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.…
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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…
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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…
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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!
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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…
