better as it will be less crowded with most people working.
Wednesday, December 12, 2007
Christmas Deals!
Christmas came early this year in the form of a 6 unit apartment building. On December 1st, I reported on my blog about a landlord who offered to sell his building to me for $30,000. I finally went to look at the building yesterday and signed a contract right there on the spot.
Today, I went to the bank to talk to them about getting the money for this deal and the four other rentals that we already have under contract. The bank didn't seem to think it would be a problem, and I am hoping to close on all 10 units by the end of the month.
The big issue in this process is that the electric service in the apartment building is only 60 amps. It is very difficult to get insurance on rentals with 60 amp electric, but my insurance agent did find a company that will write this policy for me while I upgrade the electric.
That's about it. A pretty exciting end to the year!
Today, I went to the bank to talk to them about getting the money for this deal and the four other rentals that we already have under contract. The bank didn't seem to think it would be a problem, and I am hoping to close on all 10 units by the end of the month.
The big issue in this process is that the electric service in the apartment building is only 60 amps. It is very difficult to get insurance on rentals with 60 amp electric, but my insurance agent did find a company that will write this policy for me while I upgrade the electric.
That's about it. A pretty exciting end to the year!
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