Just curious, how are things going?
Good call, about time for an update.
UpdateLease Option 1: We've had more issues with the tenants calling the property management company for issues (this time freezing pipes back in the awful Feb/March freeze), the property management company responding and then charging me the repair bill for items that should never be charged to me.
We've responded swiftly to both the leasees with a formal letter and phone call follow-up, reinstating the terms of the lease and their responsibilities as well as schooling the property management crew on this type of lease and the fact that they are not to provide property management services.
The correction of the freezing pipe was billed to me at $500. I'm still working out how to recapture these funds.
The market is also coming up a bit in the area and the more I look at it, I think I underpriced the property at 65k. Should have posted it up at 69k. I'll have to take closer note of this in the future.
Lease Option 2: Perfect, no issues. I drove by the property in early March when I checked in on the team, my first time seeing the place - it looked great.
New Property: No issues, saw the property for the first time when I was in town in early March. The property looked good, noted some exterior maintenance issues that I'll have to tackle in the next 18 mo (painting).
Additional Properties: Put another 3bd/1ba under contract two weeks back, closing next week. It's just around the corner from an existing rental of mine, great street and I'll rent it for $700/mo on the section 8 program.
$31.5k is my all-in cost including a few bucks fixing odds and ends pre-tenant move-in. Photos below.
Closing Notes All-in-all, I'm happy with everything and the progress. I'm learning some lessons, albeit expensive but bigger picture, I'm doing fine. My gross rents are becoming more and more significant and my goal is to get them up over 70k/annual by end of this year.
In other news, I've accepted a promotion and will be relocating to Indonesia/Singapore in two weeks. This is a huge change and will have me moving from 2k+ miles away from my properties to 9k+ miles away.
That said, it's a great move and will allow me to continue to funnel substantial funds into my real estate empire and fuel the ramp up.
I'm confident in the team that I've setup to be able to deal with any issues that arise as well as manage new acquisitions as we move forward.
This last property marks #7.