Category Archives Real Estate investing

Our renovations are finally complete and we officially have the place fully rented with income coming in. BeforeAfter Before After The renovations have really come along nicely, fully completed, and the unit is now rented. The other tenant was away for a few weeks so we took that opportunity to redo the bathroom there as it was needed. Now with the house fully rented the LLC's bank account is growing rapidly and it is time to look for a second duplex or single family home to rent. Will post more about that one later, but wanted to have an update. Butcher Block Counter Top New Floor and Paint No more wall paper and new carpet In all we probably put…

Demolition on the kitchen and bathroom on the non-rented side of our new investment duplex has begun. Bathroom coming apart Ceiling removed Everything is coming right down to the studs. Even the kitchen. Cabinets gone Excited to get this side fixed up and ready for rent. The goal is to have it ready for April. New floor, walls, kitchen, bathroom. Paint and carpet throughout. Going to cost some money up front but will pay for itself in the long run with higher rent and less going wrong with it all.

Those following along will know that my wife and I purchased our first rental duplex in October 2019. There was a complete list of items that needed to get done. There was a lot I wished I knew ahead of time, so I'm going to chronicle as much as I can here so other folks will have a leg up and also so I can selfishly come back to this post and learn from my own mistakes or successes. Your handed the keys. Congratulations! If you've gone this far you've made a huge step towards your own personal financial independence. First things first: Start a Spreadsheet Start a rental spreadsheet. Before you spend another dollar you should be keeping track…

Removing wall paper from our old duplex has become a weekly Saturday task. I go up, tackle half a room. Eventually get fed up, hungry, tired, and sore right shoulder and head home semi-exhilarated for what I accomplished and semi-defeated for what still lies ahead. I have tried everything with steamers and different types of spray on wall paper remover. Honestly there just isn't a good way to do it. Especially when you have multiple layers. One of the down stairs rooms had about 5 layers of wall paper on it. No, that little rolly wheel thing didn't work either for perforating the paper. I mean it worked, just not as advertised. Stripping multiple layers of wallpaper Look at all…

It happened sooner than expected, but we got that first dreaded phone call that the heat was out only a month into owning the place. Thankfully, I knew the company that serviced the furnace and called them up, they came over and quickly diagnosed and fixed the furnace (a malfunction in the thermometer, so just a replacement was needed) and the heat was back on and running! This scenario made me realize that while I knew exactly who to call, my wife would not. I will be on a work trip sometime next month and if I wasn't around I'm not sure this would have been handled as quickly and easily as it was. I started to make a list…

Looked at a duplex as a potential investment rental. We liked it, put in an offer and it was accepted just now! More details to come, but in the next couple weeks we will officially be landlords and have tenants! One side the tenant is leaving - and thankfully that's the side that needs some work. Unsure if I want to get my hands dirty and do it, or just hire a trusted contractor (one I have used in the past). I guess it all depends on cost. Still seems surreal. Have a great weekend folks!

So it's only been a week since I found the real estate investment of my dreams.  It was in the location I wanted - The historical district.  It has the brick walls, wood floors, all updated and new appliances and kitchen with a granite countertop.  The numbers worked...  It was a dream come true and I was ready to sign on the dotted line. Inspection?  I don't need an inspection.  I walked around and I'm a savvy home owner and I know my stuff... And walk around I did.  Everything looked great! Luckily, I was smarter and had an inspection with a home builder I knew and trusted.  All of a sudden, all of the issues started coming to light. …

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