Net Worth Challenge

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Hard at Work — Painting!

Posted in Rental Property by N.W. on the March 21st, 2007

I’m sorry it’s been a while since the last post. During the last two weeks I have been busy (yes, my wife isn’t that interested in the “tough work”) getting the property ready for rental. The items I’m taking care of are:

  • Paint ceilings
  • Paint walls (primer + regular coat)
  • Paint doors
  • Steam-clean carpet
  • Replace air vent covers and air intake covers
  • Replace all window blinds
  • Replace thermostat
  • Replace outlets and light switches
  • Replace outlet and light switch cover plates
  • Purchase refrigerator
  • Clean, clean, clean!

It seems like a tall list — and it is! My wife and I knew the property needed some extensive repairs before it would be ready for rental. I’m pleased to report that I’ve made quite a bit of progress on my repairs, though. I’ve been busy painting all the ceilings and preparing the walls/trim for priming this weekend. Also, I purchased all the parts/items we needed from Lowe’s because of a nice Lowe’s 10% Off Coupon that is given to new/existing home purchasers.

Now that I have all the items and I’m well into the middle of my “to do” list, I’ll begin thinking about putting an advertisement in the newspaper and placing a sign in the front yard of the property. Basically, I need to start taking actions to get people calling me and get people walking through the property. This will be my first priority after paint is on the walls.

2 Responses to 'Hard at Work — Painting!'

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  1. Tony said,

    on March 22nd, 2007 at 3:24 pm

    Congratulations on your purchase.

    By the way, what is the state and general area of your property for the purchase price of $73,600, if you don’t mind me asking? Around my area, it’s closer to $500,000, ins @ almost $1000/yr (State Farm), prop taxes @ $6000+/yr.

    One more question, what is “principal paydown” and how did you come about with it at $68?

  2. N.W. said,

    on March 26th, 2007 at 8:50 am

    Tony, thanks for the great questions. As I was typing up my response, I began to notice it getting a little lengthy. Therefore, I decided to make the response it’s own post. Take a look at it when you get the chance:

    http://www.networthchallenge.com/2007/03/principal-paydown-explained/

    Thanks again!

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