Overwhelmed, me too! How I keep my head above water
Becoming overwhelmed is a good thing right? It means you're getting into the market and making things happen. You're not stuck with paralysis analysis...you've got the opposite! This is what I tell myself at least.
2 weeks ago, we owned 4 single family properties. 3/4 were rented and the other was ready to be rented just waiting on the right person who makes at least 3x the amount of rent, and get this...doesn't LIE on their application. Picky, I know but I have high hopes for someone that lives in something so easily damaged.
2 weeks ago we bought a gorgeous single family home:
The woodwork in my absolute favorite part of the house. We try to stick with houses that are built in the early 1900s and have the hardwood floors and woodwork, it's our niche. It needs work but nothing too crazy.You can tell it was owner occupied by the color of the walls. Soon they will be a coconut cream color with shining hardwood floors.
Last week we bought an amazing townhouse style duplex.
It is probably the largest 700 sq/ft I've ever seen with both sides having a basement, first floor and second floor. What I love most is that all the utilities are separated and paid by the tenants. We also choose this property because it is right beside one of our other properties and firmly believe that owning the neighborhood can't be a bad thing :)
Fast forward to today, 1 week from the end of the month and optimal renting time. I still have that other property that needs rented, plus 1 side of the duplex and my beautiful single family home above that needs some work. To make life more fun, I work full time and lost my purse last week...so I've had to get all of the payments sorted out as well report stuff everywhere and open new accounts.
I was thinking about having an emotional break down but read in Eat Pray Love that her Guru told her that once you let yourself go there once it will always be easier to go back. SO I decided to prioritize instead. I can only do so much and nothing bad will happen if these houses aren't rented by the end of the month...unless you count that I will have to keep taking calls all the time.
I felt better almost immediately after deciding that I couldn't do everything at once. Here is my list of priorities:
1. Up the exposure on the ready-to-go property so it's off the list.
2. Get the minor cleaning & paint touch ups done on the duplex so it's ready to be rented this month too and get it out for people to take a look at.
3. Handle other rental projects as they come up
4. THEN after these previous items are as far as I can take them, worry about the single family home.
5. Breath in through my nose and out through my mouth......
Maybe nobody else goes through this, I hope not!! It's a personal growth experience for me every time. As crazy as everything is, I know it will all be worth it in 3 months and I will forget that any of this even happened.
Comments (1)
Elizabeth, you go girl! You are really accelerating your investments. Really like the duplex. Congrats! If you don't mind how much did these properties cost? Also, on the rent-ready property, I've seen experienced landlords talk about pricing slightly under market to get it moving - have you considered that? E.g. $25 under the market. Marketing experts say it's a proven strategy to use 99 e.g. $599 instead of 600. Just a thought...
Emma S., almost 13 years ago