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.

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Week 10 Accomplishments

My Holdings
Work on the Bathroom Hole House is proceeding.  The plumbing and electrical repair is now complete and I expect everything to be finished by the end of January.

I completed the plumbing work on the EON house.  I now have this one on hold until my crew completes work on the other house, which should be in about 2 weeks.  I don’t think it is worth the hassle and risk of find a new crew to save 2 weeks, and it will probably take a week to find the crew.  I have posted a new youTube video EON house which shows the work that needs to be done.  Later in the week I will post the repair estimate and some pictures.

Landlord Duties
I have 5 vacant houses (4 I own alone, and 1 with a partner) but I now have partial deposits on 3 of them and will be collecting the complete deposits by the end of the month.

In December I filled eviction on a tenant who then paid.  She owed $850 (including court costs) and sent me a check which I received on December 30th.  I did not want to acceptpayment because January rent was due on January 5th and I doubt she could pay it.  However, the court requires you to accept payment in full on the first eviction attempt, and we had a court date on January 3rd.  I reluctantly accepted the payment, which was a check that her daughter provided.
I called the bank to ensure she had adequate funds and she did.  I then deposited the check into my account – I could not cash it because it was made out to my company.  On January 5th I received no payment and no phone call.  I posted a demand letter on her door on January 7th and filled eviction on January 12th.  On the 13th I went to the house and she had moved.  Later that day I received a letter that the previous month check had bounced.
I am waiting to see if she was actually served.  If she is, I can get a judgment which I may try to collect.  I usually just want them out and find that collecting the judgment is almost impossible.  This is house just add a vacancy and gave me the total of 5.

My partner is working on the vacant house that we own together.  I think we should hire someone but he wants to do everything himself.  He spends his weekends working on the house for no pay.  I think it would be done by now if we had hired someone, but this is a drawback of having a partnership.