(1) Max out 401k(s) - $21,240 (64%)(goal is $33,000)
(2) Max out IRA(s) - $10,000 (100%)(goal is $10,000, this goal is completed)
(3) Add to e/r fund - $7,200 (72%)(goal is $10,000)
(4) Pay down mortgage - $2,905 (58%)(goal is $5,000)
(5) House projects - $1,856 (37%) (goal is $5,000)
Total - $43,201 (69%)
We are about $400 behind on our 2011 savings goals, so starting to slip up a bit. Mr. Sam is in the midst of turning one of our rentals so no rent coming in and money going out for new carpet, paint and general clean up.
2 comments:
Does Mr. Sam do the painting and cleanup himself or do you outsource those jobs?
I just had to do those as well as I'm also in the process of re-renting ... and it just seems as though it would eat into any potential profits, especially if the tenant hasn't been there that long.
I don't know what the fine line is for paint being a wear-and-tear item for which you can/cannot charge the tenant. My previous tenant put holes in the walls despite the rental agreement prohibiting it. Luckily I had to repaint anyway because it was time ... but what if it wasn't? And what is a typical lifeline of paint so that I would know whether the tenant got it dirty/blemished prematurely or if I just have to suck it up and fork over the cash to have it repainted at turnover?
How do you handle things like that? What is worth the hassle of deducting from the security deposit, and the risk that it will be disputed in court?
I have a property management firm take care of mine, I have no direct contact with the tenants. They seem to get higher rent than I think I could (so that offsets some of the cost). We agree on the rent and they have discretion for up to $100 for repairs then need my approval. Over 9 years they have done a great job screening tenants and my current tenant has been there 5 years. They also seem to get volume discounts for us (like painting) since they manage a few hundred homes. 10% of the top of the rent for all the above.
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