Tag Archives: rental

Do You Have An UNFAIR ADVANTAGE?

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How crazy and tenacious are you in pursuit of your dream to rid yourself of consumer debt, build an emergency fund, accumulate savings, and start investing to secure your future?

It’s time to add a little refinement to Pad Adventure, make it more user friendly and pleasing to the eye–lest we lose a swath of the readership.

I need to post images of rich cups of coffee, luxurious textbooks, soft comfortable throw blankets and maybe a perfectly steeped cup of chai to avoid migration of the masses.

 

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A candid photo of a child, a whippet hound (is there such a thing?) or a couple on a Sunday stroll on white sand beaches would make padadventure appeal to the masses.

 

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Would it be wrong to pull some wholesome family pictures off of the internet and show how I made a pair of shoes for my virtual kids from banana peels and corn husks?

Continue reading Do You Have An UNFAIR ADVANTAGE?

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REAL ESTATE INCOME EXPOSED!–THE STRIPPER AND THE PUKER (Ep. 7)

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“NO, this isn’t the forgotten prequel to the Hobbit, a fishing show, nor is it a previously unreleased song from The Steve Miller Band–it’s episode 7 Mofo’s.”

Things were starting to move hard and fast at POS duplex #1, and I was starting to feel like a resident, given the time I was putting in.

I started noticing all the little things I assumed might work against my cause.

Funny how that works when you actually spend a little time at a place.

Continue reading REAL ESTATE INCOME EXPOSED!–THE STRIPPER AND THE PUKER (Ep. 7)

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REAL ESTATE INCOME EXPOSED!–HONEY, COME MEET THE TENANTS! (Ep. 6)

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I had done all the necessary legwork, researched everything I could and was excited at the prospect of being a landlord—I felt pretty savvy actually—my girlfriend was not so confident in my abilities, and I think it’s for this very reason she tagged along.

I’m not afraid to admit that.

If I didn’t say it already, I’m dealing with POS houses right now, not warzones, but not someplace Vanilla Ice (even during his heyday) would hang out at either.

real estate ice
Not on your life, life baby!

Continue reading REAL ESTATE INCOME EXPOSED!–HONEY, COME MEET THE TENANTS! (Ep. 6)

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How To Win Going In–Properly Evaluate Your Next Investment Property

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These are the real numbers to my first ever rental property (a duplex):

GRM: 3
CAP Rate: 36%
Cash on Cash Return: 25.3% per year

These numbers should make you salivate, I was.  If not, this is a definite read! Continue reading How To Win Going In–Properly Evaluate Your Next Investment Property

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RENTAL INCOME EXPOSED!–FIRST MONTH, FIRST PROPERTY (Ep. 5)

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The Acquisition

The first POS property was prospected from Craigslist and was acquired from a burnt out landlord who was treading water with the amount of deferred maintenance and number of properties he was carrying, all while working for UPS.

I give him credit. He was working harder than most–and doing the right things, maybe he just bit off a bit too much, too early. That’s what it takes to get this thing off the ground sometimes.

Nice guy, and I got a lot of advice and promises from him, but he left a mess, and I assume rightfully so, being that I purchased this duplex on discount.

property inspect
This is an insurance inspector. He was thorough. “Thorough” is another word I use for *******. He was thorough.

I also got some great ideas as far as “necessary” lease provisions that Continue reading RENTAL INCOME EXPOSED!–FIRST MONTH, FIRST PROPERTY (Ep. 5)

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RENTAL INCOME EXPOSED!–The Pad Adventure Personal Glimpse (Ep. 4)

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Howdy, and welcome to my blog.

If you haven’t deciphered things to this point, I’ll break it down for you.

You’re probably not going to find much great writing, blogging, tech skills, or really great “anything” for that matter on this site.

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This is me, an Arrogant Bastard, standing close to the edge.

I can’t even promise that the links on my site will work. Continue reading RENTAL INCOME EXPOSED!–The Pad Adventure Personal Glimpse (Ep. 4)

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RENTAL INCOME EXPOSED!–THE PRELUDE, PROPERTY ONE (Ep. 3)

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I started applying FI principles about 4 months before acquiring my first rental, and boy was it a total POS.

principle pool
I know they say never get a rental with a pool, but look at all the free fire wood!

That being said, the numbers all worked in spite of it, and I still own it.

I was in real trouble prior to those four months–and didn’t have a clue.  I had a great job with great income, a ton of debt, a gas guzzling $65K Ford Raptor SVT, a recent divorce, and was renting a loft downtown. Continue reading RENTAL INCOME EXPOSED!–THE PRELUDE, PROPERTY ONE (Ep. 3)

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RENTAL INCOME EXPOSED! –GENESIS (Ep. 2)

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This section, although depicted as a Month to Month, blow by blow accounting of the numbers, adventures and trials, will start in a retroactive manner, initially, then catch up to present day.

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I don’t want it to affect the integrity of what I’m posting, and I feel I have taken meticulous notes, photos, and documentation, to make it a worthwhile read, even still.

The positives are that the information is still relevant, and that potentially each article will not take a full month to post.

The reader will still get the experience and information they seek, and I think it’ll be quite entertaining along the way.

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Continue reading RENTAL INCOME EXPOSED! –GENESIS (Ep. 2)

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Meth heads and strippers need not apply

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There’s nothing like feeling you’ve finally found the right tenant, and I can’t tell you how many times I’ve felt that way, only to have the proverbial red flag thrown in my jaw dropped face of disbelief. Did they just say, do—what the…no, they…ugh. Dang it.

This was definitely not one of those times.

Well, at first anyways.

The Honeymoon Phase

It started out pretty promising in fact, a glowing credit check, no evictions, no criminal record. A little address mismatch, but that could be cleared with a driver’s license.

An offering of breakfast tacos followed, and a few initials later, I was handing over the keys, and finalizing the details to what would hopefully be a rare, quiet year.

It wasn’t meant to be—not for me, not this year, hell, not for even two full weeks! Continue reading Meth heads and strippers need not apply

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RENTAL INCOME EXPOSED!–We are opening the books! (Ep. 1)

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For this topic I will be posting a month by month exposé if you will of what it takes to run–and the intestinal fortitude required to maintain a rental property, or portfolio of properties.

I’ll also give you and idea of the income generated, gross and net so you can get a realistic view of what one might expect with a buy and hold strategy.

rental pie

The good?

I have been buying in rougher areas.  Not war zones or anything close.  But areas where management is a little more hands on, exciting, and the returns are higher–but so is the risk.

You’ll see plenty of that.  It also makes for some pretty good stories along the way.

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well, what do we have here…

Continue reading RENTAL INCOME EXPOSED!–We are opening the books! (Ep. 1)

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