Master Plumber!
Ok, maybe I'm not a master plumber. I did, however, successfully instal a new toilet in the rental property last night. Total time: 1 hour. And that included a trip to the store to buy the toilet after I ripped the old one out. I was very excited because I had never attempted anything like this before! So I patted myself on the back and moved on. All the leaks are now fixed in the house. Over the weekend I installed a new water heater, and ran a 110 outlet for the power vent. I put GFCI outlets in the kitchen above the sink. I fixed the ground and neutral wires in the breaker box (the previous owner had wires hanging in the breaker box, not even connected!), and all outlets checked out just fine now! What a relief. I saved hundreds of dollars on an electrician. I have one room left to paint, install the ceiling mounted shower rod for the claw foot tub, paint the floors, then I'm done. The renters move in in May, so no hurry. Time to start looking for more properties!
Comments (2)
I also liked your posts. I was curious as to how the cash out refinance went. Sounds like your in the house for about $33k. How much did the house appraise for? And how much cash out are you taking? It certainly sounds like the rent will give you a positive cash flow. Your strategy sounds like one that I might follow. Buy rental homes that can pay for themselves in 3 to 5 years with the rents collected. After the home is paid for (by the renters) you could either hold it for clear cash flow or sell it and buy the next one. Terrell
Terrell Williams, over 16 years ago
Sounds like you are off and running! I have been following your posts and blogs. I can't wait to have similar experiences to write about. Keep up the hard work, and most importantly, the positive attitude! Claude
Claude Hodge, over 16 years ago