Just to update I closed on yet another house yesterday. I am now halfway to my retirement goal of 10 houses/properties. I am only 33. What the heck am I going to do if I get there early? Maybe try to pay them off in 10 years.
The house is a nice one. 1700 sq ft, 3 bd 2 bath, and a nice 8000 sq ft lot which is a good size in the city.
The stock market has been up, but I wouldn't know since I don't own any stocks. Anyone making any gains and in what sort of stocks?
so Nick, do you have a landlord/maintenence person for these properties, or do you do that side yourself?
A bit of both. I am really quite amazed though at how little goes wrong. One of my landlording books basically said use the best quality parts for things like plumbing, heating, etc. and it will save you tons of time over the long run. That is what I have tried to follow whenever I have had a problem.
What most often happens, and it happened again this time, is I will put certain clauses in the offer that most sellers readily agree to do. Little things like painting the trim, removing all overgrowth from the yard, fix a window or two, things like that.
However most people severely underestimatee their time when moving. For those that don't yippee for me. For those that do not get it done, it has to be settled out for the house to close. This last time the seller basically ignored all of those terms. He settled out with me by paying me $700 to do those things and let the house close.
Now as you can imagine, I don't mind making $700 for mowing lawns, cutting a few branches and running a roller over a bit of trim. (He had done 3/4's of the house, but didn't finish the back) So that job was give to me.
However at my apartments, someone had hit the porch while it was in escrow (they had REALLY BAD tenants) and when given the money to repair it, I hired it out since the handyman I use does awesome work and would do a much better job than I could do there.
Leaky faucets, toilets, painting, light framing, drywall and gardening, I will do. Serious framing, roofing, heating, and serious electrical pretty much gets hired out.
Like if I have to prep an apartment or house for re-renting, I will putty up the holes and touch up the paint. I pay myself about $200-250 for this out of the deposit and it often takes less than 4 hours. I hire out the cleaning for about $10 an hour and will usually spending around $100. The carpet is cleaned by a gentleman I use and runs about $60-85.
I then drop by with my trailer, edger and riding mower. If the yard is in good shape it is pretty much done in an hour and it is no charge. If it is in bad shape I will charge up to $200 for again about 4-5 hours work.
The handyman I use makes about $50 an hour when bidding the job but is so meticulous that he spends about 33% more time getting it done right.
So I guess the easy answer is, it depends upon who I have to pay and how much it costs.
Comments
Originally posted by pfflam
Our founding fathers also had slaves and lots of land and made real distinctions between landed gentry and workers, serrvants and slaves.
they also never thought about going to the moon . . . should we therefor do away with NASA . . . after all that comes out of my paycheck.
Practicing our slippery slopes?
Nick
The house is a nice one. 1700 sq ft, 3 bd 2 bath, and a nice 8000 sq ft lot which is a good size in the city.
The stock market has been up, but I wouldn't know since I don't own any stocks. Anyone making any gains and in what sort of stocks?
Nick
Originally posted by alcimedes
so Nick, do you have a landlord/maintenence person for these properties, or do you do that side yourself?
A bit of both. I am really quite amazed though at how little goes wrong. One of my landlording books basically said use the best quality parts for things like plumbing, heating, etc. and it will save you tons of time over the long run. That is what I have tried to follow whenever I have had a problem.
What most often happens, and it happened again this time, is I will put certain clauses in the offer that most sellers readily agree to do. Little things like painting the trim, removing all overgrowth from the yard, fix a window or two, things like that.
However most people severely underestimatee their time when moving. For those that don't yippee for me. For those that do not get it done, it has to be settled out for the house to close. This last time the seller basically ignored all of those terms. He settled out with me by paying me $700 to do those things and let the house close.
Now as you can imagine, I don't mind making $700 for mowing lawns, cutting a few branches and running a roller over a bit of trim. (He had done 3/4's of the house, but didn't finish the back) So that job was give to me.
However at my apartments, someone had hit the porch while it was in escrow (they had REALLY BAD tenants) and when given the money to repair it, I hired it out since the handyman I use does awesome work and would do a much better job than I could do there.
Leaky faucets, toilets, painting, light framing, drywall and gardening, I will do. Serious framing, roofing, heating, and serious electrical pretty much gets hired out.
Like if I have to prep an apartment or house for re-renting, I will putty up the holes and touch up the paint. I pay myself about $200-250 for this out of the deposit and it often takes less than 4 hours. I hire out the cleaning for about $10 an hour and will usually spending around $100. The carpet is cleaned by a gentleman I use and runs about $60-85.
I then drop by with my trailer, edger and riding mower. If the yard is in good shape it is pretty much done in an hour and it is no charge. If it is in bad shape I will charge up to $200 for again about 4-5 hours work.
The handyman I use makes about $50 an hour when bidding the job but is so meticulous that he spends about 33% more time getting it done right.
So I guess the easy answer is, it depends upon who I have to pay and how much it costs.
Nick