Our cool mid-fifties house deal fell through. The seller was crooked, and now we're having to work to get our $2,500 earnest money back (he didn't even own it to be selling it). So I've dealt with it--because I really loved that rambly old house--but I'm still angry at how this guy could be involved in a market of serious investors.
The good news is we've got a new deal going on a little work-horse of a house near our other two...a 3/2/2 that needs a medium-sized rehab of around 15K. One of those little houses I wouldn't want at my current stage of life but which would have been perfect when I was young and starting out. I like these little houses, because I like being a good landlady for a young family living life, raising babies, and making a history together.
This little house has a great backyard with big old trees. I'll have to fight the urge to landscape it--it's not that kind of rehab--but I do look forward to seeing the Before and After Photos. Here's a pair of pictures of the first project we did, before and after...
Well, looking at the house this way, it's not all that evident what we did. I'd have to include all the pictures of the rotted siding, ripped out walls, broken windows, and moldy kitchen. Ah well. Currently the little family living there is expecting a new baby in December, and they're raising chickens in the back yard. (That's legal in San Antonio city limits, as long as you only have three, and as long as they're quiet.)
If somebody had ever told me I would enjoy being a landlady, I'd have asked for some of whatever they were smoking. But it's really okay. Yes, it's really okay to create passive income from a house. Let's not kid ourselves--we work to make money, and before I get one rented, it's a lot of work.
But more than that, it's a real people job, and I didn't expect to like that part of it as much as I do. So...on to the next project, and another little family.