Posts Tagged ‘Terry Sprouse’

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

Wednesday, July 31st, 2013

 

This morning I was interviewed by the masterful interviewer, Rich Peterson (KROC Radio 1340 AM, Rochester, Minnesota), about my book “Turn Your Home Into a Rental House Instead of Selling It!”

I was also on Rich’s show a couple of years ago to promote my earlier magnum opus “Fix em Up Rent em Out.”

Today, Rich asked the question,

“Does the city have to  inspect a house before you can rent it out?”

My answer was,

“No the city doesn’t do inspections unless you have constructed a guest house, or added or room, or make some major modification to the property. You must comply with building codes, but if you don’t make any changes, the city is not involved.”

When to Hire an Inspector

While there is not need for the city to do an inspection, prior to purchasing a new home, it’s critically important to hire your own inspector to make sure that everything is “operational” in the house that you want to purchase.

Usually, the owner has to fill out a “disclosure” form that informs you of any existing problems that the house has, that he or she is aware of . Sometimes, owners will have a report available by an inspector that they hired to inspect the property.

Even in that case, you still need to hire your own inspector. It may sound like a case of “dueling inspectors,” but I like to have a report written by the guy that is representing me, not the guy who is representing the seller.

Hiring a good inspector is especially important when you are purchasing a foreclosed property, where there is usually no owner present. Then, the only thing you have to make your decision about the condition of the house is the inspector’s report.

Tid Bits: NBA Trivia and Unwise Career Moves

1st NBA Basket

Prior to my interview with Rich, I was listening to his radio show and I learned that the first basket scored in the NBA was by Oscar “Ossie” Schectkman, who recently passed away at age 94.

I also learned:

4 Things that People do to Help their Career that Actually Hurts Their Career.

1. Staying too long with the same company. Employers wonder why you haven’t changed.

2. Being too good at something you don’t like doing, because you’ll be hired to do it more and more.

3. Keeping your mouth shut. You should tell supervisors before they make mistakes. You may get fired, but improves your status under point #1.

4. Putting in a recommendation for a friend. If the friend is a failure, it reflects badly on you.

As Rich Peterson says, “We’ll’ see you down by the riverside.”

 

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

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

Tuesday, August 6th, at 9:40 am (eastern), Greg O’Conner will interview me, WKHM 970 AM, Jackson, MI.

Wednesday, August 14th, at 9:15 am (eastern), I’ll be on Dave Kelber’s show, WRNJ Radio, Hackettstown, NJ.

Watch this space for information on additional interviews.

Related Articles

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

Getting Rid of Bad Tenants

Saturday, July 27th, 2013

 

Don’t’ rent to these guys!

On my Friday interview on the David Sutton radio show (KRSN AM 1490, Los Alamos, NM), David’s co-host Nancy asked me about one of the common fears of people who would like to own rental houses.

Can’t Get Rid of Tenants? 

She said,

“Once you have tenants in your rental house, even if you want to, you can’t get rid of them for at least one year.”

My response was,

“That’s not exactly right. The tenants may have signed a lease for one year, but that doesn’t give them a free pass to do anything they want to in your property. If they violate the contract (by not paying the rent, disturbing the neighbors, doing auto mechanics in the front yard, etc.), then regardless of how long the lease is for, you can remove them.

The bad news is, they can fight you in court if they don’t agree that they violated the contract.”

Month-to-Month Lease -The Bain of Bad Tenants 

The approach that my wife and I take to avoid extended, and costly, legal fights, is to have all of our tenants on a month-to-month lease. This allows us to scrape off bad tenants like barnacles. All we have to do is to notify them that we are canceling the lease, and they have to be out in 30 days. There’s no fuss, no going to court, easy as pie.

I thought that tenants might balk at having to sign a month-to-month lease, rather than having a long-term one, but every one just accepts it as normal. I explain to them that the advantage for a month-to-month is that it protects both the tenant and the landlord. If they are not happy in our rental house, we prefer that they leave.

We Remove a Bad Tenant 

My wife and I have only had to evict tenants once in our 12 years in this business.

The police informed us that they had the people in one of our rental house under surveillance for drugs because a lot of people were coming and going at odd hours. That was the final straw, since they weren’t model tenants anyway. We canceled their month-to-month contract and they left without any objection.

As we do with all tenants, we gave them a “Move Out Information Letter” describing the steps of the moving out process, which they followed.

Our Fondest Desire: Long Term Tenants 

Of course, our objective is to keep good tenants in our properties into eternity. (We’re exploring options to keep them as tenants, even in the afterlife!)

We don’t want them to ever leave, and we will bend over backwards to keep them happy. That’s how money is made in this business, by having good long term tenants.

We lose money when we have a lot of tenants move in and out, and the unvarnished truth is, we  do like to turn a profit.

 

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

Wednesday, July 31, at 8:15 (central time), I’ll be interviewed by Rich Petersen, KROC 1340 AM, Rochester, MN.

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

Tuesday, August 6th, at 9:40 am (eastern), Greg O’Conner will interview me, WKHM 970 AM, Jackson, MI.

Wednesday, August 14th, at 9:15 am (eastern), I’ll be on Dave Kelber’s show, WRNJ Radio, Hackettstown, NJ.

Watch this space for information on additional interviews.

Related Articles

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

Do government regulations inhibit landlords from selecting good tenants? – Radio Interview with Dan Ramey

Monday, July 22nd, 2013

 

In my interview last Friday with the inimitable Dan Ramey (at WBEX 1490 AM in Chillicothe, Ohio) to discuss “Turn Your Home into a Rental House,” he asked the question,

“Do government regulations make it difficult when it comes to selecting good tenants?”

My answer was,

“all landlords and owners are required to comply with the Fair Housing Act. The Act prohibits discrimination based on race, creed, color, disability, among other things. We don’t find compliance with the Act an onerous requirement.  To us, it’s only fair that all tenants should get equal treatment.

The Fair Housing Act does not tie our hands when we select tenants because we can still base our tenant decisions on relevant factors, such as:

1.) Does the tenant have enough income to afford the rent;

2.)  Are their personalities compatible with ours;

3.) Do we think they will take good care of our house; and,

4.) Have they been good tenants in the past;

In short, we screen our tenants carefully, and we’ve only had to remove a tenant one time during our 12 years in this business. Government regulations don’t interfere with our tenant selection process.”

Here is the link to my complete interview with Dan Ramey.

 

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

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.

Wednesday, July 31, at 8:15 (central time), I’ll be interviewed by Rich Petersen, KROC 1340 AM, Rochester, MN.

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

Wednesday, August 14th, at 9:15 am (eastern), I’ll be on Dave Kelber’s show, WRNJ Radio, Hackettstown, NJ.

Watch this space for information on additional interviews.

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

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

Saturday, July 13th, 2013

The Morning Blend interview

Yesterday I was interviewed by the legendary radio host, Mark Wayne, of WICH in Norwich, Connecticut about my new book “Turn Your Home Into a Rental House Instead of Selling It!”.

Check the Roof

Mark commented that the first two things he would check when buying a house would be

1.)  the roof, and;

2.) the foundation.

He doesn’t want to be stuck with these potentially big ticket expenses.

I said that those types of dangers to a real estate investor underscore the importance of having a thorough inspection of the house done prior to purchasing.

Have a Professional Inspection

Not only does a complete inspection by a professional inspector

1.)  protect you from surprise expenses, but

2.) the inspector’s written report is a good tool to help negotiation a lower price with the seller, if the inspector identifies other issues the house may have (for example, A/C, plumbing, wiring, etc.)

Television Interview Update

The Morning Blend is a nice, friendly show, with genial hosts Amanda Guralski (who is also an author) and Sally Shamrell.

I was interviewed last year on the Morning Blend show to promote my book “Carve Out Your Niche,” so I wasn’t too nervous about  Wednesday’s appearance to promote “Turn Your Home Into a Rental House.”

Where’s Angy?

Before we started filming, they asked why Angy wasn’t with me, since she co-authored the book.

I had to tell them the truth.

I said, “I tried to get her to come, but ultimately she couldn’t be on the show because of her back. It has a big yellow stripe right down the middle.”

Strangely, Angywas never nervous when  she and I have taught fixer-upper house seminars together, but she was a little anxious about appearing on television.

Like Riding a Horse

I told Angy it’s like learning to ride a horse. Isaid, “Sure, you may get bucked off a few times and maybe just break an arm or a leg, but before long, you’ll be riding that horse like the Lone Ranger!”

Maybe that wasn’t such a good analogy.

I thought the interview went okay, except that I caught myself mumbling a few times.

Blog Review of “Turn Your Home Into a Rental House.”

Thanks to Sharon at Louisville Gals Real Estate Blog  for her review of my new book.

Upcoming “Turn Your Home Into a Rental House ” Radio Interviews

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 showon 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.

Watch this space for information on additional interviews.

Related Articles

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

What Mr. Lincoln Taught Me about the Power of Stories

Tuesday, June 25th, 2013

While defending a man against an assault charge, Lincoln claimed it was more like self-defense, as in the case of a man he knew who was walking down the road with a pitchfork and was attacked by a very fierce dog. In trying to ward off the dog’s attacks he stuck the prongs of the pitchfork into the animal and killed him. According to Lincoln, the dialogue that followed went like this:

“What made you kill my dog?” said the farmer.

“What made your dog try to bite me?” the man answered.

“But why didn’t you go after him with the other end of your pitchfork?”

“Why didn’t he come after me with his other end?”

The jury found Lincoln’s client innocent of assault

Lincoln’s Secretary of Treasury said, “Many of Mr. Lincoln’s stories were as apt and instructive as the best of Aesop’s Fables.”

3 Reasons to Use Stories

Lincoln used stories for many different reasons, but here are three reasons that stand out to me.

1.) Stories are tools of persuasion use to avoid provoking people.

Lincoln said, “They say I tell a great many stores and I reckon I do, but I believe that common people, are more easily informed through the medium of a broad illustration than in any other way.”

Studies show that people are more receptive to information presented as a story than if it is merely presented as a dry, unadorned, fact.

2.) Stories are an entertaining and compelling way to connect with people. Lincoln commented, “Stories are the shortest path between strangers and friends.”

Carl Schurz

Carl Schurz, a union general who first met Lincoln on a train described the meeting by saying,

“I soon felt as if I had known him all my life and we had very long been close friends. He interspersed our conversation with all sorts of quaint stories, each of which had a witty point applicable to the subject at hand.”

3.) Stories have the power to bring about change. Our stories we chose communicate a deeper meaning, our values, hopes and ideals in a way that most people can relate. They show us the difference between what is and what could be.

Plato said, “Those who tell stories rule the world.”

“I am not simply a story-teller,” said Lincoln, “It is not the story itself, but its purpose that interests me.” He didn’t force his messages on his audience, he let in unfold in their own imaginations.

Where to Get Stories

Like me, you may not be a natural born storyteller, and you might not have a treasure trove of fascinating stories to draw upon. But Lincoln said that he almost never invented stories. He told stories and jokes he remembered hearing or reading and he adapted them to fit the issue at hand.

Draw upon stories that you have personally experienced, or utilize stories that you have heard or read. Modify these stories to slip in your message instead of hitting people over the head with it.

Opportunities to Tell Stories Present Themselves

Stories proved their value to me when I spent time with my Mother during the last year of her life. She was constantly in and out of hospital and rehabilitation facilities. We were together so much that often the only thing I could think to say was to recall family stories from the past. I realized that the best way to communicate feelings and deep thoughts was through these stories.

Stories are also a useful teaching tool with my two teenage sons. I can no longer use the direct technique with them, and just say “stop doing that or you can’t watch TV!” That approach is a dead end. It would just result in an argument and hard feelings.

If I really want to mold their behavior, I talk to them when they are relaxed, like in the car, and I tell them an interesting story (at least to me) from my past experience that reflects some point that I want to make. Sometimes I wonder if my boys are really paying attention to my “rambling reminisces.” But, when they later ask me for more details about a story that I have told, I realize that maybe my story has struck a chord with them.

Stories Are More Persuasive Than Logic

At a meeting of newspaper editors, where he felt out of place, Lincoln used this story:

“I feel like I did once when I met a woman riding horseback in the woods, As I stopped to let her pass, she also stopped and looking at me intently.

She said, ‘I do believe you are the ugliest man I ever saw.’

Said I: ‘Madam, you are probably right, but I can’t help it.’

‘No, she said, ‘you can’t help it, but you might stay at home.’ ”

And magically, after hearing the story, the reporters who were strangers became Lincoln’s  friends.

Learn from Lincoln. Stop being so logical, fact filled and practical in your communications. Dig deeper, make people laugh, cry and think by wrapping it in a compelling story. Connect to people’s hearts by the stories you tell.

Recommended readings:

Abraham Lincoln and Leadership through Storytelling

Following in Lincoln’s Footsteps: My presentation to the ALP Convention (video)

Follow Abe Lincoln’s Storytelling Example

Lincoln Storytelling at AZ Senior Academy and Aztec Toastmasters (Video)

Feb. 4: “Abraham Lincoln and the Power of a Story” at AZ Senior Academy

Lincoln and Storytelling – Morning Blend Interview

Abraham Lincoln Storytelling Secret – Add Voices

How Abraham Lincoln Used Stories to Connect with People by T. Sprouse

Abraham Lincoln and Storytelling – The Story Behind the Book by T. Sprouse

How Abraham Lincoln Used Stories to Win the Presidential Nomination (a lesson for the 2016 Candidates for President) by T. Sprouse

Volunteering at Pascua Yaqui Youth Career Academy Job Fair by T. Sprouse

How To Have The Language Intelligence Of Abraham Lincoln: ‘The Greatest Thing By far Is To Be A Master Of Metaphor’ by Joe Romm at ClimateProgress

Mr. Sandburg, speak to us! by Bill Nash at Abe’s Log Cabin.

How Abraham Lincoln mastered the art of storytelling by John Sadowsky

Lesson From Abraham Lincoln On Becoming A Great Storyteller by Jay Oza

The Power of Overlooking an Offense at Kingdom People

John Y. Brown, III: Lincoln and the Power of Story at The Recovering Politician

Is a state pension enough to support you in retirement? at Reach Financial Independence

Does Volunteering And Charitable Giving Lead To Happier Employees And Higher Profits? at Untemplater

The grocery game challenge June 24-30, 2013 #4: Fruit and vegetable preparation at Canadian Budget Binder

Do You Sneak Snacks Into The Movies? at Eyes on the Dollar

 Review of “The Hour of Peril” – 5 Abe Lincoln Anecdotes

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

Tuesday, June 18th, 2013

Turn a Rental House into Your Home; Then Your Home into a Rental House?

For small fixer upper house investors, like my wife and I, it can pay off big dividends to move into the future rental property that we are repairing. We don’t always do it this way, but we find there are compelling advantages to this technique. These advantages include:

1.) Reduce Financial Strain

We don’t have to make house payments on a property that has no tenants paying rent. In other words, living in the house while we repair it is better than having it empty. If I we live in it, we make the mortgage payment that I would normally have to make anyway. However, if we tried to repair the house, while still living in another house, we have two mortgages to pay, until we can finish repairs on the new house and then rent it out.

This can be a real strain on the budget, especially when repairs go on longer than anticipated. What we like to do is to turn our former home into a rental house and move into the fixer-upper. We usually plan to stay in the new residence anywhere from 6 months to 2 years.

2.) Better Loan Terms

We get better loan terms as an owner occupant. Interest rates on a loan can be one percent lower if we purchase the house as an owner occupant, rather than as an investment property. The less we pay each month during the repair process, the better.

3.) Learn Repair Skills

Instead of rushing through the repair process and having to contract out much of the work, in a more drawn out process we can take the time to learn new repair skills. It also affords us the luxury of being able to make mistakes and learn from them. For me, at least, that is an integral part of the learning process.

4.) Make More Money When Renting

Because of the lower loan terms and lower monthly mortgage payments, when we later rent the property out, we can turn a tidier profit each month. Or, we can make it more attractive to potential tenants by offering to rent it at a lower price.

5.) Accommodates Our 8-5:00 Jobs

Feverishly repairing a new rental property nights and weekends, puts a strain on my wife and I, since we both have day jobs. Stretching out the process reduces the stress level considerably.

6.) Get to Know the House

A slower repair process allows me to really get to know the idiosyncrasies of the house. Later when tenants request repairs, my in-depth knowledge of the house may make these future repairs easier.

7.) Reduce Taxes If We Sell

Although, we believe in the buy-and-hold strategy, if we live in the house for two years and decide to sell, we can sell without paying federal capital gains taxes. If the capital gain is less than $500,000 for couples, the sale of the house is never reported n federal IRS forms.

One Caveat

If you follow this strategy and have a family, expect to live under some primitive circumstances for awhile until you start to get things ship-shape. My kids are thrilled at camping out in a new house, and as long as I get the showers working fairly quickly, my wife is happy. If you take the perspective that it’s an exciting adventure, you won’t be disappointed.

 

Related Articles

 

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

 

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

Thursday, June 13th, 2013

“Refusal to accept the death of a dream would seem a historical imperative in realizing it.” (Referring to Abraham Lincoln’s long held conviction that he would someday be president.)

–Chris DeRose, Congressman Lincoln

Holy Mackeral! It’s time to prepare the roof for summer.

We can ignore it no longer. It’s time to get up on that roof and get the cooler in working condition (for those of us in the southwest), and to re-coat the entire roof in preparation for the upcoming monsoon season.

the water cooler (a.k.a. “swamp” cooler)

We will eventually turn the home into a rental house, so we must keep the roof in top condition. Later, we need to fix one of our rental house’s roof too.

Water Cooler Issues

This year, the copper tubing broke on my cooler due to cold weather. I used to drain the tubing every year before winter. Then, a friend told me that was a waste of time because it never got cold enough to break the pipes.  Now I have one additional broken pipe, and one less friend.

Just kidding. Actually my friend is only serving time in the  penalty box  — for the next 2 years!

valve attached to new tube

 

copper tube

Fortunately, it’s an easy fix to change the tubing. Here are the steps:

1.) At Ace Hardware, I bought 8 feet of copper tube at $1.29 per foot,

2.) I cut off the old tube, and

3.) I attached the new tube using couplers, also from the aforementioned Ace Hardware Store.

copper tube cutter

Applying Rubberized Roof Coating

Last weekend we tackled this job at our house.

We used 4-5 gallon buckets of Tucson Rubberized Roof Coating. Each 5 gallons covers about 400 sq. ft.

The procedure was:

1.) One day before, wash off the roof with a high powered water spray,

2.) Stir up the paint with electric drill and large paddle stirring attachment,

3.) Place my two sons on roof with rollers and paint, and stand back as they lather it on like shaving cream.

 

“chips off the old block” lathering it on

 

making steady progress

Blog recommendations:

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

Follow General Grant’s Example With Your Tenants

Friday, May 31st, 2013

“General Grant was his usual self — that is to say, ready and also determined to do more for you than you could possibly have the effrontery to ask him to do.

Apparently he never meets anybody half way: he comes nine-tenths of the way himself voluntarily.”

–Mark Twain quote in Grant’s Final Victory: Ulysses S. Grant’s Heroic Last Year

In Grant’s Final Victory, author Charles Bracelen Flood describes how General Grant lost his wealth in a terrible 1884 swindle, and was also faced with the news that he had throat and mouth cancer. Destitute and dying, the great civil war general began to write his memoirs to save his family from financial ruin.

Grant faced his challenges with unflagging courage and good will.

He finished his memoirs just three days before he died. They were published by his friend Mark Twain and the book became a bestseller, raising over $400,000 for his family. His thoughtful, philosophical work is regarded as the best book ever written by a former military leader and president.

Using Grant’s Example

Of course, in life there are very few people who meet you 90% of the way, but those that do usually earn our admiration and loyalty.

In keeping good tenants, we should follow Grant’s example and meet them 90% of the way. One way to take good care of tenants is in quickly responses to repair requests.

Responding Quickly to Tenants Needs

I admit that when my wife, Angy, and I first became landlords in 2002, this was a low priority for us. In the first home that we turned into a rental house, we used to cringe when we’d answer the phone and a tenant would be on the line with a repair request.  We knew we were going to have to spend some of our valuable time and hard-earned money to deal with a maintenance request. We would sometimes let the repair linger instead of jumping right on it.

Now, we look at tenant calls as an opportunity to show the tenants that we take their problems seriously, and we respond to their concerns immediately. We have busy schedules, but our tenants have busy schedules too.

Keeping our good tenants happy is our highest priority because it directly affects our profits. The fewer tenant turnovers that we have the more money we make. Plus, we like our tenants and want them to feel comfortable in our properties.

Put “Who you gonna call?” list on speed dial

Chuck Norris

 What has helped us to respond quickly is that we now have accumulated a “Who you gonna call?” list of good repair professionals over time.

We have plumbers, an air conditioner company, handymen, Ghostbusters, Chuck Norris, and other professionals that we trust, on the speed dial of our cell phone. That way, we can get them started on a repair without delay.

 

Recommended reading:

How To Remember People’s Names at Fearless Men

Inspirational Quotes To Jumpstart Your Day at the Untemplater

Does building out a garage ever make sense? at LandlordInvestor

5 Nearly Free Things to Do With Your Kids This Summer at Work Save LIve

The Saturday Weekend Review #22: Our Neighbours And The Fence Plus Free Stuff at Candian Budget binder

How To Be A Stellar Contact Lens Patient at Eyes on the Dollar

The Benefits and Pitfalls of Investing for Your Future at Modest Money

How to Make your Own Good Luck at Financial-Lessons.net

Problem Tenants; It’s Always Something at Louisville Gals

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.

 

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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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