Landlord Doesn't Fix
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Landlord Doesn't Fix (by Deanna [TX]) May 10, 2018 7:50 AM
       Landlord Doesn't Fix (by AllyM [NJ]) May 10, 2018 8:36 AM
       Landlord Doesn't Fix (by Deanna [TX]) May 10, 2018 9:51 AM
       Landlord Doesn't Fix (by BRAD 20,000 [IN]) May 10, 2018 10:45 AM
       Landlord Doesn't Fix (by Deanna [TX]) May 10, 2018 10:48 AM
       Landlord Doesn't Fix (by Busy [WI]) May 10, 2018 10:57 AM
       Landlord Doesn't Fix (by S i d [MO]) May 10, 2018 11:19 AM
       Landlord Doesn't Fix (by Deanna [TX]) May 10, 2018 12:25 PM
       Landlord Doesn't Fix (by GKARL [PA]) May 10, 2018 1:54 PM
       Landlord Doesn't Fix (by cjo'h [CT]) May 10, 2018 2:59 PM
       Landlord Doesn't Fix (by Deanna [TX]) May 10, 2018 6:32 PM
       Landlord Doesn't Fix (by BRAD 20,000 [IN]) May 10, 2018 9:10 PM
       Landlord Doesn't Fix (by BRAD 20,000 [IN]) May 10, 2018 9:19 PM
       Landlord Doesn't Fix (by rani3182 [TX]) May 11, 2018 4:28 AM
       Landlord Doesn't Fix (by Lynda [TX]) May 11, 2018 11:52 AM
       Landlord Doesn't Fix (by Lisa [TX]) May 11, 2018 11:56 AM
       Landlord Doesn't Fix (by Shelby [IA]) May 11, 2018 1:29 PM
       Landlord Doesn't Fix (by Robert,Ontario,Canada [ON]) May 11, 2018 3:13 PM
       Landlord Doesn't Fix (by Nellie [ME]) May 11, 2018 5:26 PM
       Landlord Doesn't Fix (by Jim in O C [CA]) May 12, 2018 12:13 PM

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Landlord Doesn't Fix (by Deanna [TX]) Posted on: May 10, 2018 7:50 AM
Message:

So, I'm slogging through my batch of project houses.

Back in March, 2016, we purchased a batch of five homes from one burned-out landlady. The houses had belonged to her husband; he had died; she didn't know how to screen; she rented to anyone with money; tenants trashed her house and didn't pay; she had health issues; she was in bankruptcy; she didn't keep up her houses; and the City was going through and starting to condemn them, one by one.

So she approached us and said, "Please!" and we bought five units on four properties for $2k total. They were each very significant renovations. One unit serves as storage; two units are working; one unit has a month or two left for its renovation; and one unit is on the back burner and keeps getting bumped for something else. :P (That last one, her new husband had an emotional attachment to, asked if he could work on it for us, and so we were going to hire him for $x to start the tear-out. But he had heart problems, and so he couldn't submit himself to that kind of activity.)

We noticed another house of hers that was next door to the one we're currently working on. It was actually a cute little house, unlike the trashy, sad, broken places that we were getting. We asked if we could include that in the package deal, since she was getting out of the biz, but since that house was actually nice and not in danger of condemnation, it was off the table. It had a desirable tenant, whereas the four units we got were vacant, and one unit we got had an undesirable tenant.

Was over at the current renovation this morning, and my handyguy mentioned the Desirable Tenant at the Nice House had moved out yesterday. She loved the house and had lived there for 3 years and would have stayed forever--- but the roof leaked in the dining room. She'd been trying to get the landlady to fix it for months, but always got the runaround. Then there were some big storms two weeks ago, and a branch fell out of a tree and punched a hole in the roof. But the landlady says, "You're the tenant. That's your job to fix the roof."

So, the landlady lost her one decent tenant and she's letting her one decent house get water-damaged. A damaged roof is a no-brainer! She'll probably end up selling the house-- not for $2k, of course! --but it was just such a sad waste of a good asset by not being responsible for stuff that's clearly your domain. You always want people to succeed--- and it's rough when you see that people are their own worst enemy. --96.46.xxx.xx




Landlord Doesn't Fix (by AllyM [NJ]) Posted on: May 10, 2018 8:36 AM
Message:

Belonged to her husband who had died and didn't know how to screen. Run down, tenants trashed the house. Sounds like what I walked into with some of the buildings my dad left to my mother. Husband must have been sick for a long while before he passed, just like my dad. But these were 100K buildings. --73.178.xxx.xx




Landlord Doesn't Fix (by Deanna [TX]) Posted on: May 10, 2018 9:51 AM
Message:

I'm sure it's happened any number of times... something that's an asset under the management of X turns into a liability and a headache to his widow or heirs when he dies.

So suppose my houses bring in, say, $150k/year while I'm in control... and I think that's just the most awesome thing in the world, to leave my kids a business that brings in 5x the annual household income for my area. But if my kids haven't been involved in their upkeep, or don't show the desire to learn, or perhaps they're just living in a totally different part of the world and can't manage them from hundreds or thousands of miles away--- I may well do them a better favor to liquidate them during my lifetime. (And then spend the proceeds touring the world for a few years. But at least I've spared them the headache of wrecking the business I worked hard to cultivate!) :P --96.46.xxx.xx




Landlord Doesn't Fix (by BRAD 20,000 [IN]) Posted on: May 10, 2018 10:45 AM
Message:

Deanna,

You had me at '5 units for 2K'.

BRAD --68.50.xxx.xxx




Landlord Doesn't Fix (by Deanna [TX]) Posted on: May 10, 2018 10:48 AM
Message:

My photos labeled "Barking Dog" are the first house from her that we salvaged and got back on its feet. :) --96.46.xxx.xx




Landlord Doesn't Fix (by Busy [WI]) Posted on: May 10, 2018 10:57 AM
Message:

Landlord in my neighborhood is starting down this slope. She has much bigger houses than I like to buy, or I'd be in. Union stickers all over the back of the vehicles the landlord drives. But, apparently they don't want to hire the union workers to do the work....

Nice that you got the great deals, and are restoring the houses to good places to live.

--172.56.xx.xxx




Landlord Doesn't Fix (by S i d [MO]) Posted on: May 10, 2018 11:19 AM
Message:

I remember you tell us about these awhile back, and I sat at my keyboard drooling for 15 minutes thinking, "How can I be more like Deanna?" These deals DO exist! Not every day, and maybe only once in a lifetime, but they do happen occasionally. It's the spice of life.

We've heard the phrase "making money." This lady did the opposite and destroyed money.

--173.19.x.xxx




Landlord Doesn't Fix (by Deanna [TX]) Posted on: May 10, 2018 12:25 PM
Message:

@Sid, we're sort of like farmers. Where most people see a stinky pile of manure, a farmer sees opportunity and potential. :) But there are days when I wish I had a little less stinkiness to transform!

But it's a tradeoff-- what I save in money I pay to the seller ends up getting paid to the handyguy, the plumber, the electrician, the A/C guy, the yard guy, Lowes, and plus the value of my time, as it sits around not earning money during the renovation process. And that's something that a lot of people don't want to fool with-- they'd prefer to spend more up-front so they have a better chance of getting it working from day 1. And that's a perfectly valid business model as well. But since I care less about what it does for me in 2016, 2017, 2018, and I care more about what it will do for me in 2023, 2024, 2025... I'm able to play the game my way.

I'll see if I can put together some pics of the current renovation, to show where it was when we bought it, and its subsequent progress.

--96.46.xxx.xx




Landlord Doesn't Fix (by GKARL [PA]) Posted on: May 10, 2018 1:54 PM
Message:

Deanna---I can't get over that either. Five houses for $ 2000? I don't see how you can lose with that. --207.172.xx.xxx




Landlord Doesn't Fix (by cjo'h [CT]) Posted on: May 10, 2018 2:59 PM
Message:

Deanna,Congratulations,hope you remain in good health in order to do what you have to. Charlie.................................................................... --174.199.x.xx




Landlord Doesn't Fix (by Deanna [TX]) Posted on: May 10, 2018 6:32 PM
Message:

I updated my picture page to show my current ongoing renovation from that batch of houses, if anyone wants to take a peek at the process. --96.46.xxx.xx




Landlord Doesn't Fix (by BRAD 20,000 [IN]) Posted on: May 10, 2018 9:10 PM
Message:

Just sell em AS IS with seller financing??

BRAD --68.50.xxx.xxx




Landlord Doesn't Fix (by BRAD 20,000 [IN]) Posted on: May 10, 2018 9:19 PM
Message:

Deanna,

The pics look great!

For what it's worth...I got tired of my new exterior doors being bumped and scratched during reno so we secure the building with old dented doors prehung doors and install my pretty JumpBackLoretta front door last.

Helps me relax when they are dragging lumber and drywall thru the doorway!

BRAD --68.50.xxx.xxx




Landlord Doesn't Fix (by rani3182 [TX]) Posted on: May 11, 2018 4:28 AM
Message:

WOW is all i have to say after clicking through the pics! --73.232.xxx.xxx




Landlord Doesn't Fix (by Lynda [TX]) Posted on: May 11, 2018 11:52 AM
Message:

Wow--isn't enough to cover it! Holy Lord in Heaven, what a job! I can't wait for the 'after' photos. I wonder at some of the home reality shows on TV, but Deanna you are the real deal! --108.87.xx.xxx




Landlord Doesn't Fix (by Lisa [TX]) Posted on: May 11, 2018 11:56 AM
Message:

It looks great Deanna! --173.173.xxx.xxx




Landlord Doesn't Fix (by Shelby [IA]) Posted on: May 11, 2018 1:29 PM
Message:

How do I get to this “picture page” to see? --173.26.xx.xxx




Landlord Doesn't Fix (by Robert,Ontario,Canada [ON]) Posted on: May 11, 2018 3:13 PM
Message:

Many of the smaller rental housing providers are a vanishing breed. Often they do not belong to a landlord association where they learn about thorough credit checks on all adult applicants. In the province of Ontario it is a extremely difficult to be a Rental housing providers as the rent control system along with biased broken rental dispute process. Now most of those single family homes are now owner occupied --84.186.xxx.xxx




Landlord Doesn't Fix (by Nellie [ME]) Posted on: May 11, 2018 5:26 PM
Message:

That is pretty awesome! Kudos to you for having all that energy. --70.16.xx.xx




Landlord Doesn't Fix (by Jim in O C [CA]) Posted on: May 12, 2018 12:13 PM
Message:

In Taxifornia $2000 would be nthe cost of double front doors. --75.22.xx.xx



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