Michael Rossi's Landlording Blog

I had every intention of working today. Unfortunately, no-one told the dishwasher about that. Our dishwasher (at home) broke down yesterday and my wife "encouraged" me (threatened me) to get it fixed today. So, I dug out the manual for the 9 year old machine and read through the troubleshooting section, which was no help. I could not find an electrical schematic for the machine, so I took it apart anyway, looking for anything that may be a problem. When it became obvious that I couldn't track down the problem without a wiring diagram and considering that I don't know much about dishwashers, I called the used appliance store where I buy all the stoves and refrigerators for my rentals. They have a good serviceman there and I asked him to come out to the house and look at the dishwasher. Within an hour, he was at our house and within another hour, he had fixed the machine. That was the best $50 I have spent in a long time and my wife is happy that the diswasher is back in action, which makes me happy!

Since I was home, I decided to fix a light on my motorcycle, which had become loose during last weekend's cross country trip to the Tail of the Dragon. By the time I got that fixed, the stock market was down more than 500 points, and I became interested in watching that.

Next, my accountant called and said that she had a few last minute questions about my personal return. So, I drove to her office to discuss these matters with her. Needless to say, my taxes are on an extension and I've got to send them in by October 15th.

Finally, I went on my daily bike ride. Today, I decided to ride my bike to a nearby state park and to ride up and down a bunch of large hills.

Tomorrow, I am once again planning to do some work related to my rental business. We'll see what happens!

Unless you've been lost on a desert island, you know that our country is in the early stages of an economic crisis which could easily become a depression. Approximately a trillion dollars have been spent on bailouts to date and the economy is still deteriorating. Big Wall Street firms are bankrupt and the state of California has just announced that it can not make its payroll! Things do not look good.

Fortunately, the rental property business is still doing quite well. In fact, we are at record occupancy and are renting things just about as fast as they become available. My biggest concern is that job losses and high heating costs will result in a rash of evictions in the near future. To my relief, I only have one late rent this month, so this month won't be the start of a rash of evictions. In fact, I'll post the 3-day eviction notice tomorrow for the tenant that hasn't paid and I'm still hopeful that they will pay during the 3 day period with the $50 late fee!

Tomorrow, I have to run projection at church, so that will keep me busy until early afternoon. Then, I will spend a couple of minutes posting that 3-day notice and I may show my 6 bedroom house to a prospective tenant.

 

Michael Rossi is the author of 1 Minute to Rental Property Riches, which is the only book that tells the truth, the whole truth, and nothing but the truth about the rental property business. You won't find any guru motivational nonsense; unrealistic hype; or promises of instant riches without work in this book. What you will find is the critical information that you need to start, build, and operate a successful rental property business. And if you're wondering about the title of the book, 1 Minute to Rental Property Riches, it's a sarcasm of the silly guru infomercials that promise untold riches without work - which we all know is RIDICULOUS!

 

If you'd like to read more about the book, check it out at www.1MinuteToRentalPropertyRiches.com. When you're ready to buy, you'll get the best price and fastest delivery from the bookstore right here on BiggerPockets!