2 Year Property Walk-through

I cannot believe it’s been 2 years since the first property that I acquired, renovated, and rented.

Before my most recent trip home, I contacted my Property Manager to let her know I wanted to do a walkthrough of the property. Without hesitation, she said okay and noticed the tenant.

I arrived at the property a few minutes earlier to just take in the view of the property.

The tenant greeted me when I walked through the door and I was amazed at the view. It still looked the same with the exception of a few drawings on a door. It looked really good.

As she showed me around and pointed out a few things that I needed to fix, most of which were not emergency fixes; I felt very happy and proud. She also told me that the HUD HCV Program Inspector mouth dropped to the floor when he came inside. He couldn’t believe someone would put all that work into a property in that program.

She said she loved the place and that I did a great job on it. My Property Manager who is also a Real Estate Investor loved the layout of the kitchen so much that she is going to be doing well the same layout on her next project.

I couldn’t take all the credit for the kitchen layout; I only picked out the appliances but that was the ultimate compliment anyone has given me during my real estate journey and she has a lot more properties than I do.

I wrote this point to not only continue to inspire myself, but others as well. Real Estate doesn’t have to be scary or hard when you have a good team.

Having A Property Manager is AWESOME!

I honestly don’t know how other long distance real estate investors handle work orders from their tenants.

I wrote a blog previously about how valuable having a property manager has been to my team.

Today, I received a text from my Property Manager. I’m thinking a bunch of things like is the tenant okay, was there storm damage from Hurricane Ida, etc.

Low and behold, it was about the stove. The stove wasn’t connected properly and a part burned out. Go figure!

No one was injured. The property is still standing. The stove has been repaired and I reimbursed her the amount that she paid for the part. Luckily, I purchased warranties on all the appliances I purchased or that may have hurt my feelings and my pockets. 😂

My advice to anyone who is considering buying long distance real estate rentals or just investing in rentals in your neighborhood, try looking into getting a property manager. The service they provide to you is worth the money.

I was DENIED one time.

Instructions letter

Did you know that as a Housing Choice Voucher Program vendor, you can request an increase every year on the rent amount?

Well if you didn’t know. I’m here to tell you that you can request an increase in payment.

I learned this from my property manager who also rents to people in this program and has much more experience with it than I do.

What she didn’t tell me or what I didn’t ask was how to go about doing it so when I sent the email requesting an increase it was DENIED.

It was denied because I didn’t list some information shown in the picture of this article and it wasn’t mailed in with a signature.

I ended up writing a letter on paper with the information they wanted and I got approved for my increase that I requested.

Everyone is happy especially me because now I feel I’m starting to receive an adequate amount for the amount of work that was put into that property.

Being A Section 8 Landord

When I decided to get into real estate in 2018, I was not expecting to be a Section 8 Landlord.  However, the day I met with my now Property Manager, she already had a tenant lined up.

After viewing the house that was still in renovation mode at the time the tenant liked it and we started signing the papers right away.

Today, I’m happy that I am a section 8 Landlord. I have not been affected by the pandemic.  I don’t have a mortgage on the property and I’ve been able to pay insurance, property taxes, and repairs with no issues since I’ve been receiving rent once a month.

A couple of months ago, I asked for an increase for the first time. It was approved and I’m so glad. Now, I’m going to be faced with a new challenge. With this increase, the tenant will have to pay me a portion of the rent. It’s not much, but it’s still something that I have yet to experience.