Weeks 11 and 12 Accomplishment

Another hectic two weeks and I was unable to post last week.  This is my update for weeks 11 and 12.

My Holdings
We are almost finished with the Bathroom Hole house – we are just waiting on the carpet, counter top refinishing, and some landscaping where the pool was filled in.  It should be finished next week.  So far, I have spent about $59k on the house and should end up in the low $60s.  My value estimate was about $117k but comps were all over the place.  The bank required appraisal came in at $162k.  I signed with a listing agent at the end of week 12 and we are going to list it at $149,900.  Initially, I will not put in appliances and will give a $2,000 allowance for appliances of the buyer’s choice.  After the carpet is installed and the counter tops finished I will post pics and another video.

Landlord Duties
At the time of my last post I had 5 vacant properties.  I now have tenants for four of them.

1. A house I have with a partner.  Our last tenant was paying $650, our new tenant will be section 8 paying $790.  We failed the inspection and need to make some minor repairs.

2. I had a 2 bedroom that was vacant for 4 months.  I now have a deposit and a signed lease.  I gave them the rest of January (about 4 days) and let them start moving in.  Rent is $550.

3. I evicted a tenant for a 3 bedroom 1 bath in early January.  I have taken a partial deposit and removed the sign.  The tenant has signed a lease and will pay the rest of the deposit and first month’s rent on Feb 10.  Rent is $700.

4. I had a tenant leave a 3/2 in early January due to a job transfer; they forfeited their deposit of $900.  I have a new tenant who has paid a partial deposit and signed the lease.  They agreed to pay the remaining deposit and the first month’s rent on February 1st.  Their rent is $900 and they have moved in.

As you can see, I let people move in early; sometimes with only a partial deposit.  I would only recommend doing this if you screen carefully.  I am worried about the vandalism when the house is vacant.  So far, I have not had problems with this approach.  I do not offer this up front, only after they have paid and think they must wait.

The tenants on my 5th vacant house are gone.  However, they are upset that I have a for rent sign up.  I filled an eviction and they were gone before being served.  They still filled an answer wanting their deposit back since I am trying to rent the house.
In December I filled eviction, and then foolishly took payment on Dec. 29th.  I verified the check but deposited it in my account.  It bounced by the time it got to their bank.  I filled eviction again, due to them not paying January rent.  I filled on January 12th, which appears to be the same day that they moved.  I did not even know about the bounced check until a few days later.
They are arguing that they left tin December and should not be charged January rent.  The claim they mailed the keys on Jan 3.  I subpoenaed the power company and found out that they turned off their power on January 12th.  The postmark on the keys envelop is January 17th.  Our court date is this Wednesday.

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