It has been several weeks since my last post. I have been very busy with my JOB, taxes, a vacation, and I have had 3 offers accepted on houses. I have lined up bank financing for two of them. The third I am selling to a friend at my actual cost. I close next week and I will post numbers, the negotiation process, and pictures then.
I am still trying to sell the bathroom hole house. I had a contract but if fell through due to the inspection. The inspector found 2 jacks holding up part of the floor. I did not know they were there and I offered to fix it but the buyer still backed out. I have now fixed it – it only cost me about $300. I reduced the price a bit, to $145k, and the property has been back on the market about a month now.
The EON house is complete and I decided to rent it. A tenant tracked me down before I even put a sign up. It is rented for $1,000 per month and my payment is $435. Pretty good cash flow on this one, so I decided not to sell it. I will post after pictures and a walk through video in a few days.
Landlord Duties
I had one tenant disappear. She called in March and asked for an extension on her rent. I agreed because she asked in October and came through with her promise. This time she did not. In mid-April I went to the house and the power was off. I went in and the living room was empty, but some bedrooms had mattresses and clothes in them. A neighbor told me the tenant left and her children were using is as a ‘drug house’.
I was able to get in touch with the tenant using the references on her application. I offered her $200 to get her stuff and clean the house up. She did and I paid her. I spent about $575 on additional cleanup and some minor repairs. Within a week I had the house rented again at the same amount – $750.
