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.
Property #1
(Up-down duplex)
Property #2
(Up-down duplex)
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.
Holy cow! I am a little behind on reading my favorite blogs, can you tell? I am surprised, but also not surprised. I think it’s awesome. I just don’t know how you two manage it all! I wish we were having success with our property in Vermont. After a serious failure at for-sale-by-owner last summer/fall, we are finally just seeing the first rent check in nine months…I don’t think I’ve told much of that story on my blog, either!
I think it’s great that you all are doing this. Really, really smart. Cute duplexes, too.
the energy you woodwards have! i swear! send some our way!!
anyway, i can tell you all have done so much already – it must be so rewarding to see all your hard work pay off in such a big way.
So fun, Kim! I admire all that you guys have going on and have been able to do with your homes. I would love to be in that position someday! Any more progress on the farm?
That is so cool. I think that would be fun to do and a good investment. I hope to have rental property some day. Looking forward to some finished pictures.
Uh, yeah. Slightly. We’ve talked about buying rentals but haven’t stayed put long enough to actually jump into the investment. Maybe now’s our time. We live in a college town after all…. perfect!
I definitely was so surprised when you told us you had so many rentals, but yay for you guys! You are money making machines! 😉
This is awesome! We want to do this exact thing in a couple years so I’ll totally soak up every detail you feel like divulging!
I think I’ll be surprised the year you DON’T buy a house. Or two.
Wow. That’s awesome! I rented my old condo out for a while, but it stresses me out too much. I am in the process of selling it…which apparently is never going to happen in this market.
I am super impressed! But like someone else said, when do you guys sleep?!?!
Look at you guys! Ballers! We have one rental house and, even though we’ve had amazing luck and the same tenants for several years, it stresses me. Good for you guys for taking this opportunity- I am sure it will pay off! Literally! $$$$$$$$$ : ) PS. The lawyer in me wants to suggest maybe buying all of the homes under an LLC and not individually…? Just a thought : )
No way!! That’s awesome!! I’m not surprised. Can’t wait to see what you do with the place 🙂
Wow! Kim, you are a busy girl! I think it’s great that you picked up more properties. You’ll have to give us all the landlord details. I’d love to know how you manage all of it! First question, when do you sleep? 😉 We’ve talked about buying properties to rent, but I’m terrified that I will end up with horrible renters. Let us know all your inside secrets!
That’s so exciting! We have a friend who is big into renovating and renting. He actually purchased several buildings downtown to turn into apartments a few years ago. My husband and a few of his friends have been talking about going into business fixing up houses and renting them, but so far nothing has happened on that front.
So cool you have more rentals!! Both of the duplexes you brought are pretty! I’m so happy that you’ve had good luck with tenants until recently — can’t wait to see more details of the property if your up for sharing more! Love how hand you both are!
I knew you one rental but I didn’t know about the others! They’re so cute!
We have been talking about picking up a few properties to rent in the near future, even renting out our current house whenever we move instead of selling. If you don’t mind me asking – what do you guys look for in rentals and how to you like and deal with being landlords?
You guys are probably the BEST landlords!!!
I have to admit I’m super jealous of your handy and seemingly never-tiring husband! When Shaun and I get home from work, we both have little to no brain left and just sit zoning out on the couch while Ashford throws magazines and mail everywhere. Seriously, that is what happens. Usually we eat cereal for dinner, too. Shoot me now.
But back to you, those properties are a great idea and I cannot wait to see how they turn out! If there is ever a good person to rent from, it’s you guys with your stylish ways. Those renters will be living in a magazine.
Awesome, Kim & Ryan! I can’t say I’m too surprised that you guys bought more properties, but I am surprised that you got things that are in decent shape! Can’t wait to see how those renovations go!
Wow – I had no idea you have so many rental properties! They both look very charming (I LOVE the bay window).
I house hunt online more than I care to admit (oops) but we’re not in a position to buy yet. Maybe in a year or two 🙂