Things are progressing. Giving the renters 3 month notice to vacate was the right thing to do and has so far worked out well. One renter plans to be out a month and a half earlier than the move out date, and the other renter called to tell me she is waiting to find out if she is chosen for a rental house and will be moving out immediately if they get it.
So the renters are all set. Now I am scrambling to speed up the HELOC process. I dont want the duplex sitting empty for even 2 days, and dont feel comfortable starting construction until the HELOC money is in the bank.
On the day to day financial front- things are going well right now. Everything is staying steady. Once the renters are out and I'm carrying the mortgage and undergoing construction I am not sure how everything will fit together. It'll be some re-allocating and tight but ok after 5-6 months when expenses calm down. It's the frenzy of purchasing that I am worried about. But I take a deep breath and tell myself there is nothing to do about it now.
BB has scheduled his back surgery. He'll come home for 2 weeks and then return to FL for the surgery. I am very excited for the surgery, as is BB. He is in so much pain it effects his life so severely. I cant wait until he is pain free and can return to a normal life. He's had this bad back for so many years, I may not even know him afterward!
The renters upstairs are going...ok. The 6 month guy has paid his half of the rent but the other guy that I thought was more responsible of the two has not paid for August. And in July he asked for his deposit back because he wanted to take me up on my offer to just pay an extra $175 month for the 6 month lease duration and pay it that way, rather than all upfront. I didn't give it back to him. But clearly he's run out of money. I'm not sure how- he's only been in the apartment 1.5 months. I wonder if they didn't get their deposit back from their previous place. But the more responsible guy is also pretty spacey and it's very possible he hasn't realized its August yet. He's not dodging me. Every time I see him I want to ask for the money but keep hoping he'll bring it up. Next time I'm going to just ask for it.
It has crossed my mind that I have two shaky tenants living in the upstairs apartment. Their rent covers my entire mortgage on the house, and I have 2 very stable tenants who pay the mortgage on the 2nd duplex moving out by September 1st. I need to be prepared to carry 2 mortgages at once. I'm not looking forward to that possibility but I am somewhat prepared for it.
Thats about it. I'm headed to FL next week for a long weekend with BB. Just trying to hang low before the construction starts and turns my life into chaos.
Renters Update
August 8th, 2010 at 01:05 pm
August 8th, 2010 at 02:03 pm 1281276210
What is the late payment fee for the rent? Once the rent is a week late, I would send a bill attaching the late fee to it. You're setting the precedence now for how the rent payments will be handled. I would definitely say something, as uncomfortable as it is. Spaciness and dodginess are not good traits to have as renters, and hoping is not a good trait for a landlord to have. I say this as someone who has been in the same situation as you and found out that it is best to be proactive in getting your rent!
August 8th, 2010 at 03:17 pm 1281280661
August 8th, 2010 at 07:08 pm 1281294504
August 8th, 2010 at 08:01 pm 1281297708
August 11th, 2010 at 12:41 pm 1281530468
August 20th, 2010 at 09:41 pm 1282340464
Jerry