Another hectic two weeks and I was unable to post last week. This is my update for weeks 11 and 12.
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.
At the time of my last post I had 5 vacant properties. I now have tenants for four of them.
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.
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.