In the past three days, I have spoken to several people who are willing to take on my property management issues. Now it is a matter of figuring out what I want. As part of my exploring, I have two former tenants who have come forward.
Former Tenant #1: Never owed me money. Always was responsible. Showed a strong fiduciary responsibility to me when she was my tenant. She doesn't work and has lots of free time. But, doesn't understand real estate investing. Good worker bee. Needs lots of guidance.
Former Tenant #2: Doesn't owe me money. Tells it like it is. Beyond smart. Knows about real estate investing. Knows everyone under the sun and has contacts like nobody I have ever met--with the exception of my attorney. She shows initiative can handle handymen and can pour out the Southern Hospitality better than any contestant in a Little Miss Rice Patch pageant. But, she works a full time job. So, things would not happen as fast as I would like. Probably won't need any guidance.
I like them both for different reasons. #2 will never be able to get along with #1. So, putting them together will probably result in a stupid cat-fight. But, this is a better problem to have than the ones of last week. And, there are other property management companies I haven't explored just yet.
There is hope.
Sunday, June 08, 2008
Saturday, June 07, 2008
Hitting the Fan
It is official a good portion of my life has gone to Yuma in a handbasket. It isn't one specific thing or another. It just so happens, that the past two weeks has created new level of challenges.
It was only that my internet went down and I could not sufficiently get it repaired by the date promised by the new company (rendering several aspects of my professional life useless), nor the treadmill blowing up and leaving a stench of electrical smoke and my laptop coming down with a horrible virus. No, those events just mirrored the disasters going on with the business.
The business stuff consists of a sheriff-led eviction, someone who left in the middle of the night, another tenant leaving, a late paying tenant who keeps promising to pay (and in all fairness, did pay today), a lack of adequate property mangement, additional costs and a few other suprises I am just not ready to deal with.
My emotional state got so bad the other day, I just broke down and bawled. Two days later, my dear and usually very supportive husband suggested I get it together and get over myself. I am not there yet, but I will be. Eventually.
I am heading to Alabama on Tuesday to take care of a bunch of stuff. Or, at the least get over myself.
It was only that my internet went down and I could not sufficiently get it repaired by the date promised by the new company (rendering several aspects of my professional life useless), nor the treadmill blowing up and leaving a stench of electrical smoke and my laptop coming down with a horrible virus. No, those events just mirrored the disasters going on with the business.
The business stuff consists of a sheriff-led eviction, someone who left in the middle of the night, another tenant leaving, a late paying tenant who keeps promising to pay (and in all fairness, did pay today), a lack of adequate property mangement, additional costs and a few other suprises I am just not ready to deal with.
My emotional state got so bad the other day, I just broke down and bawled. Two days later, my dear and usually very supportive husband suggested I get it together and get over myself. I am not there yet, but I will be. Eventually.
I am heading to Alabama on Tuesday to take care of a bunch of stuff. Or, at the least get over myself.
Monday, May 12, 2008
A Week in Review
I just spent a week in Birmingham, putting out fires, looking at homes and talking to lawyers. A typical visit. However, I thought this visit I would have plenty of down-time, a luxury I have yet to experience in Birmingham. This trip, like all the others was one big treadmill run.
I did have some free time Friday night around 8 p.m. to find Zaxby's Chicken--the South's answer to Kentucky Fried Chicken. Except better. Actually, I have an infinity for their wings and mushrooms.
My time was taken up by two main activities: looking for a home to buy and fixing up my vacant home.
Shopping for homes with my agent is always an interesting experience. Jack is also a business partner. He likes to look at everything. Even those I have dismissed from the get-go. And, he (and I) feel that anything is worth buying at the right price. That is kind of a dangerous, as there isn't always a voice of reason between the two of us. Once there was one house that really piqued our interest. It was missing just about everything, had serious termite damage and a dangerous mold issue worse than I had ever seen. But, they only wanted $40,000. How bad could it be? Eventually sanity won out, or there was an offer from someone stupider than us. I forget which. This time we found two that met our basic criteria. Nothing has been done with either property just yet.
My other big activity was taking care of the house I kicked the woman out of last month. Sometimes there is money to handle these things. Sometimes there is time. This time money lost. The house was in reasonable condition considering the woman who lived there was adverse to cleaning. There was junk left behind, and we (my trusted tenant/property manager and I) brought over a rake one day to gather up the bits of Battleship pieces, trash and a variety of miscellaneous odds and ends that people probably don't really need but can be found in every home. Then there was the five dozen eggs left in the refrigerator...
Sadly, there was also magic marker on the walls and with the 15 foot walls, it was a bit of maneuvering to get this done. We left the nautical blue bathroom. And we left the lemon yellow hallway. But the laundry room had to be painted. We had more lemon yellow paint than anything else, so the laundry room is a lovely lemony color now. The master bedroom, which had the brunt of the magic marker, is now the color of chocolate milk. Only because after the laundry room, we didn't have any more yellow. We had Ovaltine brown.
We finished the house in what I calculate to be 30 man-hours. Which is amazing because we did it in 2 and a half days. There were other appointments scattered in there. I met with two attorneys. Took care of an insanely stupid issue at the Alabaster Alabama post office, met with an agent who might be willing to help me out with renting the vacant house with the yellow laundry room, went house hunting with Jack and, and, and....
As an interesting cultural notation, being from Arizona I noticed a few things. I heard "Sweet Home Alabama" EVERY day I was there. And, it wasn't on the same radio station. I heard a tornado warning for the first time in my life. Missed the tornado though. Also, I drove in rain so dense I couldn't see past the hood of my car. And, I got to see a beautiful green spring time--something I don't see living in the desert.
The latest rental house, now picked up and ready for a tidy tenant who is willing to pay rent on time.
The sitting room of the Ovaltine bedroom.
I did have some free time Friday night around 8 p.m. to find Zaxby's Chicken--the South's answer to Kentucky Fried Chicken. Except better. Actually, I have an infinity for their wings and mushrooms.
My time was taken up by two main activities: looking for a home to buy and fixing up my vacant home.
Shopping for homes with my agent is always an interesting experience. Jack is also a business partner. He likes to look at everything. Even those I have dismissed from the get-go. And, he (and I) feel that anything is worth buying at the right price. That is kind of a dangerous, as there isn't always a voice of reason between the two of us. Once there was one house that really piqued our interest. It was missing just about everything, had serious termite damage and a dangerous mold issue worse than I had ever seen. But, they only wanted $40,000. How bad could it be? Eventually sanity won out, or there was an offer from someone stupider than us. I forget which. This time we found two that met our basic criteria. Nothing has been done with either property just yet.
My other big activity was taking care of the house I kicked the woman out of last month. Sometimes there is money to handle these things. Sometimes there is time. This time money lost. The house was in reasonable condition considering the woman who lived there was adverse to cleaning. There was junk left behind, and we (my trusted tenant/property manager and I) brought over a rake one day to gather up the bits of Battleship pieces, trash and a variety of miscellaneous odds and ends that people probably don't really need but can be found in every home. Then there was the five dozen eggs left in the refrigerator...
Sadly, there was also magic marker on the walls and with the 15 foot walls, it was a bit of maneuvering to get this done. We left the nautical blue bathroom. And we left the lemon yellow hallway. But the laundry room had to be painted. We had more lemon yellow paint than anything else, so the laundry room is a lovely lemony color now. The master bedroom, which had the brunt of the magic marker, is now the color of chocolate milk. Only because after the laundry room, we didn't have any more yellow. We had Ovaltine brown.
We finished the house in what I calculate to be 30 man-hours. Which is amazing because we did it in 2 and a half days. There were other appointments scattered in there. I met with two attorneys. Took care of an insanely stupid issue at the Alabaster Alabama post office, met with an agent who might be willing to help me out with renting the vacant house with the yellow laundry room, went house hunting with Jack and, and, and....
As an interesting cultural notation, being from Arizona I noticed a few things. I heard "Sweet Home Alabama" EVERY day I was there. And, it wasn't on the same radio station. I heard a tornado warning for the first time in my life. Missed the tornado though. Also, I drove in rain so dense I couldn't see past the hood of my car. And, I got to see a beautiful green spring time--something I don't see living in the desert.
The latest rental house, now picked up and ready for a tidy tenant who is willing to pay rent on time.
The sitting room of the Ovaltine bedroom.
Friday, May 02, 2008
It's Not What You Know
It is no secret that those who have my back are some of the best and brightest. I am blessed to have them on my side. My company is small--but they treat what I do as something valuable. And, for that, I am grateful. Those I work with have become friends. They mostly came through networking, until I found the right ones. I am grateful I can call on them. I am even more grateful they answer when I call.
My primary attorney came from a former loan officer, who told me he was the best in the business. He is. He also knows just about everyone in Birmingham. Or, if he doesn't know them, they know him. Everything he touches makes my company a little bit better.
My secondary attorney was a referral from the primary attorney. She and I have developed a nice rapport. She understands landlord-tenant law. Her advice isn't cheap. But, I have looked around Birmingham, and I cannot find anyone better versed in what she does.
My current loan officer came from my primary attorney. He is a straight-shooter. He works well with my agent and more than once he has found better deals for me, without letting me know he was shopping.
My agent came from... you guess it! I couldn't ask for a more savvy person to work with. He understands business growth. He understands the big picture of what I am looking to accomplish. And, he has told me wants to help me grow it.
I have a trusted tenant who runs errands, gets my rent and takes care of miscellaneous tasks I would do I if I lived there. But, he is also a friend who will--and has--gone to bat for me.
My CPA came from my former bookkeeper (the former bookkeeper had a few moral issues, like she didn't have any morals). This man is one of the most genuinely wonderful people I have had the pleasure of knowing. He has become a great ally when things are tough.
But, holding me together, helping with my sanity and acting as my sounding block--all while reading my mind, deciphering my circular zen e-mails with the patience of a patron saint and balancing my books--is my bookkeeper. She and I have been friends 20 years and she still tolerates me. She is great at keeping me in reality--especially when I would rather cave. I can leave her to her own devices and she will have it all done. I can throw extra projects on her and she never complains. I have the utmost respect for how she handles her company and especially how she lives her life. I could replace the rest of the people above--after all, there are always other attorneys out there... But, I cannot replace her.
My primary attorney came from a former loan officer, who told me he was the best in the business. He is. He also knows just about everyone in Birmingham. Or, if he doesn't know them, they know him. Everything he touches makes my company a little bit better.
My secondary attorney was a referral from the primary attorney. She and I have developed a nice rapport. She understands landlord-tenant law. Her advice isn't cheap. But, I have looked around Birmingham, and I cannot find anyone better versed in what she does.
My current loan officer came from my primary attorney. He is a straight-shooter. He works well with my agent and more than once he has found better deals for me, without letting me know he was shopping.
My agent came from... you guess it! I couldn't ask for a more savvy person to work with. He understands business growth. He understands the big picture of what I am looking to accomplish. And, he has told me wants to help me grow it.
I have a trusted tenant who runs errands, gets my rent and takes care of miscellaneous tasks I would do I if I lived there. But, he is also a friend who will--and has--gone to bat for me.
My CPA came from my former bookkeeper (the former bookkeeper had a few moral issues, like she didn't have any morals). This man is one of the most genuinely wonderful people I have had the pleasure of knowing. He has become a great ally when things are tough.
But, holding me together, helping with my sanity and acting as my sounding block--all while reading my mind, deciphering my circular zen e-mails with the patience of a patron saint and balancing my books--is my bookkeeper. She and I have been friends 20 years and she still tolerates me. She is great at keeping me in reality--especially when I would rather cave. I can leave her to her own devices and she will have it all done. I can throw extra projects on her and she never complains. I have the utmost respect for how she handles her company and especially how she lives her life. I could replace the rest of the people above--after all, there are always other attorneys out there... But, I cannot replace her.
Monday, April 28, 2008
Behind the Scenes
When people pay late, I often wonder about the conversations that happen around paying their bills. And, I wonder how they come to the decisions the come to when it comes to paying their bills. Do they sit around counting their dollars, and just figure they have enough for the water, electric, food, etc. and figure they should pay those instead? Do they save their pennies or cross their fingers until the next paycheck comes in and then send their payment in, hoping I won't notice? Or, do they not care?
I am no stranger to financial strain. My financial strain is different now. But, I have had in my life occasions where we were barley making it. There were times we were at the end of our rope. We traded some of our nice wedding gifts, for child care, so I could work. I remember balancing our need for groceries versus our need for diapers. And, I remember being relieved that I did, indeed, have enough to cover the diapers (and that was after scraping the bottom of the purse, looking inbetween the couch cushions and under the seats in our 13 year old Subaru)--barring no minor emergencies. My husband and I have had our share. But, we have always managed to keep the roof over our head a priority.
I don't feel a judgement about the people in my program. Whatever reason they got into the situation they are in, they are there. Money troubles doesn't make someone bad. They are by no means their credit score. Just like someone with a 790 FICO can still be obnoxious.
What I often think about is the stress in the families where there is money troubles. I think about the frightening prospect of having to loose thier home. A home is a security blanket. One tenant told me, "a man isn't a man, unless he is providing for his family." To loose that stability has to be emotionally debilitating. And, even if I don't particularly like the tenant, I still want them to succeed. It looks to me as a vicious cycle. "If cannot pay for a home for my family, I fail." That can't be good for the family dynamic.
I am no stranger to financial strain. My financial strain is different now. But, I have had in my life occasions where we were barley making it. There were times we were at the end of our rope. We traded some of our nice wedding gifts, for child care, so I could work. I remember balancing our need for groceries versus our need for diapers. And, I remember being relieved that I did, indeed, have enough to cover the diapers (and that was after scraping the bottom of the purse, looking inbetween the couch cushions and under the seats in our 13 year old Subaru)--barring no minor emergencies. My husband and I have had our share. But, we have always managed to keep the roof over our head a priority.
I don't feel a judgement about the people in my program. Whatever reason they got into the situation they are in, they are there. Money troubles doesn't make someone bad. They are by no means their credit score. Just like someone with a 790 FICO can still be obnoxious.
What I often think about is the stress in the families where there is money troubles. I think about the frightening prospect of having to loose thier home. A home is a security blanket. One tenant told me, "a man isn't a man, unless he is providing for his family." To loose that stability has to be emotionally debilitating. And, even if I don't particularly like the tenant, I still want them to succeed. It looks to me as a vicious cycle. "If cannot pay for a home for my family, I fail." That can't be good for the family dynamic.
It's Business
The person I kicked out, left. More or less. She and her kids vacated the property two days after she received notice. However, she left a portion of her belongings in the house. She also e-mailed me saying she wanted to get them two weeks ago. Her things are still there.
I don't regret my decision to kick her out. Only that I had to make it. Truthfully, I should have done it months earlier. But, I kept waiting with stale optimism for her to want to fix the problem.
It is sad, but I can now recognize the "you are going to be kicked out of your home" pattern. The calm before the storm starts with calls/e-mails being returned to me, with promises from the tenant to get caught up by a certain date. Then, the dates pass with a simple, yet feasible sounding excuse. An excuse that makes a tremendous amount of sense or plays on my parental nature--like a child being sick. Then there is the second promise, followed by another due-date. If that due date passes, the payment is usually late by a week or so, or it is completely ignored. Then the phone calls and e-mails stop completely.
There are three families who have broken this pattern. One is still teetering. Another is scraping by--but pays and stays in touch. She always comes through and does what she says she will do. And for that alone, I give her more chances. The last one calls before I find out from the bank there is a problem. The jury is still out on these folks, though I think they have the right intentions.
My new formula is gone in 60 days. A harsh change from my former bleeding heart. But, it is business. These people have to pay for water, electric, food, etc. It is time they took it seriously about paying for the roof over their head.
I don't regret my decision to kick her out. Only that I had to make it. Truthfully, I should have done it months earlier. But, I kept waiting with stale optimism for her to want to fix the problem.
It is sad, but I can now recognize the "you are going to be kicked out of your home" pattern. The calm before the storm starts with calls/e-mails being returned to me, with promises from the tenant to get caught up by a certain date. Then, the dates pass with a simple, yet feasible sounding excuse. An excuse that makes a tremendous amount of sense or plays on my parental nature--like a child being sick. Then there is the second promise, followed by another due-date. If that due date passes, the payment is usually late by a week or so, or it is completely ignored. Then the phone calls and e-mails stop completely.
There are three families who have broken this pattern. One is still teetering. Another is scraping by--but pays and stays in touch. She always comes through and does what she says she will do. And for that alone, I give her more chances. The last one calls before I find out from the bank there is a problem. The jury is still out on these folks, though I think they have the right intentions.
My new formula is gone in 60 days. A harsh change from my former bleeding heart. But, it is business. These people have to pay for water, electric, food, etc. It is time they took it seriously about paying for the roof over their head.
Monday, March 31, 2008
It's Personal
I have made a terrible mistake and I am paying for it now. I got to know a tenant. I listened to her story, gave her breaks I shouldn't have and now I have had to do my job and kick her out.
I know what I did wrong. I got caught up in her drama and her promises to pay. And, I fully believe she intended to do right. She did pay--but only often enough to keep me at bay. And, I let her, ignoring the obvious signs.
When I finally decided to kick her out, the decision was easy. I have a partner I am accountable to. The business end of this--the choice to get rid of her--was cut and dry. I called the service contract, told them not to accept partial payments. And, this time, don't call me to see if I would change my mind. Just send it back. Don't let me know. Because, I might change my mind. Then again, I might not.
I happen to like this person quite a bit. She is a great woman, fantastic mother and someone I have been proud to call my friend. What she thinks of me? I have a few ideas. Or rather, what she will think of me when she gets notice, probably isn't too pretty. It doesn't change my decision. Once my business hat was on, I could see the reality of the situation. Black and white.
I keep thinking about what is happening to her right now. The mundane stuff. Like, is she putting the kids in bed when the process server comes to the door? Or, is she relaxing with a glass of wine, reading today's headlines? Has the process server been there yet? Is she expecting the notice? Will it be a shock to her? How will she react? All these "girl friend" things I think about. Will she intellectually understand it had to happen?
I hate this part of my job. I have kicked people out before. Sometimes it has been harder than other times. This one is the worst. Because I made mistakes early on. It wasn't just that I let it get personal--though that plays a big part. But because it was personal, I let things slide too much. And what did I do? I set her up for failure by not holding her accountable. And, I set myself up too.
I know what I did wrong. I got caught up in her drama and her promises to pay. And, I fully believe she intended to do right. She did pay--but only often enough to keep me at bay. And, I let her, ignoring the obvious signs.
When I finally decided to kick her out, the decision was easy. I have a partner I am accountable to. The business end of this--the choice to get rid of her--was cut and dry. I called the service contract, told them not to accept partial payments. And, this time, don't call me to see if I would change my mind. Just send it back. Don't let me know. Because, I might change my mind. Then again, I might not.
I happen to like this person quite a bit. She is a great woman, fantastic mother and someone I have been proud to call my friend. What she thinks of me? I have a few ideas. Or rather, what she will think of me when she gets notice, probably isn't too pretty. It doesn't change my decision. Once my business hat was on, I could see the reality of the situation. Black and white.
I keep thinking about what is happening to her right now. The mundane stuff. Like, is she putting the kids in bed when the process server comes to the door? Or, is she relaxing with a glass of wine, reading today's headlines? Has the process server been there yet? Is she expecting the notice? Will it be a shock to her? How will she react? All these "girl friend" things I think about. Will she intellectually understand it had to happen?
I hate this part of my job. I have kicked people out before. Sometimes it has been harder than other times. This one is the worst. Because I made mistakes early on. It wasn't just that I let it get personal--though that plays a big part. But because it was personal, I let things slide too much. And what did I do? I set her up for failure by not holding her accountable. And, I set myself up too.
Tuesday, March 11, 2008
Now What?
Other than preparing taxes for my accountant, I just don't know what to do with myself!
Ok, I still have a few property management woes. One on probation, the other being kicked out. But, that is easy stuff now. I am a seasoned veteran when it comes to that kind of thing. And, if the person being kicked out trashes the place, well I have my new crew of handymen to fix up the place. Yep. Easy stuff.
So, now I need to figure out what next. It seems simple to me: start growing the business. I started with some basics, like researching companies--namely banks--that might want to give me money. I met with one yesterday. Although it was a lovely meeting and I would be delighted to do business with them, there is a slight drawback. They are located here. My business is over there.
The next step is finding someone over there who might want to invest in me. I have five years of a proven track-record. I can show numbers to justify what I say. I have financial partners who are willing to step up and go to bat for me.
My dear and supportive husband is not screaming too loudly when I suggest going over there once a quarter. Ususally I am heading over to take care of messy situations. I am hoping that May's visit will be different. It might involve booting someone out, but I expect the majority of the time will be selling my company.
What a nice place to be.
Ok, I still have a few property management woes. One on probation, the other being kicked out. But, that is easy stuff now. I am a seasoned veteran when it comes to that kind of thing. And, if the person being kicked out trashes the place, well I have my new crew of handymen to fix up the place. Yep. Easy stuff.
So, now I need to figure out what next. It seems simple to me: start growing the business. I started with some basics, like researching companies--namely banks--that might want to give me money. I met with one yesterday. Although it was a lovely meeting and I would be delighted to do business with them, there is a slight drawback. They are located here. My business is over there.
The next step is finding someone over there who might want to invest in me. I have five years of a proven track-record. I can show numbers to justify what I say. I have financial partners who are willing to step up and go to bat for me.
My dear and supportive husband is not screaming too loudly when I suggest going over there once a quarter. Ususally I am heading over to take care of messy situations. I am hoping that May's visit will be different. It might involve booting someone out, but I expect the majority of the time will be selling my company.
What a nice place to be.
Saturday, February 16, 2008
For Shame
The mortgage fairy doesn't exist. This was the phrase I did not use with one of the people in my program this week. I actually had someone tell me this week the reason they are constantly late is because all their bills are due on the same day.
What I did say is that due dates aren't friendly suggestions. I also mentioned that having a place for my children to live is a top priority (ok, not in those exact words).
Less than two hours later, I received a phone call from the husband. He told me this was all their fault and they would make it right. A huge change from the woe-is-me-all-of-our-bills-are-due-on-the-same-day spiel I got from his wife the day before.
It is unfortunate to have to resort to shaming someone to get to them pay their bills. But, if it gets them to take their bills seriously, I am willing to do it. It sure beats the legal route.
What I did say is that due dates aren't friendly suggestions. I also mentioned that having a place for my children to live is a top priority (ok, not in those exact words).
Less than two hours later, I received a phone call from the husband. He told me this was all their fault and they would make it right. A huge change from the woe-is-me-all-of-our-bills-are-due-on-the-same-day spiel I got from his wife the day before.
It is unfortunate to have to resort to shaming someone to get to them pay their bills. But, if it gets them to take their bills seriously, I am willing to do it. It sure beats the legal route.
Friday, February 08, 2008
Saturday, February 02, 2008
My Big Southern Adventure
Today is my last day in the South. I have been here a week taking care of a variety of issues. One of the biggies was talking to someone (or in this case a whole mess of folks) to help me grow the company. I got ideas and feedback. The rest is up to me.
I stopped by to see the "completed" work my handyman said he finished. He has been summarily fired for lying to me and a new handyman has taken his place. Thus, fulfilling the six week prophecy. By him telling me he was done, I told others I was done and we were able to move forward. I didn't know I was misleading folks, because I didn't know until this week that I had been misled. Being the South, phrases such as "keeping one's word" and "honor" go a long way. I had a good time throwing that at him as I canned him for lessening my credibility.
I also went house hunting and found a few that would be nice to purchase at the right price. I think we will put an offer in on a couple of them. I think I finally was off the clock for the first time in a week around 7 p.m. last night.
One of the nicest parts of my trip was visiting with the friends I have made along the way. I had dinner with my agent. I stayed with a friend this week--who was gracious enough to loan me the upstairs bedroom and bath. And, I have connected with a tenant and hopefully she and I will meet up today.
All in all, a productive trip. I am exhausted.
I stopped by to see the "completed" work my handyman said he finished. He has been summarily fired for lying to me and a new handyman has taken his place. Thus, fulfilling the six week prophecy. By him telling me he was done, I told others I was done and we were able to move forward. I didn't know I was misleading folks, because I didn't know until this week that I had been misled. Being the South, phrases such as "keeping one's word" and "honor" go a long way. I had a good time throwing that at him as I canned him for lessening my credibility.
I also went house hunting and found a few that would be nice to purchase at the right price. I think we will put an offer in on a couple of them. I think I finally was off the clock for the first time in a week around 7 p.m. last night.
One of the nicest parts of my trip was visiting with the friends I have made along the way. I had dinner with my agent. I stayed with a friend this week--who was gracious enough to loan me the upstairs bedroom and bath. And, I have connected with a tenant and hopefully she and I will meet up today.
All in all, a productive trip. I am exhausted.
Wednesday, January 23, 2008
This and That
Handyman Update:
Number One: He hasn't gotten back to me. But word on the street is there was some sort of family crisis.
Number Two: Have no clue what he is doing. I am refusing to worry about it until the weekend.
Vacant House:
I have someone interested in seeing it this weekend. I am also putting an ad in the paper tomorrow afternoon.
Partner Update:
Our low-key partner was bought out by our high maintenance partner today. It was a bittersweet moment. I think this wasn't a fast enough return for Low Key Partner.
High Maintenance Partner is very happy. And, it was a good move for us and High Maintenance Partner. It has sparked more enthusiasm for him and with that has been a few e-mails asking for more information (that is a swell euphemism for work for me). What he is asking for isn't unreasonable, just time consuming.
Other Stuff:
Interest in our programs is picking up. I am hoping this is a reflection of the housing market in general.
My attorney called me back last night in between his daughters' basketball games. He had information for me. I suppose it could have waited until today to call, but I was touched he put the effort into calling me last night. His youngest was with him and she was shouting "Hi" into her father's phone. I had to laugh. My kids do that.
Number One: He hasn't gotten back to me. But word on the street is there was some sort of family crisis.
Number Two: Have no clue what he is doing. I am refusing to worry about it until the weekend.
Vacant House:
I have someone interested in seeing it this weekend. I am also putting an ad in the paper tomorrow afternoon.
Partner Update:
Our low-key partner was bought out by our high maintenance partner today. It was a bittersweet moment. I think this wasn't a fast enough return for Low Key Partner.
High Maintenance Partner is very happy. And, it was a good move for us and High Maintenance Partner. It has sparked more enthusiasm for him and with that has been a few e-mails asking for more information (that is a swell euphemism for work for me). What he is asking for isn't unreasonable, just time consuming.
Other Stuff:
Interest in our programs is picking up. I am hoping this is a reflection of the housing market in general.
My attorney called me back last night in between his daughters' basketball games. He had information for me. I suppose it could have waited until today to call, but I was touched he put the effort into calling me last night. His youngest was with him and she was shouting "Hi" into her father's phone. I had to laugh. My kids do that.
Tuesday, January 22, 2008
Business Trip Planning
Next week I am going to Alabama to meet with several people. The goals are many, but primarily to look for ways to grow the company. I am smart enough to know that I am not smart enough to do this on my own. Therefore, I need to talk to those who might be able to shed some light in this area. I have several meetings set up with a variety of business-growing types.
Today I compiled a to-do list of all the activities I needed to do prior to leaving on Sunday. In there, I had such items as "update business plan" and "review prospectus." I did manage to knock off 8 of the 24 items on my list, including making contact with one other person I wanted to talk to while I was there.
And, I printed out maps to all the places I am scheduled to go next week, as well as maps to the local library, Kinkos, Costco and Starbucks. Sound silly? Not really when I might need Internet access at a moment's notice, inexpensive gasoline, a place to update my business plan and a refreshed iced tea and a berry scone.
Perhaps tomorrow I will get my White Paper together.
Today I compiled a to-do list of all the activities I needed to do prior to leaving on Sunday. In there, I had such items as "update business plan" and "review prospectus." I did manage to knock off 8 of the 24 items on my list, including making contact with one other person I wanted to talk to while I was there.
And, I printed out maps to all the places I am scheduled to go next week, as well as maps to the local library, Kinkos, Costco and Starbucks. Sound silly? Not really when I might need Internet access at a moment's notice, inexpensive gasoline, a place to update my business plan and a refreshed iced tea and a berry scone.
Perhaps tomorrow I will get my White Paper together.
Monday, January 21, 2008
Update on the vacant house
My painters were in and out today. The house is officially painted. Except for the bathroom. Which, apparently the handyman hasn't finished (even though he told me he had). From what I understand, it was a paint party--kind of like barn raising, but in this case, you had Southern men of multiple generations, slathering on a rich coat of Navajo white (eggshell finish) over the neon lime green.
The handyman has not been seen since last week. I would take this as a very bad sign if I wasn't in week five of this pr
oject. I know I have one more week of him no matter what. From what I understand the house looks decent, minus the bathroom which isn't finished and the hardwoods which are sanded but not stained.
The handyman has not been seen since last week. I would take this as a very bad sign if I wasn't in week five of this pr
oject. I know I have one more week of him no matter what. From what I understand the house looks decent, minus the bathroom which isn't finished and the hardwoods which are sanded but not stained.This is apparently what the bathroom looks like since the Handyman has gotten hold of the room. It looks pretty good actually. Just needs one consistent color on the walls and a towel bar.
Monday, January 14, 2008
The Vacant House
A few months ago, my tenant was in trouble and told me she was moving out. She then gave me a laundry list of everything wrong with the house. This was the first I had heard of some of these things. Even better, once she moved out there were additional items she neglected to mention.
She told me the hot water heater didn't work, the bathtub was badly stained and there were holes in the vinyl flooring.
She did not tell me her son's car was permanently affixed to the front yard, there was a slight leak in the bathtub that had turned larger, the doorbell didn't work, the furnace needed help, the back yard could easily be mistaken for a portion of the Brazilian rain forest and her dogs had done a number on the hardwood floors and--no matter what I did--I would need to seal the floors to stop the stench of pet urine before I did anything else. Oh wait! She painted the entire interior neon lime green.
The hot water heater was easy. The power company is giving them away to anyone who wants to convert from gas to electric. The handyman I hired made it through the primer before disappearing off the face of the Earth. Doing nothing else but leaving me scratching my head.
Handyman number 2 (who was originally number 1 if you have been following this blog) stepped up and was to have finished...wait for it... last week. He still is not done. Apparently he has made significant progress though and now has the hot water heater installed, the flooring almost done, the bathtub re-epoxied and the leak fixed.
My lawn guy came by today and graciously gave me the good customer rate. He didn't mention if his machete needs honing after this one. I was afraid to ask. My property manager went by to check and announced there is a shed in the back yard he had never seen before. The grass had been too high.
I got an e-mail from my former tenant saying she hoped this wouldn't affect our friendship. And, she finally had the car removed. It won't. I like her. A lot.
I have my property manager looking for Handyman number 3 to finish this job. I am letting Handyman 2 go when he is done with his stuff. Because, today, in a moment of unprofessionalism, he vaguely threatened my property manger.
So, there is still the painting, doorbell, etc. I need someone eager and willing to work--and willing and eager to work with my property manager for that matter. Because, my ultimate goal is to rent it back out.
She told me the hot water heater didn't work, the bathtub was badly stained and there were holes in the vinyl flooring.
She did not tell me her son's car was permanently affixed to the front yard, there was a slight leak in the bathtub that had turned larger, the doorbell didn't work, the furnace needed help, the back yard could easily be mistaken for a portion of the Brazilian rain forest and her dogs had done a number on the hardwood floors and--no matter what I did--I would need to seal the floors to stop the stench of pet urine before I did anything else. Oh wait! She painted the entire interior neon lime green.
The hot water heater was easy. The power company is giving them away to anyone who wants to convert from gas to electric. The handyman I hired made it through the primer before disappearing off the face of the Earth. Doing nothing else but leaving me scratching my head.
Handyman number 2 (who was originally number 1 if you have been following this blog) stepped up and was to have finished...wait for it... last week. He still is not done. Apparently he has made significant progress though and now has the hot water heater installed, the flooring almost done, the bathtub re-epoxied and the leak fixed.
My lawn guy came by today and graciously gave me the good customer rate. He didn't mention if his machete needs honing after this one. I was afraid to ask. My property manager went by to check and announced there is a shed in the back yard he had never seen before. The grass had been too high.
I got an e-mail from my former tenant saying she hoped this wouldn't affect our friendship. And, she finally had the car removed. It won't. I like her. A lot.
I have my property manager looking for Handyman number 3 to finish this job. I am letting Handyman 2 go when he is done with his stuff. Because, today, in a moment of unprofessionalism, he vaguely threatened my property manger.
So, there is still the painting, doorbell, etc. I need someone eager and willing to work--and willing and eager to work with my property manager for that matter. Because, my ultimate goal is to rent it back out.
Friday, January 11, 2008
The Bookkeeper. The Car. The Appraiser
My bookkeeper tells me today that she hears from me more when I am not busy, so she figured I must be swamped. I called her to find out if she needed anything from me. She snorted (probably held back her first comment) and then said she was fine and for me to have a nice day. It is tax season, so I need her to focus on my zillions of reports.
The vacant house has a car sitting in the driveway. The vacant house alone is grounds for another post. Anyway, I can't seem to get the former owner to remove his car. It has been suggested I call a few chop shops and say come get it for parts. Something to consider.
We were/are refinancing the vacant home. Except the appraiser decided to sneak her head back in for one final look. Unbeknown to me, the current handyman had apparently demolished more than he had repaired. So, the appraiser said no loan until everything is put back together. The handyman has no phone. The handyman isn't returning e-mail--but did send me this picture.
The vacant house has a car sitting in the driveway. The vacant house alone is grounds for another post. Anyway, I can't seem to get the former owner to remove his car. It has been suggested I call a few chop shops and say come get it for parts. Something to consider.
We were/are refinancing the vacant home. Except the appraiser decided to sneak her head back in for one final look. Unbeknown to me, the current handyman had apparently demolished more than he had repaired. So, the appraiser said no loan until everything is put back together. The handyman has no phone. The handyman isn't returning e-mail--but did send me this picture. 
Friday, January 04, 2008
A Year in Review
There is so much that happened, I doubt I could condense 2007 into one entry. It was a stressful year.
If 2006 was infancy, 2007 was toddlerhood--with my company struggling to find independence, testing boundaries and reverting back to safety nets and when necessary. I definitely needed naps. Lots of them. And, there might have been a couple of temper tantrums.
Here's a quick recap:
1. My fabulous real estate agent turned out to have a bit of anger management and personality issues. She also could not grasp my big-picture. I could have lived with that had she been a bit less bitchy to me. I canned her after she bit my head off for not calling her back quickly enough. Somewhere in there she forgot I was the client. After I fired her, I found out she had been unkind to a few tenants, did a few things on my behalf that are questionably legal and has a bad reputation among Birmingham agents. When this came down, she told me my company wouldn't survive without her. When asked about her, I just say she chose to focus her business in a different direction.
2. I found a different agent who sees the big picture vision and is a delight to work with. But, he doesn't do property management and made this very clear. So, I have taken on property management responsibilities.
3. I have needed serious help this year and found a few folks who have stepped up to help. I am very grateful to them. One collects the rent, another handles some handyman work (once every six weeks) and both will drive by properties when necessary to make sure the places look ok. There are a couple others I have been fortunate enough to call upon when I need an errand or two.
4. We bought two houses, and foreclosed on two existing mortgages. We had a worst-case scenario happen--one we weren't prepared for. I had three vacant homes at one time--all managed long distance.
5. I let too much slide, figuring it was easier to let time fix it instead of taking care of the issue when it came up. In a few cases, time helped. In a few more cases it didn't.
6. I started flying out every three months to take care of business. We have permission from my husband's company to move--but our house has to sell. So far, it hasn't.
Looking back, it seems like there was much more drama than this, but now I can't remember anything else. Our company is now ready for preschool.
If 2006 was infancy, 2007 was toddlerhood--with my company struggling to find independence, testing boundaries and reverting back to safety nets and when necessary. I definitely needed naps. Lots of them. And, there might have been a couple of temper tantrums.
Here's a quick recap:
1. My fabulous real estate agent turned out to have a bit of anger management and personality issues. She also could not grasp my big-picture. I could have lived with that had she been a bit less bitchy to me. I canned her after she bit my head off for not calling her back quickly enough. Somewhere in there she forgot I was the client. After I fired her, I found out she had been unkind to a few tenants, did a few things on my behalf that are questionably legal and has a bad reputation among Birmingham agents. When this came down, she told me my company wouldn't survive without her. When asked about her, I just say she chose to focus her business in a different direction.
2. I found a different agent who sees the big picture vision and is a delight to work with. But, he doesn't do property management and made this very clear. So, I have taken on property management responsibilities.
3. I have needed serious help this year and found a few folks who have stepped up to help. I am very grateful to them. One collects the rent, another handles some handyman work (once every six weeks) and both will drive by properties when necessary to make sure the places look ok. There are a couple others I have been fortunate enough to call upon when I need an errand or two.
4. We bought two houses, and foreclosed on two existing mortgages. We had a worst-case scenario happen--one we weren't prepared for. I had three vacant homes at one time--all managed long distance.
5. I let too much slide, figuring it was easier to let time fix it instead of taking care of the issue when it came up. In a few cases, time helped. In a few more cases it didn't.
6. I started flying out every three months to take care of business. We have permission from my husband's company to move--but our house has to sell. So far, it hasn't.
Looking back, it seems like there was much more drama than this, but now I can't remember anything else. Our company is now ready for preschool.
Thursday, January 03, 2008
The Care and Feeding of Handymen
Good
Fast
Cheap
When working with vendors, in this case, repairmen, I find that I set my standards pretty low. I will take two of the three. If I can get good and fast, or fast and cheap, it is a bonus. There might be handymen out there who can delivery all three: good, fast AND cheap, but they are in such hot demand, they will eventually raise their price, thus offering two out of three.
Because I am so far away, I ask a lot of questions when I talk to these contractors. The one that seems to floor them every time is, "how much does it cost and what do I get for my money." This often causes a lot of stammering on the other end, with the poor guy feeling the need to justify his price. It isn't that I am offended by their pricing. It is just that I want to know what I am paying for.
I have also found there seems to be some sort of genetic make necessary to be an effective handyman. Yes, knowing how to slap on a coat of paint is quite useful. But that is not what I mean. Anyone can learn how to install a ceiling fan. There are certain qualities you will see in just about every handyman:
1) They talk a LOT. In fact, the more cell minutes they can use up on your phone call, the longer they have been in business. I think I would drop dead from astonishment if a handyman called me and said, "The job is done, have a nice day." Click.
2) They underestimate and over promise. It isn't personal. And, this has nothing to do with good, fast and cheap. If you think it should take a day to paint a room, and your handyman tells you it will take a week, expect ten days and thank your lucky stars if they actually can do it within two weeks. Also, be sure to budget a bit extra for that $300 job. But, in all fairness, have you ever budgeted $300 for a $300 job, went to Home Depot and returned with just $300 worth of supplies? Nope, it doesn't happen.
3) They are only somewhat reliable for a maximum of six weeks. I have yet to have a handyman last more than six weeks at a stretch. Don't count on the same person you hired being reliable seven weeks later. It just doesn't happen. There is a fishing hole/vacation/drinking bender calling their name. It doesn't mean they are slackers. They are just ready to move on.
4) They know everything. Well, they do. That is why you hired them. And, their time is worth something, so pay them according. Otherwise get out there and install that tile flooring yourself--and make it look just as good.
With all that I do in two different states, I have yet to meet a handyman I didn't like. And, I have met many. But, know what you are getting into when you go there. They require a bit more maintenance than your average vendor. Frustration only leads to more problems, so give them their space and give them a job that should take no longer than four weeks.
Fast
Cheap
When working with vendors, in this case, repairmen, I find that I set my standards pretty low. I will take two of the three. If I can get good and fast, or fast and cheap, it is a bonus. There might be handymen out there who can delivery all three: good, fast AND cheap, but they are in such hot demand, they will eventually raise their price, thus offering two out of three.
Because I am so far away, I ask a lot of questions when I talk to these contractors. The one that seems to floor them every time is, "how much does it cost and what do I get for my money." This often causes a lot of stammering on the other end, with the poor guy feeling the need to justify his price. It isn't that I am offended by their pricing. It is just that I want to know what I am paying for.
I have also found there seems to be some sort of genetic make necessary to be an effective handyman. Yes, knowing how to slap on a coat of paint is quite useful. But that is not what I mean. Anyone can learn how to install a ceiling fan. There are certain qualities you will see in just about every handyman:
1) They talk a LOT. In fact, the more cell minutes they can use up on your phone call, the longer they have been in business. I think I would drop dead from astonishment if a handyman called me and said, "The job is done, have a nice day." Click.
2) They underestimate and over promise. It isn't personal. And, this has nothing to do with good, fast and cheap. If you think it should take a day to paint a room, and your handyman tells you it will take a week, expect ten days and thank your lucky stars if they actually can do it within two weeks. Also, be sure to budget a bit extra for that $300 job. But, in all fairness, have you ever budgeted $300 for a $300 job, went to Home Depot and returned with just $300 worth of supplies? Nope, it doesn't happen.
3) They are only somewhat reliable for a maximum of six weeks. I have yet to have a handyman last more than six weeks at a stretch. Don't count on the same person you hired being reliable seven weeks later. It just doesn't happen. There is a fishing hole/vacation/drinking bender calling their name. It doesn't mean they are slackers. They are just ready to move on.
4) They know everything. Well, they do. That is why you hired them. And, their time is worth something, so pay them according. Otherwise get out there and install that tile flooring yourself--and make it look just as good.
With all that I do in two different states, I have yet to meet a handyman I didn't like. And, I have met many. But, know what you are getting into when you go there. They require a bit more maintenance than your average vendor. Frustration only leads to more problems, so give them their space and give them a job that should take no longer than four weeks.
Wednesday, January 02, 2008
Back Again
It seems it has been more than a year since my last blog. But, I am back and have lots to say. I hope maybe someday I can either:
1. look back at this and shake my head in pity
2. help someone else who thinks being their own boss would be the least bit fun
3. give my kids ammunition when they are old enough to comprehend this.
I certainly don't expect to update a busy year in one post. So, relax. But I will start at today and work backwards.
I currently have a vacant house. The tenant left me a mess. Not trashed, but let's just say her taste in home decor didn't really click with mine. And, she had three large dogs. And, her standards of pet discipline and mine weren't the same. I am left with neon lime green walls and pet urine stains on the hardwoods. And, there were several other goodies that need to be taken care of--like a new hot water heater.
My lesson from this is a vacant house isn't the end of the world. It isn't fun either. On Dec. 1, I had three vacant homes. Armageddon didn't happen then either. There are worse things. Like not having anyone reliable to help you out.
1. look back at this and shake my head in pity
2. help someone else who thinks being their own boss would be the least bit fun
3. give my kids ammunition when they are old enough to comprehend this.
I certainly don't expect to update a busy year in one post. So, relax. But I will start at today and work backwards.
I currently have a vacant house. The tenant left me a mess. Not trashed, but let's just say her taste in home decor didn't really click with mine. And, she had three large dogs. And, her standards of pet discipline and mine weren't the same. I am left with neon lime green walls and pet urine stains on the hardwoods. And, there were several other goodies that need to be taken care of--like a new hot water heater.
My lesson from this is a vacant house isn't the end of the world. It isn't fun either. On Dec. 1, I had three vacant homes. Armageddon didn't happen then either. There are worse things. Like not having anyone reliable to help you out.
Thursday, November 02, 2006
A Test of My Good Nature
It seems people have suddenly mistaken me for a doormat. This is odd, because I don't look like a doormat! However in the past 24 hours:
1. I have a tenant that left me a chirpy voice mail yesterday at 6:30 a.m. saying that she would be paying a partial payment and would give me the rest of this later. No negotiation, just see, ya! Bye. I called her this morning to tell her that was unacceptable. SHE WAS SURPRISED! "I thought you guys had money. You are for profit aren't you?" she says. We are for profit when people pay!!!
2. I have another tentant who asked if it would be ok to skip a month and what was the worst that could happen?? Huh? How about the house gets foreclosed upon by the bank because I don't have the money to pay the mortgage? I might have come across as a bit brusque when she called. She recanted.
3. My most avid partner asked me to handle some data entry for him today. My response included something about slavery being outlawed 140 years ago. I am sure that really ticked him off. At this moment, I just don't care.
1. I have a tenant that left me a chirpy voice mail yesterday at 6:30 a.m. saying that she would be paying a partial payment and would give me the rest of this later. No negotiation, just see, ya! Bye. I called her this morning to tell her that was unacceptable. SHE WAS SURPRISED! "I thought you guys had money. You are for profit aren't you?" she says. We are for profit when people pay!!!
2. I have another tentant who asked if it would be ok to skip a month and what was the worst that could happen?? Huh? How about the house gets foreclosed upon by the bank because I don't have the money to pay the mortgage? I might have come across as a bit brusque when she called. She recanted.
3. My most avid partner asked me to handle some data entry for him today. My response included something about slavery being outlawed 140 years ago. I am sure that really ticked him off. At this moment, I just don't care.
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