Since you asked for occasional updates, NJ....
So, I finished it up sometime in the morning on May 15. Tenants (a family) started moving in later that afternoon.
Based on information my real estate agent got for me, when doing the analysis while considering buying the house, I used $1800, $1900, and $2000 as the conservative, most likely, and optimistic (respectively) figures for rent.
As I was working on the house, I started thinking, "I'm definitely getting $2000/mo) for this place."
Once it was done, I listed it for $2200/mo. My agent -- who hadn't seen the finished product -- though I was crazy.
The first people who came to look at were getting kicked out of their house because their landlord was selling -- And they called me that night and said they'd take it. I was like, "wow, that was easy. did I ask enough rent??" LOL
Then, two days later as I was trying to coordinate the signing of the lease with them, they bailed. Apparently when they told their landlord that they found a place already and were prepared to move out on May 15, their landlord offered to sell them the house they are living in with a "rent to own" situation that "they couldn't refuse."
That was a bit frustrating -- and disappointing because they seemed great -- and we (my wife) re-posted it the next Saturday (as well as put a sign in the yard).
This time, we must have gotten 10+ inquiries (probably 5 the first day, then 5 over the next couple of days).
The first people to see it this time, again said, "We'll take it!"
I continued to show it this time until the lease was signed -- with probably about five more people saying they wanted it.
I was worried I wasn't going to be able to find another mid-month tenant, but we did. Basically, the minute I was done working on it, someone moved in and started paying rent. Beautiful!
With all the interest we got at $2200/mo, I still wonder if I didn't charge enough. Hahaha....
Anyway, below is one "before and after" picture. I mentioned Obli in the title of this post because he suggested the idea for the "wire railing" you see around the staircase. I wasn't keen on the idea when he first mentioned it, but then the more I drew it out in my head, the more I liked it -- And in the end I think it looks awesome. Everyone commented on how much they like it.
So, now I'm very appreciative for the idea.
It did cost a bit more than I had expected -- With all the metal parts (wire anchors, wire eyelets, and wire itself) totaling over $500.
Anyway, I looked at another house -- that I would want for a rental -- in the same area yesterday. Also, submitting an offer today on a house here in Boulder that would be a fix/flip. If I don't get that, then I'm going to make a play for the house I looked at yesterday.
That's the latest. One down, and on to the next...
So, I finished it up sometime in the morning on May 15. Tenants (a family) started moving in later that afternoon.
Based on information my real estate agent got for me, when doing the analysis while considering buying the house, I used $1800, $1900, and $2000 as the conservative, most likely, and optimistic (respectively) figures for rent.
As I was working on the house, I started thinking, "I'm definitely getting $2000/mo) for this place."
Once it was done, I listed it for $2200/mo. My agent -- who hadn't seen the finished product -- though I was crazy.
The first people who came to look at were getting kicked out of their house because their landlord was selling -- And they called me that night and said they'd take it. I was like, "wow, that was easy. did I ask enough rent??" LOL
Then, two days later as I was trying to coordinate the signing of the lease with them, they bailed. Apparently when they told their landlord that they found a place already and were prepared to move out on May 15, their landlord offered to sell them the house they are living in with a "rent to own" situation that "they couldn't refuse."
That was a bit frustrating -- and disappointing because they seemed great -- and we (my wife) re-posted it the next Saturday (as well as put a sign in the yard).
This time, we must have gotten 10+ inquiries (probably 5 the first day, then 5 over the next couple of days).
The first people to see it this time, again said, "We'll take it!"
I continued to show it this time until the lease was signed -- with probably about five more people saying they wanted it.
I was worried I wasn't going to be able to find another mid-month tenant, but we did. Basically, the minute I was done working on it, someone moved in and started paying rent. Beautiful!
With all the interest we got at $2200/mo, I still wonder if I didn't charge enough. Hahaha....
Anyway, below is one "before and after" picture. I mentioned Obli in the title of this post because he suggested the idea for the "wire railing" you see around the staircase. I wasn't keen on the idea when he first mentioned it, but then the more I drew it out in my head, the more I liked it -- And in the end I think it looks awesome. Everyone commented on how much they like it.
So, now I'm very appreciative for the idea.
It did cost a bit more than I had expected -- With all the metal parts (wire anchors, wire eyelets, and wire itself) totaling over $500.
Anyway, I looked at another house -- that I would want for a rental -- in the same area yesterday. Also, submitting an offer today on a house here in Boulder that would be a fix/flip. If I don't get that, then I'm going to make a play for the house I looked at yesterday.
That's the latest. One down, and on to the next...
