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Old 06-13-2018, 04:28 PM
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Default Buying the house next door

Buying the house next door to us. Going to use it as a rental (and already have it rented, even before we close on it).

Sits on 5 acres so that'll gives me 15 adjoining acres. Once we have the house done, I'm going to try and buy the 20+ acres next to it.

It'll need a little work. New paint, carpets and some bathroom re-dos.

Don't have any recent pictures but you can get the idea from when we built the deck.
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Old 06-13-2018, 07:32 PM
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Default Re: Buying the house next door

Looks like it will make a great rental property.
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Old 06-15-2018, 09:34 AM
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Default Re: Buying the house next door

Nice! Now we can call you slum lord ..... :)
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Old 06-15-2018, 09:53 AM
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Default Re: Buying the house next door

Let's keep it short. Just call me Lord.
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Old 06-15-2018, 10:31 AM
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Default Re: Buying the house next door

Have you been a landlord before?

I've never done residential rentals, my wife is adamantly opposed to being a landlord. Laws vary by state as to favoring either tenant or the property owner. Indiana laws are pretty favorable to landlords. Illinois laws favor tenants.

I've only done commercial and industrial properties as a landlord.
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Old 06-15-2018, 11:01 AM
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Default Re: Buying the house next door

Never been a landlord before.

We had our attorney create a triple net lease for us. That should greatly reduce our risks and responsibilities.
https://en.wikipedia.org/wiki/NNN_lease
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Old 06-15-2018, 02:27 PM
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Default Re: Buying the house next door

Quote:
Originally Posted by bczoom View Post
Never been a landlord before.

We had our attorney create a triple net lease for us. That should greatly reduce our risks and responsibilities.
https://en.wikipedia.org/wiki/NNN_lease
Triple Net is the way I do commercial
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Old 06-15-2018, 11:04 PM
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Default Re: Buying the house next door

Quote:
Originally Posted by Melensdad View Post
Have you been a landlord before?

I've never done residential rentals, my wife is adamantly opposed to being a landlord. Laws vary by state as to favoring either tenant or the property owner. Indiana laws are pretty favorable to landlords. Illinois laws favor tenants.

I've only done commercial and industrial properties as a landlord.
I've done residential rentals. If I ever do another one I will place it in the hands of a professional, and the tenant will never know who actually owns the property.
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Old 06-16-2018, 01:11 AM
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Default Re: Buying the house next door

Nice, I really like that deck.
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Old 06-16-2018, 08:53 AM
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Default Re: Buying the house next door

Quote:
Originally Posted by jimbo View Post
I've done residential rentals. If I ever do another one I will place it in the hands of a professional, and the tenant will never know who actually owns the property.
If I ever did a residential it would with a professional manager. And I'd probably do a mid-size multi-unit building, 8 units or more. And it would probably be in an upper middle class area. And it would probably be at the higher end of the rent scale. And I would look for retired professionals as tenants. And ...

So all that said, I will likely never do residential.

Honestly residential scares me. Even with the favorable Indiana lease laws. I know I'd never even buy a property, residential or commercial in some states (Illinois being one of those). Real estate can be the greatest of all investments but it can also be a nightmare. I recommend real estate to most people, but with words of caution.
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Old 07-18-2018, 02:02 PM
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Default Re: Buying the house next door

Bump.

Well, we're closing on the place later today.

We were able to go in the house early and start doing work. Patched some drywall, replaced lights, ripped out carpeting and flooring... By this weekend, I'll have 5 rooms ready for paint then new flooring. I have 2 other rooms almost done as well.

Kitchen and 1 bath will be after that. Already bought replacement kitchen cabinets. Not looking forward to either of these rooms.

I got a call from a place that wants me to come work for them. Hate to come out of retirement but at this point, I wouldn't mind going back to my professional job then hire out what needs done on this house.
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Old 08-06-2018, 04:12 PM
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Default Re: Buying the house next door

Well, it's been about 20 days since we closed.

We knocked off the "easy" rooms so 3 rooms (2 bedrooms & the storage room) are 100% complete. When I say "easy", it means full paint job (2 coats on ceiling and walls), new lighting (now all LED), new flooring (1 room carpet, 1 room tongue-and-groove vinyl, storage room is self-stick tile).

Another bedroom is complete minus having the carpet installed. Had to rip out border material, remove a chunk of ceiling drywall where bees had a nest from the attic, patch walls...

The last bedroom is complete minus 1 more coat of paint on the walls.

Kitchen is a slow process. Mrs. Zoom re-arranged everything but I will say, her layout is 500% better than the layout that was there. Removed the island and moved all appliance locations... It was time consuming to re-route all the plumbing for sink/dishwasher as well as re-doing all the electric but it's done. New cabinets are 70% installed and should finish those tomorrow.

Next is raising the floor in the dining room to match the kitchen. It was 2 steps down from kitchen to dining area. We're going to make it all 1 level.

Once dining room complete, we'll tackle the bathrooms. 2 of them should be relatively easy. The master bath gets completely gutted so that'll take some time.
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Old 08-06-2018, 04:24 PM
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Default Re: Buying the house next door

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Old 09-05-2018, 12:37 PM
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Default Re: Buying the house next door

Well, it's been another month.
- Kitchen is complete except flooring and appliances.
- Dining room door and window removed. Walled in and ready for paint.
- Dining room floor has been raised and stub-wall between it and living room is complete.
- All 3 bathrooms gutted. One has been put back together, another needs final paint then install floor, commode and sink (less than a day).
- Old roof torn off, new roof installed and complete.
- Old siding ripped off, new siding arriving this week and then install.
- Other rooms in varying degrees of completion.
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Old 09-05-2018, 12:54 PM
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Default Re: Buying the house next door

Pictures (I hope). Tried attaching pics to previous post and got this error:
Invalid Redirect URL (http://www.forumsforums.com/3_9/newa...nageattach&p=&)
OK, it was just that my pics were too big. After resizing, they'll post.
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Old 09-05-2018, 12:57 PM
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Default Re: Buying the house next door

The dog is with me whenever I'm there. She's quiet and knows where to lay down to stay out of our way (we laid out 3 pieces of carpet pad in various places near us and she knows to stay on those). She's great with alerting us if someone comes around but we don't hear them.

Also forgot to mention window and door replacement is in work. Custom sized windows so they're being made now and should be in and installed within a month.
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Old 09-05-2018, 01:34 PM
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Default Re: Buying the house next door

Very nice!
The dog even likes it.
She's smiling lol
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Old 09-05-2018, 02:02 PM
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Default Re: Buying the house next door

That looks great zoomer
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