Last Monday, I drafted and mailed a letter to the statutory agent of the LLC that owns the two sister-buildings to our 6-unit building, BD. Since we completed the exterior makeover, and we haven’t been able to close a deal on a new place to live, I decided to reach out to the owner to gauge any interest in selling. Mr. PFL has been asking about these other buildings since we closed on BD. I really didn’t expect a response (the owner’s probably been solicited from California investors already), but he called me on Monday evening. We didn’t talk numbers yet, but he indicated that he’d be willing to carry the mortgage and would only need 10% down. We agreed that I’d have the opportunity to view the interiors before moving forward. He said he’d contact his property manager to get it set up. I hadn’t heard from anyone, so I followed up with him today. The property manager called almost immediately and provided me with the cell phone number of the guy who could show it to me. I called the number, which went straight to voicemail, and left a message. I tried calling back a couple hours later, and again it went straight to voicemail, so I sent a text. If I don’t hear from him, I’ll try again tomorrow. Hopefully we can get in there this weekend and can decide whether or not to move forward.
Oh, how I’m tired of flight delays. Nearly every single time I have an issue. I really haven’t flown that much this year (for me, anyway). It has been pretty uneventful. I was stressed out getting through security at the end of September; I made it to the plane with nine minutes to spare before the door was scheduled to close.
I’m currently on my way home from a solo-trip to Minnesota to meet our newest nephew. I was delayed a few minutes on the way here, after the plane had already pushed back from the gate, due to the captain “working on a little problem up [t]here.” Really? Because we had technically “taken off” after pushing back from the gate, we didn’t show up as late, so my sister and nieces circled the airport a couple of times before I made it out.
Today, it is the weather. Snow in Denver and rain everywhere else. While I love the convenience of air travel, being delayed gets old. I just want to get home.
After $11,456.25, the makeover on the 6-unit, BD, is nearly complete!
Before:
After:
The new gutters need downspouts and the painters are coming back for some touch-ups, but otherwise this project is complete. I’m very pleased with the results.
The 6-unit, BD, looks a bit different since the makeover started. So far, the exterior has been painted and the new roof has been installed.
Amazingly, the roof was finished for $950 below the quote. As I thought, the roof was only one layer; the quote included the price for two layers, so we are credited the difference. The quote also included the price to replace rotted boards which we estimated based on the leak from earlier this summer. After review, they determined that there weren’t any rotten boards (which is incredible) and we were credited the difference.
The rest of the shutters should be going on today and the new gutters are scheduled for Tuesday. Upon completion, this building will look as good on the outside as it does on the inside.
Our 6-unit building, BD, is finally ready for an exterior makeover. We’ve owned this building for two years, one month. Last month, we made the last payment to Lowes for the interior improvements. We’ve grossed just over $31,000 in rent so far, year to date, from this building. After keeping up with all of the expenses, there is finally enough cash to get the roof replaced, new gutters, an exterior paint job, and the rest of the shutters installed. I signed a contract with one company to take care of all of these items. This will deplete the cash reserves, but I expect a combined $3,535 in rent for November from all of the units. And, quite frankly, it needs it:
Work is scheduled to start tomorrow, weather permitting.
I just called the land-contract purchaser of our duplex to discuss a couple of items. When I asked how she was, she told me that she was grazed by a bullet last week when the house was shot up! Luckily, her son realized what was happening and pulled her out of the way or it could have been much worse.
The local paper did call it the “worst block” in the city. I don’t think I’ve ever been at that property after dark. Mr. PFL does not like for me to go over there at all. This definitely takes it to the next level.
So far, she’s paid $3,712.76 for the year. She should have paid $6,281.90 so far. We really don’t want this property, and she can benefit from it. We’ll probably never be able to sell it, especially now that it has bullet holes. It might be time to just sign it over.
While we may not have gotten the condo a couple of blocks away, I’ve got my eye on a small house that’s 688 square feet; while not officially a “tiny house,” it is a substantial change from the 3,300 square feet we have now. It includes a basement (which is also very small) and a one-car garage that may only hold a motorcycle or a Smart car as the “one-car” due to the width, but it is very deep, so it could store a lot of tools. The house also has a decent amount of yard space for a garden or possibly another garage. The house is only a couple of miles from where we are now, in a desirable neighborhood, close to public transportation and amenities. The house would be easy to rent at $800-$1,200/month due to the location and abundance of off-street parking. The best part is that it is listed for $134,900 and the owner had it listed last year as well. I’m planning to take Mr. PFL over and then we can decide whether to make an offer.
I’ve already secured a new tenant for the cat-scratch apartment. The prior tenant was on a month-to-month lease. She notified me on September 9th that she planned to move out “the first week or so of October.” I notified her that she was responsible until the end of October for rent; a month-to-month lease in Ohio terminates on the last day of the month following the notification (in this case, October 31st). I understand that she was confused because she pays her rent on or about the 9th of the month (our tenants pay via ACH withdrawal on the date of their choice), but I don’t know why she’d assume she can just move out in early October and I’d be okay with it.
The old tenant provided me permission to enter the apartment last Wednesday, September 30th, because she was done cleaning. I confirmed that if I was able to lease it, I would credit her. I stopped by on Thursday, October 1st, and saw the damage and smelled the accompanying cat-urine smell. I ordered the new carpet (which will be installed on Friday, October 9th) and listed the apartment on craigslist at 4:30 that same day. I set up two showings for Friday evening and five for yesterday, Saturday, around lunchtime. The first Friday showing wasn’t interested, but the second one is signing her lease today. She actually came by with half of the deposit on Saturday morning, before the other showings, to reserve her spot. She will be moving in on Friday for $15 more a month than the last tenant. Only two of the five showings for Saturday actually showed up, and both were also interested. This is hands-down the fastest turn-around I’ve had (except for the Condo, which has been continuously rented for close to four years, after being listed for one day).
Also, assuming that the old tenant doesn’t block her rent payment for October (which she could), I should actually be able to recoup all of the damage costs. Her deposit was $550 (1-month’s rent). The new carpet is about $695. I already have the supplies to fix the walls, so, besides my time, I’m really not out any money. The old tenant still needs to move her car from the parking lot, so I might need to get that towed, for probably $150 or so, and she hasn’t returned her keys, so I’ll need to change the locks (new handles are about $30). The new tenant will be paying a pro-rated rent for October. Theoretically, I should be able to collect for all of the damages and still provide a refund of some of October’s rent to the old tenant.
Not bad for a few hours of work.
I know that I can’t predict what an apartment is going to look like when a tenant moves out. I have to admit that I wasn’t expecting this:
This is the most pet damage I have ever seen. As far as I know, there were two nice cats who lived here. They were the first inhabitants after the renovation, along with their human. That was brand-new carpeting as of January 2014. It looks like those poor kitties were trying desperately to escape! The carpet is shredded by the doors and there are claw marks by the windows. Excessive claw marks. I didn’t know cats could do that.
Oh well. New carpet will be installed next Friday. The textured walls are going to come in handy when hiding the claw marks. I’ve already set up about 7 showings, so I’m hopeful the turn-around time on this one is fast. And no damage deposit will be returned.
Unfortunately, our offer wasn’t accepted. Someone else offered a lot more, apparently.
I’m already back on the hunt for our new home.