Here’s one weird thing about blogging – people assume you divulge everything about your life in the Internet. And usually, I’m pretty much an open book. But sometimes, things don’t make it onto NewlyWoodwards.
Because something doesn’t seem exciting enough. Or it’s a bit of a downer. Or I just don’t have the time. Or I full-out forget.
I haven’t intentionally been holding out on you, but for some reason, I never told you about two more houses we purchased in 2012.
So, I guess now’s as good of a time as any.
We bought two duplexes in 2012.
So, we now own and manage five rental units (including the first single family rental we purchased and renovated in 2009). Which is great since we didn’t have anything going on before. (Insert sarcasm font.)
Anyhow, I realized that I never mentioned it because we’re in the process of getting one of the units ready to rent again after we had to evict a tenant. Which is a whole other story. For another day that will probably never happen on the blogarooski.
How did we end up with two more duplexes?
We’ve had really good luck with the first rental house. We’ve actually had the same tenant for nearly four years, no major issues and quickly paid off the loan. So, Ryan knew that he wanted a few more rentals – with the goal of adding to our net worth and diversifying our income.
He has a tendency to quietly house hunt without me even totally realizing it. I catch him online looking at houses (and tractors) more often than I care to admit. Anyhow, by the time I realized what was happening, we were touring the first duplex and Ryan was telling me how great it was going to be to own it. 😉 I exaggerate – but it’s true that Ryan was the driving force behind buying the properties.
We bought the first duplex last winter, when I was pregnant and too tired to argue about purchasing another house. We bought the second duplex in August, when I was still on maternity leave. His timing seems suspect, now that I think about it. I was pretty fragile. 😉
Anyhow, the beauty was that neither of the properties needed a great deal of work right away – which was ideal for both of us with full-time jobs and the Henry-man. The updates and improvements could be put off until the units were vacated. The first property already had two tenants. The second had one tenant and we had the downstairs unit filled relatively quickly after cleaning, painting and finishing a few updates. Here’s the interior, which actually has some charming details.
What we’re up to now.
We planned to fix up the units as they came empty. So now that we have one empty, Ryan’s working on a one-bedroom unit right now (in the second property above). If we can improve it, we can ask more in rent, which is obviously a good thing for us. And for the renters.
But, this unit needs a little kitchen reno, all new flooring, paint, new lighting and some bathroom updates. Ryan’s working on this after work and on weekends while I am on Henry duty.
I didn’t get any pictures until after Ryan had ripped up all the flooring and started patching walls. Here’s what we have to work with.
What do you think? Surprised by the news that we picked up a few more houses?
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