Tuesday, March 4, 2008

Moving out and moving in

Well - it's been a busy weekend! My upstairs kids are finally out and OH MY GOD they were filthy pigs. Seriously. I have to clean the place tonight and it is not going to be fun at all. Roseanne the new tenant is amazing and luckily not moving her big stuff until the 15th of the month. Thank God. I have so much to do up there. Seriously - there is (was?) at some time a whole pizza dropped into the bottom of the oven and NEVER CLEANED OUT. It's a little pizza-shaped circle of charcoal now. Not to mention the layer of grime on everything. Blah.

My basement tenant at Lottridge has given notice. No biggie. He's my brother, so I'm trying to get a tenant in quick to get him some of his last months' deposit back. That $525 per month appartment is a whole 'nother ballgame for tenants than my usual upscale guys. People looking for a 1-bed basement are way different than people looking for a $900 2-bed. Not that that's a bad thing - it's just different for me. A LOT of riff-raff to sift through. My current #1 prospect is a great young couple who need a bit of a break, and it will be fairly intensive tenant management - they want to tie to their paychecks and pay twice a month, and pay their last months' rent in installments. Most landlords wouldn't do this, including me usually! But these kids knew what their credit scores are, are working hard, going to college to get a good job, and want to invest in property later. They are sincere and sweet and I got a good read off of them. We'll see later if this burns me!

Last night we met with our awesome super-dee-duper mortgage broker, Angela. She's going to get us about $30000 out of the Lottridge house equity so that we can buy another house. Basically it'll raise our mortgage payment to where the house has break-even profit for us. But if you put that $400 a month into savings, it'd take us 6.25 years to save up $30K. And that's foreseeing no extra costs, no vacancy. This way, we use up our profit on loan payments for the next property and by the time we retire the houses will be paid for and THEN they will all make money. Yay!

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