Archive for the ‘fixing rental houses’ Category

Will Rogers’ Secret of Seizing Opportunities

Wednesday, July 17th, 2013

“It was not so much that Will sought the new opening as that he never failed to seize it when it came his way.” — Betty Rogers 

It’s nice to think that we are captain’s of our own ship and masters of our own destiny. Who doesn’t want to like Captain James T. Kirk or Bill Gates?

In my own case, I know that the reason I became the person I am today is by, not so much bending life to my will, but more by taking what life handed me, and by being keenly alert when a new opportunity presented itself.

That’s the way Will Rogers found success.

As his wife Betty said in her biography of Will:

His whole career was the development and unfolding of a personality through the various vehicles that seemed to be constantly and almost miraculously presenting themselves. His comment on stage on the stage during his roping act was incidental at first, if not accidental. (Will never spoke during his Vaudeville rope trip act, except when he once made a mistake and the audience laughed at his funny excuse. From then on, he incorporated that comment, and gradually others, into his act.)

His writing came the same way. (Will wrote a regular Sunday feature for the New York Times that was syndicated throughout the U.S.) His entrance into the movies, too, was not of his own seeking  (he starred in 69 movies). But once started in these new fields, he made the most of each, giving to them the same enthusiasm and energy he had given to the rope (tricks) in the early days.

I added the comments in parentheses to the text.

Meander in the Direction that You Want to Go

I know I’ve probably said this before, at least in Fix em Up Rent em Out, but a good way to get started in real estate, particularly if your circumstances are such that it is impossible for you to start investing in real estate right away, is to just start by meandering in that direction, like a slow, gurgling stream.

You can program your mind to pay attention to anything related to real estate. Cut articles out of the newspaper, buy books at book sales, tale to friends and co-workers about it, watch for seminars and classes about real estate investing. Sometimes desire and knowledge can be acquired simply by observing someone else operating a successful business.

And, when the opportunity does present itself to get started, like Will Rogers, seize it!

 

Upcoming “Turn Your Home Into a Rental House ” Radio Interviews (most shows can be heard  on the internet)

Friday, July 19th, at 7:45 am (eastern time), I will be interviewed by Gary Sutton and Chris Tyler, at WSBA 910 AM  in York, PA.

Friday, July 19th, at 8:10 am, I’ll be on Dan Ramey’s show on WBEX 1490 AM, in Chillicothe, Ohio.

On Thursday, July 25th, at 7:10 a.m. (central time) I’ll be on Jeff Anderson’s show, KSDR 1480 AM, Watertown, South Dakota.

On Friday, July 26th, at 7:30 am (mountain time) I have an interview with David Gillian, KRSN 1490 AM, Los Alamos, NM.

Tuesday, August 6th, at 8:10 am (central time), I’ll be on Bob Schmidt’s show, WLFN 1490 AM, Onalaska, WI.

Watch this space for information on additional interviews.

Related Articles:

Volunteering at Pascua Yaqui Youth Career Academy Job Fair

Our First Rental House Plunge

Wednesday, May 22nd, 2013

By Terry & Angy Sprouse

 

We (Terry & Angy) are partners in both marriage and in real estate business.

Who says married couples can’t be business partners? And the great thing is we have never considered divorce . . . murder sometimes, but never divorce. Well, never murder, really, but maybe forcing each other to watch, in an uninterrupted viewing, the horrifyingly bad movie, The Clan of the Cave Bear.

In reality, this business has been a bonding experience, not only for us, as husband and wife, but also for our two boys, who have been active participants in the business from the very beginning.

9/11 Attacks Take the Starch Out of Us

We started in real estate investing following the terrorist attacks on the World Trade Center. The ensuing economic recession forced our hand. The hours at Terry’s job were drastically reduced. We realized that for the security of our family, we needed to have a business on the side—a business able to provide regular cash flow in case Terry’s 9 to 5 job suddenly went away.

This led Terry to experience a very intensive period of soul searching and in-depth research (accompanied by gratuitous whining and moping). We decided that a rental house business was the best way to go. We were excited to find the rental business was an easy business to learn and to start. This business required no special license, degree, or training. And the results tempered the most important source of Terry’s whining. The rental business offered the potential to make money.

We Jump In and Hope the Net Appears

We essentially just jumped in with good intentions and very little practical knowledge. After we made up our minds that this is what we wanted to do, we simply bought an inexpensive fixer-upper house, one that had foreclosed and been repossessed by a bank. We moved into and lived in the fixer-upper house while we did the necessary repairs.

But most importantly, we did not sell our original home. We rented it out.

Angy Puts Her Foot Down – On Top of Terry’s Foot

It took a little adjustment to move into that first fixer-upper house. The first thing we did was to get one of the bathrooms back into working condition. Angy’s negotiating stance on that topic was, “I’m not living in that house unless at least one bathroom is fully operational!” At that, who could argue? Marveled by a mother’s logic, together Terry and the boys nodded their heads and dropped the labeled empty plastic bottles they held in their hand into the Recycle Box.

As we went forward with the repairs, we changed bedrooms frequently. Moving from room to room, we cleared out of one bedroom to install tile and then moved again out of the next to make room to install carpet. Huffing and puffing, we moved furniture from one side to the next as we worked through the house painting all the walls. We replaced the cabinets in the kitchen, the fixtures in the bath, the leaky plumbing and the outdated lighting.

Group Hugs

Preparing meals required serious creativity. Entertainment and rest required the same. But the support and flexibility from all family members, and a few timely “group hugs” (some through gritted teeth), got us through.

 

—–

Recommended reading:

Remove that Garbarge Disposal Now!

6 Steps to Roof Maintenance (for the Home that will Turn Into a Rental House)

How I Evicted A Problem Tenant in 4 Steps

When to Hire a House Inspector – Radio Interview with Rich Peterson

Getting Rid of Bad Tenants

“Turn your home into a rental” on Mark Wayne Show

7 Reasons to Live in a Fixer-Upper House While You Repair It

6 Steps to Roof Maintenance (for the Home that will Turn Into a Rental House)

Our First Rental House Plunge

10 Most Frequent Problems Found by House Inspectors

5 Steps to Get Your House Ready to Rent by Terry Sprouse

5 Steps to take if your house is flooded

Some perfectly legal ways to maximize your rental profits

Add “Start a Rental House Business” to Your Bucket List

The 5 Rules on How to Lose Money and Get Your Rental Property Trashed by Tenants

Window Repair with #2 Son

Required Roof Maintenance for Fixer Upper Houses

Learn to Repair Your Fixer Upper Houses

How I Got Started In Fixer-Upper Houses

How to learn to operate a fixer upper house business

The Peaceful Warrior and Fixer-Upper Houses

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Dreams, Investment Houses and Creating Books

Thursday, November 15th, 2012

Freud

Sigmund Freud said, “Dreams are often most profound when they seem the most crazy. ”

But what really are dreams? Fearless Men shares a tantalizing glimpse in What Dreams Mean: How To Know What Your Dreams Are Saying To You.

As a fervent believer  in investing in fixer upper houses, I also like Fearless Men’s article Investment Properties Offer a Long-Term Source of Income.

Book writing and self-publishing is another passion of mine and I read with great interest Should I Create An eBook?  at untemplater.

Here are some other favorite posts from the precious week:

Wholesaling Do’s and Don’ts at Louisville Gals.

Are Large Companies Immune to the Fiscal Cliff? at Frugal Rules.

First Cruise Ship? 5 Big Ticket Items To Watch Out For at iheartbudgets.

5 Simple and Odd Things I do to Save Money at Frugal Habits.

PerkStreet Financial Review – The Best Online Checking Account at WorkSaveLive

Our $50K Duplex Is Worth $97K – Why? Part 2 ar Planting Our Pennies.

Old Buildings That Go Untouched at BlueCollarWorkman.

Being Thankful, Not Just For Thanksgiving – Giveaway at ModestMoney.

My Best Financial Tip at Canadian Budget Binder.

Choosing organizations to donate to: What do you factor in? at Young Adult Money

The Amazing Power of Debt at Club Thrifty

Being Thankful and a $100 Giveaway! at Eyes on the Dollar.

No Picnic for Young People, Either at AnyShinyThing.

Waking Up Early Black Friday? No Thanks at Pelican on Money.

 

 

 

_____________________

Coming VERY Soon!

How to Turn Your Home into a Rental House, Instead of Selling It

Some perfectly legal ways to maximize your rental profits

Monday, September 10th, 2012

Most terrifyingly bad movie ever?

In the fixer upper and rental house business there are many perfectly legal ways to maximize your rental profits, which don’t require drawing a gun or subtly displaying the threatening DVD cover of The Clan of the Cave Bear.

Keeping tenants satisfied = more $ for your

Putting the comfort of your tenants first can result in you making more money. Three things happen when you increase the value (or usefulness) of a property:

1.) You attract more and better tenants;

2.) Tenants stay longer; and,

3.) You make more money.

 

Things to do make a property more valuable

Catzilla makes tenants complete

1.) Provide a clothes washer and dryer;

2.) Have a refrigerator;

3.) Add a carport to protect tenant cars from the sun;

4.) Install security doors;

5.) Put a storage shed in the back yard;

6.) Allow pets. Many people consider their pet a member of their family, and in some cases, make their decision on which home to rent based on the likely comfort of their pet.

Maybe pet owners cross the line when they refer to themselves as “mommy” and “daddy,” and maybe pets cross the line when they start marking their territory before you even get a chance to go through the checklist.

But in general, allowing pets is a win-win situation.

These types of things increase the value of a property for tenants, and may set our property apart from other rental properties. They also allow us to charge a higher monthly rent.

The more satisfied a tenant is, the more they are willing to pay a little extra rent.

 Related Posts

Remove that Garbarge Disposal Now!

6 Steps to Roof Maintenance (for the Home that will Turn Into a Rental House)

How I Evicted A Problem Tenant in 4 Steps

When to Hire a House Inspector – Radio Interview with Rich Peterson

Getting Rid of Bad Tenants

“Turn your home into a rental” on Mark Wayne Show

7 Reasons to Live in a Fixer-Upper House While You Repair It

6 Steps to Roof Maintenance (for the Home that will Turn Into a Rental House)

Our First Rental House Plunge

10 Most Frequent Problems Found by House Inspectors

5 Steps to Get Your House Ready to Rent by Terry Sprouse

5 Steps to take if your house is flooded

Add “Start a Rental House Business” to Your Bucket List

The 5 Rules on How to Lose Money and Get Your Rental Property Trashed by Tenants

Window Repair with #2 Son

Required Roof Maintenance for Fixer Upper Houses

Learn to Repair Your Fixer Upper Houses

How I Got Started In Fixer-Upper Houses

How to learn to operate a fixer upper house business

The Peaceful Warrior and Fixer-Upper Houses

Coming Soon!

How to Turn Your Home into a Rental House, Instead of Selling It

Add “Start a Rental House Business” to Your Bucket List

Friday, August 24th, 2012

Taking a break from my regular fixer upper rental house blogging, today I am going to comment on some favorite blog articles that I have recently read.

Fearless Men

While I agree with Fearless Men’s article on the silliness of most bucket lists, in their article, 12 Things A Man Doesn’t Have To Do Before He Dies-Stupid Bucket Lists, I also think that starting a part time business is the exception to the rule.

While most bucket lists consist of activities that might reduce your life expectancy ( e.g., bullfighting), or your ability to enjoy life (e.g., broken body from the ever-popular choice of skydiving), a part time business, like owning rental houses, can actually improve your life.

Landlord Investor

Chuck’s article on Vacancy, First one in a while for us . . . is an insightful description a recent episode of  losing  and replacing a tenant. I appreciate this “real life” rental story that I can both relate to and learn from.

Louisville Gals Real Estate Blog

In her article entitled, 13 Cool Tools to Make You a Marketing Superstar, Sharon describes 13 amazing tools to help real estate investor to streamline their business. This is great for me because I didn’t know a lot of these things even existed, or that I needed them, until I read her article.

Any Shiny Thing

I actually read Lynn’s article Nora Ephron Left Us Sleepless a couple of weeks ago. It’s the type of article that touches your heart and makes you reflect on life’s bigger issues.

Turn Your House into a Rental House

By now, you probably know that my theory is that one of the easiest ways to get started in real estate investing is by turning your home into a rental house, instead of selling it.

My wife, Angy, and I are presently finishing up a book about how we go about doing this, entitled, not surprisingly, How to Turn Your Home into a Rental Property, Instead of Selling It.

Here is a quote from a book

According to the American Association of Realtors, the average American purchases 7 houses during their lifetime. In our opinion, those are 7 houses that we should hold onto for the rest of our lives, to generate monthly income and for long-term economic family security. Don’t give away the goose that lays the golden eggs!

 

The usual procedure that most people follow is to sell the home that they live in and to use the cash from the sale to buy a new house. If we tweak the old procedure just a little, it can result in a huge difference in our net worth and our economic security. We propose that instead of selling your home, just refinance it, and use the money from the refinance as a down payment on your next house. Now, you own two houses and you can just turn your old home into a rental property.

Presently, the book is going through the final editing and formatting process. Of course, it’s being reviewed by Homeland Security and the Pentagon, to avoid any classified information from leaking into the wrong hands.

By September the book should be available in both Kindle and paperback editions.

 Related Posts

Remove that Garbarge Disposal Now!

How to learn to operate a fixer upper house business

Wednesday, March 28th, 2012

Learn the Ropes

My wife and I didn’t know much about repairing houses before we started our fixer-upper business, but like fine wine, we got better as time went on. One important rule in the fix-up profession is that you must constantly strive to become self-sufficient and learn all aspects of the profession. You must become an expert in your new business, even if you only do it part-time.

You can learn from others, but you have to rely on yourself to get ahead. Like the novice swimmer who is tossed in the pool, sometimes it’s sink or swim. You must learn by doing.

Trust Your Own Judgment

There are times when destiny forces you down a certain path in life. Other times, you make you own destiny by choosing to walk down a difficult path.

My plan when I bought my first fix-up house was that I could learn as I went along. I thought if others had learned to do it, so could I.

When I bought my fist fix-up house, it was like being stranded on a desert island. I was forced to learn new skills to survive, like Robinson Crusoe. The best way to learn new skills is by putting yourself in a situation where you are forced to change and adapt.

Before embarking on his life-transforming mission, the hero in the book Dune was advised, “Unless you change, something inside you sleeps.”

Foreclosure Update

The bank accepted someone else’s bid over mine for the foreclosed property that I bid on. My new target property is a 3 bed, 3 bath townhouse that is being offered for $69,900.

In this market, persistance is the name of the game. You just have to keep looking and keep bidding until you land a property at the price you desire.

 

 Related Posts

Remove that Garbarge Disposal Now!

 

Follow Your Dream With Fixer Upper Houses

Wednesday, February 8th, 2012

Go confidently in the direction of your dreams. Live the life you have imagined.
— Henry David Thoreau

While you pay a price for following your dream, you also pay a price for staying where you are. You lose the opportunity to develop new life-coping skills that help you deal with unexpected crises or joblessness. You may suffer from depression by staying in a debilitating job.

Marsha Sinetar, in To Build the Life You Want, Create the Work You Love, says that excelling at a job that you love could be the best mental health insurance for people who feel depressed or anxious about their work. Americans spend $12.4 billion each year to treat clinical depression.

Do You Have Zest and Gusto?

Science fiction writer Ray Bradbury, in Zen and the Art of Writing, wrote that, “life is short, misery sure, and mortality certain.” Yet, he advocated that as we move along life’s way, and in our work, our lives should be filled with “zest” and “gusto.” With zest and gusto, traveling to the grave, Bradbury vowed to fight injustice, appreciate beauty and encourage children.

Is there enough zest and gusto in your life to fight in-justice, appreciate beauty and encourage children?

What do You Trade Your “Life Energy” For?

We should wisely use the time that we must devote to work. Our working hours constitute at least one-third of our lives during the work week. As Joe Dominguez and Vicki Robin point out in Your Money or Your Life, money is what we chose to trade our time, or “life-energy,” for. The authors distinguish between “wants” vs. “needs,” and promote not wasting money on unnecessary consumer goods. Instead, they advocate conscientiously saving money until you reach the point where you can free yourself from the working treadmill.

Fixer Upper Houses was Right for Me

The independence of working with fix-up houses was this type of “right” job for me, and can be for you too. It can be the road to operate a business that develops one’s independence, creativity and imagination. With real estate, you can invest a small amount and gradually accumulate money as both your rental income and equity increase over time.

Video of TV Interview for “Carve Out Your Niche”

 Related Posts

Remove that Garbarge Disposal Now!

Control Your Thoughts & Reach Your Dreams

Monday, October 25th, 2010

What things do you actually have control over in your life?

When you think about it, there are actually very few things that we can control.

For example, I was forced to give up my dream of boxing. I ruined my hands in the ring. The referee kept stepping on them.

We are required to buy insurance for our cars and houses. The kids must go to school and have supplies and clothes. We choose food, cars and most consumer goods based on the advertisements we see on television. Different levels of government and social pressures decide many things for us, or leave us with limited options to choose from.

And, it doesn’t get any better as time moves on. It seems the older we get, the fewer choices that we have. Men still chase women when they get older, but only downhill.

The One Thing We Control

Napoleon Hill says that we have control over but one thing, the ability to control our own thoughts. This is the most significant and inspiring of all human traits. It is part of our divine nature. This divine tool is the sole way to control your own destiny.

Mind control is the result of self-discipline and habit. You either control it or it controls you. The most effective way to control your mind is by keeping it busy with a definite purpose, supported by a clear plan.

The Ultimate Question

A lot of people I know have read Think and Grow Rich, and they say that they think it is a great book. But, very few know the answer to the following question.

What does Napoleon Hill say that you must do twice daily in order to make your desires become reality?

On page 36 of my copy of Think and Grow Rich, Napoleon Hill says that you should have:

1.) written a concise statement of what you want,

2.) how you plan to get it, and

3.) when you will get it,

then you should read your written statement aloud twice daily, once before retiring at night and once after arising in the morning.

What Does This Have to Do With Real Estate?

In the early 2000’s, I thought my job was going to be cut and I that would be unemployed. I decided I needed a steady second income so I wouldn’t have to rely on my 8:00 to 5:00 job to bring home the bacon .

After I concluded that buying fixer upper houses and renting them out was the best second income for me, I wrote down my desire on a piece of paper and carried it around in my wallet.

I wrote, ” I will find and buy a fixer-upper house in the next 60 days.” In less than a month, I found and bought my first fixer upper house, and that was my start in this business.

That was the first time I experienced the power of this technique. I have had many subsequent successes with the technique as well.

Like most of us. you have ideas and dreams. But, if you go beyond just identifying them and you write them down, and put your passion into them, they are more likely to come true.

Confessions of a Fixer-upper-holic

Getting Started with Fixer Upper & Rental Houses (Video)

Friday, September 10th, 2010

I think that buying fixer upper houses and turning them into rental properties is the easiest way to make money in real estate. You can do it in your spare time and still work your 8:00 to 5:00 job. And, rental houses can create a steady new income stream, that could even allow you to retire from your regular job, as I did.

This video which provides a general overview of the process for starting up a fixer upper and rental house business.

How to Turn Your Home into a Rental Property – Radio Interview with Ron Ross

Thursday, August 26th, 2010

I was interviewed by the engaging, master radio host, Ron Ross of WJBC 1230 AM in Bloomington, Illinois this morning.

I talked about how to turn a home into a rental property, including:

– how to do the financing

– getting good tenants

– taking advantage of tax breaks

– and preparing the old house to rent.

Before the show I heard Ron going through the news and he said that ratings were so bad at CBS that Katie Couric was showing up to work in sweat pants, a tank top and a ball cap too.

So, during the interview, I mentioned that one of the advantages of working with rental properties was, like Katie Couric, I can show up to work in sweat pants and a ball cap.

Listen to the entire radio interview.

Upcoming radio interviews

September 2 at 7:40 am, Good Morning Rochester with Rich Peterson, KROC 1340 AM, Rochester, Minnesota.

September 2 at 11:25 am, John Brown’s Mindset, KTRS 550 AM, St. Louis, Missouri.

September 15 at 8:05 am, the Dan and Mike Show with Dan Ramey, WBEX 1490 AM, Chillicothe, Ohio.