I just realized I haven't updated much recently. That's because, thankfully, nothing has been happening. Nothing major anyway.
B. At Lottridge #2 ended up getting his disability settlement like I knew he would and paid up for two months. Yay!
There's been no more tenant distress over at Sanford so either they killed each other or started acting like adults and took their fights outside my house where neighbors won't call the cops.
I have three rents already and waiting on just three more. Which is really nice.
The roof at leinster is done and we have to pay for it in August.
We'll be settling up the refinance at the end of the month and then we'll be on the hunt again for property number 4 and 5. God help us. Haha!
Sent from my BlackBerry device on the Rogers Wireless Network
Saturday, February 28, 2009
Friday, February 13, 2009
Fully Occupied again!
Well - almost. Aside from the basement at Lottridge which is not currently habitable. Silly water. Who wants to come smash up a floor and help us install subdrains and a sump pump? Doesn't that sound like fun! Come on!
No? Well, pfft then.
Anyway - Lottridge #2 still hasn't paid for February but my gut is still telling me that he's not lying about waiting on his disability money. And his girlfriend left him as well. That's gotta suck. Once he gets his settlement he's paying me 3 months up front and he figures he'll be back at work after that. Here's hoping. But he's been in touch with me every day and I guess I was feeling charitable. Some people I go after right away (first eviction) because I just can TELL they're lying or hiding. But I don't get that vibe from this kid. Here's hoping I don't regret it!
Lottridge #1 is paid up and lease signed! Yay! I still have to clean the carpets tomorrow - was supposed to do it today but meh. Didn't feel like it. And they're not moving in until next week anyway so they said no biggie.
Other than that things are going pretty good.
No? Well, pfft then.
Anyway - Lottridge #2 still hasn't paid for February but my gut is still telling me that he's not lying about waiting on his disability money. And his girlfriend left him as well. That's gotta suck. Once he gets his settlement he's paying me 3 months up front and he figures he'll be back at work after that. Here's hoping. But he's been in touch with me every day and I guess I was feeling charitable. Some people I go after right away (first eviction) because I just can TELL they're lying or hiding. But I don't get that vibe from this kid. Here's hoping I don't regret it!
Lottridge #1 is paid up and lease signed! Yay! I still have to clean the carpets tomorrow - was supposed to do it today but meh. Didn't feel like it. And they're not moving in until next week anyway so they said no biggie.
Other than that things are going pretty good.
Wednesday, February 4, 2009
We got the re-finance today!
Well - we got our terms anyway. Apparently our house is worth more than we thought, according to the mortgage company. Or they just like to give us money. Which is fine by me. Seven weeks and we'll have a full bank account and be itching to buy another (or two). We are definitely shooting for two this year.
It seems like cheating to keep using our equity to buy more houses, which pay for themselves, so that we can use THEIR equity, to buy more houses, which pay for themselves. The only one we pay for, (and we only pay taxes and utilities) is the one we live in. I know it takes a good income to get started but I just don't see why everyone thinks we're crazy.
Although - it may have something to do with the fact that by this time next year, we will owe various lending institutions somewhere not too shy of a million dollars. HA! At least all those dollars are making us dollars, right? Eep.
I try not to think too hard about that part. :)
It seems like cheating to keep using our equity to buy more houses, which pay for themselves, so that we can use THEIR equity, to buy more houses, which pay for themselves. The only one we pay for, (and we only pay taxes and utilities) is the one we live in. I know it takes a good income to get started but I just don't see why everyone thinks we're crazy.
Although - it may have something to do with the fact that by this time next year, we will owe various lending institutions somewhere not too shy of a million dollars. HA! At least all those dollars are making us dollars, right? Eep.
I try not to think too hard about that part. :)
Tuesday, February 3, 2009
My first book
Ha! Well, maybe. It's possible, right?
I mean, when I was in highschool I wanted to be a writer. But there was a healthy dose of practicality and a good salting of dreading poverty in my personal make-up. Here I was, good at math and science-y stuff, and somebody said "Engineers make good stable incomes!" so off I went. I mean, I could write on the side, but I certainly couldn't make engineering-type wages on the side!
12 years later and my sum total of writing happens in my blogs. Pft. I mean, that's cool and everything but it's not exactly soul-satisfying, you know? And somewhere in the last twelve years I've developed a fairly strong aversion to most fiction. Unless it is incredibly artistic and well-crafted, it just feels like junk food for the brain to me. And one thing I'm good at is self-assessment, and I know I will never be that writer. I'm not an artist, I'm a craftsman. There's a difference. So how can I write stories when my own writing makes me cringe?
Anyway, this post *IS* landlord-related, I promise. Rob has proposed that I write a book about our experiences in property investment. Obviously this would be a long-term project as how the hell can someone with 3 properties and 5 years experience write with authority?! So these are the chapters and title he's proposed:
Title: Minimum = Maximum Profit
"always put down min and eventually you have max"
chapter 1 - tell the story of the vision
chapter 2 - the research, the A word at the book store
chapter 2 - the first buy
chapter 3 - the change in plans
chapter 4 - the spreadsheet to buy or not to buy
chapter 5 - the circle of friends
chapter 6 - replacing people in the circle with better ones
chapter 7 - the long term spreadsheet
chapter 8 - min payments pay off
chapter 9 - max profits
chapter 10 - explaination of a hard road but acheiveable
Book 2 - Minimum costs = Maximum Tenants
chapter 1 - the beginning of the screening process
chapter 2 - the revising of application forms
chapter 3 - where to advertise
chapter 4 - advertise with the times
chapter 5 - etc
end of book - funny stories of your experiences
I think the end of book two would be fairly bulky.
Now obviously this is currently all a pipe dream, but I suppose it is possible. It would be a very personal type book, not dry and legal like most real-estate investment books. A lot of anecdotal information, directed at a Canadian audience, first-person-experience type information. A starter book for people who want to invest but think they can't/don't have the money/are afraid.
I mean, when I was in highschool I wanted to be a writer. But there was a healthy dose of practicality and a good salting of dreading poverty in my personal make-up. Here I was, good at math and science-y stuff, and somebody said "Engineers make good stable incomes!" so off I went. I mean, I could write on the side, but I certainly couldn't make engineering-type wages on the side!
12 years later and my sum total of writing happens in my blogs. Pft. I mean, that's cool and everything but it's not exactly soul-satisfying, you know? And somewhere in the last twelve years I've developed a fairly strong aversion to most fiction. Unless it is incredibly artistic and well-crafted, it just feels like junk food for the brain to me. And one thing I'm good at is self-assessment, and I know I will never be that writer. I'm not an artist, I'm a craftsman. There's a difference. So how can I write stories when my own writing makes me cringe?
Anyway, this post *IS* landlord-related, I promise. Rob has proposed that I write a book about our experiences in property investment. Obviously this would be a long-term project as how the hell can someone with 3 properties and 5 years experience write with authority?! So these are the chapters and title he's proposed:
Title: Minimum = Maximum Profit
"always put down min and eventually you have max"
chapter 1 - tell the story of the vision
chapter 2 - the research, the A word at the book store
chapter 2 - the first buy
chapter 3 - the change in plans
chapter 4 - the spreadsheet to buy or not to buy
chapter 5 - the circle of friends
chapter 6 - replacing people in the circle with better ones
chapter 7 - the long term spreadsheet
chapter 8 - min payments pay off
chapter 9 - max profits
chapter 10 - explaination of a hard road but acheiveable
Book 2 - Minimum costs = Maximum Tenants
chapter 1 - the beginning of the screening process
chapter 2 - the revising of application forms
chapter 3 - where to advertise
chapter 4 - advertise with the times
chapter 5 - etc
end of book - funny stories of your experiences
I think the end of book two would be fairly bulky.
Now obviously this is currently all a pipe dream, but I suppose it is possible. It would be a very personal type book, not dry and legal like most real-estate investment books. A lot of anecdotal information, directed at a Canadian audience, first-person-experience type information. A starter book for people who want to invest but think they can't/don't have the money/are afraid.
Saturday, January 31, 2009
Chilly
So...it turns out that the wimpy cold kids at Lottridge really aren't so wimpy after all! Whoops!
They kept saying "It's really cold in here." and I would check the thermostat - it says 71F. I told them - it's an old house get used to it!
Until I sat here for a bit waiting and you know what? It's effing freezing! What the hell?
So I got my themometer and it's 62F in here. Ack! This is a brand new furnace and I just changed the filter three months ago!
Except I went downstairs to check on it and the damn thing is all screwed up, plugging up the intake. I replaced it again and it's getting warmer already. Whoops.
Moral of the day - not all cold tenants are whiny. Eep
Sent from my BlackBerry device on the Rogers Wireless Network
They kept saying "It's really cold in here." and I would check the thermostat - it says 71F. I told them - it's an old house get used to it!
Until I sat here for a bit waiting and you know what? It's effing freezing! What the hell?
So I got my themometer and it's 62F in here. Ack! This is a brand new furnace and I just changed the filter three months ago!
Except I went downstairs to check on it and the damn thing is all screwed up, plugging up the intake. I replaced it again and it's getting warmer already. Whoops.
Moral of the day - not all cold tenants are whiny. Eep
Sent from my BlackBerry device on the Rogers Wireless Network
Monday, January 26, 2009
Oh, and some other stuff...
You know what sucks? $1300 in gas bills. For one month. In December. January is going to be much, much higher. Yikes! At least they're only $38 in the summer. It's coooold this year.
Rob is all gung-ho fired up lately. I don't know what's gotten him all riled up. The accountant at his company has been feeding his ego lately, because he is impressed with our business plan and investment strategy. Which at the moment seems to entail using every last penny of equity and leverage we can find to grow as quickly as possible, and then in five years we'll have critical mass (when the whole kit and caboodle starts replicating itself without too much personal input). Ron, the accountant, has worked with Rob's boss since time immemorial and saw him succeed the same way. He now has 700 rental units clearing $900K in profit per year. PROFIT. And he could have had much more but got involved in land development and speculating instead. Which has also been hugely profitable.
It's scary and dicey and dangerous, but I think we'll make a go of it. Hopefully I can look back at this post in five years and not feel stupid!
Rob is all gung-ho fired up lately. I don't know what's gotten him all riled up. The accountant at his company has been feeding his ego lately, because he is impressed with our business plan and investment strategy. Which at the moment seems to entail using every last penny of equity and leverage we can find to grow as quickly as possible, and then in five years we'll have critical mass (when the whole kit and caboodle starts replicating itself without too much personal input). Ron, the accountant, has worked with Rob's boss since time immemorial and saw him succeed the same way. He now has 700 rental units clearing $900K in profit per year. PROFIT. And he could have had much more but got involved in land development and speculating instead. Which has also been hugely profitable.
It's scary and dicey and dangerous, but I think we'll make a go of it. Hopefully I can look back at this post in five years and not feel stupid!
Trouble Brewing...
I fucking hope these kids don't burn me. They still owe me a bunch of money towards last months' rent (called Saturday as the chic got laid off last week, which sucks) to say they'll just pay ALL of it this weekend instead of half and half last weekend and this one, as they were planning. Blargh. I've only got $100 of their money as insurance and I hope that's enough. He can afford the rent without her income but still - if they bail Rob is going to have a shit-fit. As am I. Honestly - I had so many good applicants for this place, and these guys are still great, as long as they come through.
If they bail, I quit. ;) I will never rent to another promising young couple again. Unless they have kids and are stuck with each other. I mean it this time.
If they bail, I quit. ;) I will never rent to another promising young couple again. Unless they have kids and are stuck with each other. I mean it this time.
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