I am starting to like being a landlord!

Our last two rental properties have been working like clockwork.  Before we started renting anything I was scared of it, how do I find a tenant?  How do I do all the paperwork correctly?  Now we are ten deep and have figured out how to get the properties full.

House #28

We closed our purchase escrow on 12/23/2009.  I still don’t have the numbers back, but I think we did about a $15,000 remodel on the property.  On 1/29/2010 we did the most form of rental property advertising, two signs in the yard and one in the front window.  And last Friday 2/5/2010 I moved highly qualified family in. That is a 44 day turn-around, from purchase to becoming tenant occupied, with a pretty big sized remodel!

House #31

We ended up rushing the repair of this one because we had someone we thought would want to move in real quick.  We closed escrow 1/12/2010, did a quick $12,000 remodel.  Signs went up the same time as House #28 on 1/29.  The original person I thought would move-in ended up passing, but we got tons of phone calls, we even took the signs down early.  We took the most qualified applicant and we signed lease paperwork yesterday.  Since we still have punch list of about 10 items left to finish, I started the lease on the 9th, but let them move-in yesterday.  This one is a 28 day turn-around!

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4 Responses to “ I am starting to like being a landlord! ”

  1. qknic says:

    congrats on the landlord game, its a win/win with the right tenant.

  2. What types of rehabs are you doing on the rentals as opposed to the flips?
    .-= Curtis Gabhart´s last blog ..Tenant approval process form =-.

  3. Oh yeah I forgot to add. Just wait until you get the midnight calls!

    Nothing worthwhile is easy and if it were everyone would be doing it and there wouldn’t be any money in it.
    .-= Curtis Gabhart´s last blog ..Tenant approval process form =-.

  4. Steve says:

    Curtis –

    We’re doing rehabs focused around the inventory. For the duplex we own, we did a pretty quick rehab (pretty much new roof and paint). Some properties we have fixed up pretty nice, maybe a little bit too nice. We are just catching our stride on the difference between a retail rehab and a rental rehab, so I would say we cut around 30% right now, depending on the property.

    We have not got any of those middle of the night calls yet. I am not looking forward to them, but it does feel nice that I would just have to make one more middle of the night call to one of my workers…

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