Two Month Review – Quickly what’s happened?

maria mena:i miss you love

It’s amazing how quickly life can change, we can go from being able to spend hours a day writing about events and happenings, and then we can lose all that time in the snap of a finger.  I haven’t updated about my path to real estate wealth in a while. A lot has happened, but at the same time a lot has stayed the same.

Have I started down the path of wholesaling?  Nope, and why not?  First off wholesaling is a second job.  I’ve already got enough of a job that keeps me at work 70-80 hours a week.  And finding time to visit with sellers and viewing properties would be a very difficult task for me to do.  So I had to turn from that path and rely on other paths to help get me to where I am trying to go.

Have I started down the path of Mobile Homes? Again, nope.  While I’ve investigated the possibility of Mobile Homes and have driven for dollars and had some interesting discussions and thought processes I haven’t made the jump yet.  Soon though.

What has happened?  Our four-plexes are finally throwing off some cash.

We found the water problem at Hopkins.  That’s an interesting situation.  We changed washers, and faucets, had inspections, and searches, but couldn’t find anything that would account for a $700/month water bill.  Well, the lesson we learned, is to put locks on our outdoor water faucets.  By chance our new PM company had someone driving around the properties and discovered that one of the tenants was filling a mobile car detailing truck with water off of our taps!

Arlene is fully rented.  100% Occupancy.  There’s a couple interesting things that happened here.  Remember how we changed Property Management Companies like the season changed? Well, seems that after we did the rehab and turned the property over to PM-2, they had problems with property.  Here’s a quick list of fails:

  • Re-keyed the entire property without informing us
  • Did not sign leases with tenants
  • Allowed one unit to be occupied by a homeless individual
  • Failed to fix the broken window that allowed access to the homeless individual
  • Failed to even secure the unit!
  • Never replaced the mailbox

All of that in a month or two?!?  Yeah, well guess what?  We’ve moved on to PM-3!

The professional Tenant at Zavala, is still here, causing us problems, but we’ve got a third tenant in the bottom unit, and it didn’t cost us a rehab, we lowered the rent and let him know that the unit was not going to be rent ready (old carpet, needed a paint job, some repair and he was getting a discount if he wanted to live there without any work.

Of course, the day-to-day management, trials and tribulations that come from managing our properties dealing with Insurance Agents, Property Managers, Contractors, and so forth and so on, we also got to deal with taxes and the huge headache going on there!  Wow.

That is a bit of catch-up.  I’ll keep up a little better.

-Troy

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