Yay! It’s almost that time of the year again!
Other than my birthday month, December is definitely my second favorite month. 😉
Besides munching on those holiday cookies and eating more than I should during this time of the year… I got some good news! 🙂
Rental Property #3 – Both Units Are Rented!
A few weeks ago, my property managers informed me that they got the tenants all lined up and ready to go.
This is A-mazinggggggg news and always music to my ears! 😀 😀 😀 Totally deserves 3 big happy faces for this one. It took about 1 month to finish all the renovations and find suitable tenants.
The Initial Renovation
Around the end of October, my fiance and I both took a week off from work to go visit the property. This is actually my first time buying a property without ever seeing it in person.
In spite of the fact that this duplex is located on a quiet street in a family friendly neighbourhood, I’ll have to be honest with you – I was a little scared to see the place in person for the first time, because I knew there would be work that needed to be done.
To our surprise, it was way better than we thought it was going to be. What a big sigh of relief. 🙂
After seeing the place, we had work to do…
- 2 Hot water tanks replacement
- Painting on upper unit
- Flooring on upper unit
- Fix some minor wall gaps
- Clean up and vacuuming for new tenants; magic erasers will become your new best friend!
As you can see here, one of the big ticket items is the replacement of the hot water tanks; they were old and rusted. Which reminded me of an interesting fact that I discovered renting out properties in the East; people on the East coast like to rent their hot water tanks instead of buying them out right.
Luckily, I know an amazing plumber that switched those babies out in no time and reduced the monthly rental expense on each unit.
In addition to the plumbing work, we also did some painting. The picture below shows the colour I’ve decided to call, “The Landlord’s Favourite.”
A little more painting…
We painted the living room as well, but I didn’t get a chance to take a picture since it was pretty dark already.
All in all, we finished 90% of the painting in the upper unit while trying to balance visiting friends and coworkers during the week.
The rest of the work was done by my general contractor and thankfully everything was done just in time for the tenants to move in.
What I Learned From This Deal?
- No one will care about your money as much as you do. If you have a potential rent price – confirm it with your property manager. If you got a quote from a general contractor – get another quote. Whenever you get any information, it’s your job to validate it with the right parties.
- Multi-family homes are pretty amazing, if you know what you’re looking for.
- Follow through with your price. If the numbers don’t make sense, just move on to the next deal.
On The Hunt For My Next Rental Property
Right now, I’m thinking to go big or go home. I’ve been looking to buy an apartment building, but I haven’t found the right one yet.
As there are a lot of changes happening in my life right now, such as wedding and starting a new business, I’ll have to take a short break from this before I jump into something else again.
Will I stop looking for properties while I’m preparing for my wedding? Hopefully not.
When will I buy the next property? When I spot the right opportunity. 😀