We Interrupt this Blog for a Special Announcement
…not really that special, but a few random thoughts today.
I’ve been on the road now for six weeks. My rental house is FINALLY lining up on final approach for a new tenant, my son’s summer swimming season is coming to a close, and I’m packing up the Chevy Trailblazer for the 900 mile trip home.
I’ll forego the Blog Post of the Week! today (as I did last week) because an award that flippin’ special demands more time picking than I’ve had this week to crown a true winner. I’ve visited a few blogs that I promised to keep on top of this summer through Yakezie, but as this house project heated up, my time online has dwindled.
Thank You Thank You Thank You
Thank you to everyone who read the blog during June and July while I traveled the country and worked on the house. While I spent time writing what I hope were entertaining and informative missives, I didn’t network with my peers and readers much. I can’t wait to get back into it. (On that note, I’m happy to see that Mr. 101 Centavos is back also!).
So, if you left comments, believe me…I read all of them. If you stop by next week, you’ll catch my largely-late responses. If you have a blog I normally visit, I can’t wait toread your quality work and ruin your comment section again with inane drivel….
Lessons Learned Fixing Up This $%#! Rental House
1) Stay on top of your tenant, even if they don’t call. I had a renter I thought was fantastic because she never, ever called and needed anything. The few times I stopped by, she was very friendly and inviting. She seemed to keep the house in good order.
Later, I found electrical problems that could have caused my house to burn down. There were deep grimy spots on baseboards and appliances. My carpets had large spots on them that wouldn’t come out. I need to be more diligent about inspecting as I go.
2) Upgrade, upgrade, upgrade. I want my property to keep up with local houses, so if I ever decide to sell, the property is in tip-top shape. Some areas, like landscaping, I won’t handle until my renters are gone, but I will be remodeling the kitchen and basement over the next couple years to make up for the last ten years when I did absolutely nothing.
3) Make sure your tenant knows you care, but don’t let them walk all over you. At one point, I think my tenant thought that my “nice guy” routine meant that I was an idiot who could be trampled over. He authorized some work on my house without letting me know what it cost first. It’s okay now, but we had to have a discussion about my wallet. It turns out that although I WAS born at night (6:06 PM, baby!), I wasn’t born last night.
4) While I thought I was being kind by having my new tenant pick stuff out to “customize” the house, he saw it as work, and thought he should get paid for it. I thought he was getting paid by picking out carpets, paint colors and appliances he’d be living with the next few years. Silly me. In the end, it turns out that although my client likes sausage, he evidently doesn’t like watching it get made….if you know what I mean. I think it’s probably better to have the house done yourself and hand it over “ready to go” BEFORE the tenant arrives.
In the final analysis, I’ll reiterate a point I’ve made often here: being a landlord isn’t the dreamy kick back and watch the money pour in “passive income stream” that you might hope. Sorry, but this confirms to me again that there isn’t any free lunch.
In Closing
Next Tuesday I’m back in Texarkana, and “normal” life (whatever the hell that means), begins again. The podcast WILL Be live on Monday (we have a great episode for you to listen to while I’m trekking across country), the Blog Post of the Week! WILL return next week, and I’ve got some crazy stories about $%#^ing things up in the hopper.
Thanks again for stopping by. Have a great weekend, minions!
Photo: It’s Your Decision: ljphillips34
18 Comments
Leave a Comment
Popular Posts
Recent Comments
- Thank you, @FrugalPortland! Get to Know Another Blogger: Joe, Stacking Benjamins » Frugal Portland
http://t.co/sJ5IVO5UUk2013/05/22 15:06 by Buffer - Alternative Investing: Are Online Ventures the Secret to Wealth? via @investorjunkie
http://t.co/O4cAoemZNd2013/05/22 15:08 by Buffer - Why People REALLY Go To College - Stacking Benjamins Podcast Episode #2-
http://t.co/xCWo7TBFca2013/05/22 10:39 by Buffer
Networks
Drive safely!
Glad you are headed home and have a safe trip. I look forward to your greater presences in the of blogosphere. Look forward to the podcast Monday!
Lance@MoneyLife&More recently posted..It Pays to Ask For More – Coke Zero Commercial “And…?”
Have a safe trip back, Joe!
It’s really tough to make sure houses are upgraded to the current time. We’re looking at houses right now and it’s amazing to see a 1990-95 house that has been upgraded and one that still has all of the original appliances, counter tops, bathrooms, etc. There is a HUGE difference and it’s no wonder some houses sit on the market for forever.
Jason @ WSL recently posted..Does Canceling a Credit Card Hurt Your Credit?
It’s good to see a landlord that WANTS to be on top of his stuff. There was one place we looked at where the landlord literally lived next door. The people before had moved out weeks before. He hadn’t even picked up the dirty kitty litter scoop lying in the middle of the hallway. I’ll take a more invested landlord any day of the week.
femmefrugality recently posted..I’m in the Olympics
Rentals require periodic monitoring because no one cares as much as you do. This is true of friends, management companies and relatives.
krantcents recently posted..Friday Night Links: Olympic Medals Edition
That’s what I’m going to do better with this tenant, KC. I’m going to check in more often. With the last tenant I thought no calls = no problems. Clearly wasn’t the case.
So you’re saying that you were letting your new tenant pick out the new decor and appliances and he wanted to be paid for that??? My god people are nuts. That would be a dream come true for me as a Tenant.
You know there are people who rent and keep the place spotless and then there are people who could care less. But at the same time there are homeowners who could care less about the home they live in everyday too.
Have a safe trip back home! Hope you find a decent tenant.
Tackling Our Debt recently posted..Are You an Impulse Spender?
He’s anal retentive, Sicorra, but I think that’ll be a good thing. My gut says he’ll leave the place in better shape than he found it.
Good you are going back; I, on the other hand, am off to Sofia tomorrow for 4.5 weeks of heat…and marathon training.
maria@moneyprinciple recently posted..The Limits of Social Acceptability: payday loans and credit cards debt
Good luck with your training, Maria! I’ll be starting my marathon training in earnest this week, too.
Welcome back! Sometimes I wish blogging was gardening. You could take a little vacation, come back and everything has grown.
JP @ My Family Finances recently posted..Why Stores May Be Charging You a Fee to Use Your Credit Card and What It Could Mean for Your Family
Me too, JP! I feel lucky that my audience stayed with me during this “test.” It’s great to be back sitting in my seat again!
Don’t work too hard on the house! You’re not really convincing me that getting a rental is a smooth road to take
My Money Design recently posted..Using Royalty Free Music and Stock Photos to Create Passive Income
Ha! I was specifically thinking of you, MMD, when I wrote this piece. I remember your post on buying rental property and watching the cash come in (if I remember right….). If so, I’m livin’ the dream!
Thanks for reminding me why I gave up personally investing in rental properties. Give me a REIT any day!!!
BARBARA FRIEDBERG recently posted..ARE YOU CUT OUT TO BUY A FIXER UPPER?
You’re right on, Barb. Now that I’ve been thrust into it, though, I’m pretty proud of the work I was able to get done. BUT not for the faint of heart…
I’ve always invested in commercial real estate, mainly hotels, so I have yet to experience all the hoops you have to go through to keep upgrading property. But, I believe that any form of rental real property has to be equipped with modern features. I am learning a lot from you, my friend. I may buy a rental house sooner than later.
Shilpan recently posted..2 Reasons Why the Concept of an Emergency Fund is Overrated
I don’t know, Shilpan! I’m glad you can learn from my mistakes, but I’m exhausted….