So last night we took the plunge
09-22-2009, 07:36 AM
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My Ride: 2008 550I LOADED, all options except HUD and NV
Last night my wife and I officially became landlords. We closed and took possession of 2 houses - one in Bell. CA and another in Perris, CA. We will be renting them out after some renovations, in the meantime I am nervous as hell. We now have to get them fixed up (they were vacant for some time) and rented as soon as possible. The good news? We have the contractors lined up already and we got BOTH houses for about $350K which isn't too bad.
If this works out the F10 M5 is in my grasp!!!
If this works out the F10 M5 is in my grasp!!!
09-22-2009, 07:48 AM
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Congratulations buddy! 
both house for $350k, and in California? How is this possible 
Originally Posted by pjinca' post='1013816' date='Sep 22 2009, 10:36 AM
The good news? We have the contractors lined up already and we got BOTH houses for about $350K which isn't too bad.
both house for $350k, and in California? How is this possible
09-22-2009, 07:52 AM
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Originally Posted by pjinca' post='1013816' date='Sep 22 2009, 05:36 PM
Last night my wife and I officially became landlords. We closed and took possession of 2 houses - one in Bell. CA and another in Perris, CA. We will be renting them out after some renovations, in the meantime I am nervous as hell. We now have to get them fixed up (they were vacant for some time) and rented as soon as possible. The good news? We have the contractors lined up already and we got BOTH houses for about $350K which isn't too bad.
If this works out the F10 M5 is in my grasp!!!
If this works out the F10 M5 is in my grasp!!!
09-22-2009, 07:52 AM
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My Ride: 2006 BMW 530xi - Titanium Silver Metallic / Gray Dakota Leather / Dark Poplar Wood Trim / Cold Weather Package / Premium Package / Premium Sound Package / Lumbar Support / Xenon Adaptive Light Control / 6 speed auto - Steptronic Trans. /Sirius Satellite Radio / Voice Activation / Navigation / Moonroof
Originally Posted by pjinca' post='1013816' date='Sep 22 2009, 11:36 AM
Last night my wife and I officially became landlords. We closed and took possession of 2 houses - one in Bell. CA and another in Perris, CA. We will be renting them out after some renovations, in the meantime I am nervous as hell. We now have to get them fixed up (they were vacant for some time) and rented as soon as possible. The good news? We have the contractors lined up already and we got BOTH houses for about $350K which isn't too bad.
If this works out the F10 M5 is in my grasp!!!
If this works out the F10 M5 is in my grasp!!!
It's been my experience that the successful neophyte residential landlords are very hands-on and do not hesitate to communicate with their tenants on all pertinent matters.
09-22-2009, 07:59 AM
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My Ride: 2008 550I LOADED, all options except HUD and NV
The even better news? In about 2 weeks I will finally have more $$$ for mods on my car 
As soon as the savings takes an uptick
As soon as the savings takes an uptick
09-22-2009, 08:02 AM
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Doing the right thing, PJ - R/E is not a speculative asset - you keep it forever, old school 
Wishing you luck! (something tells me, that M5 might be just the tip of an iceberg, so don't limit your sights
)
Wishing you luck! (something tells me, that M5 might be just the tip of an iceberg, so don't limit your sights
)
09-22-2009, 08:05 AM
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My Ride: 2008 550I LOADED, all options except HUD and NV
Originally Posted by v_therussian' post='1013853' date='Sep 22 2009, 09:02 AM
Doing the right thing, PJ - R/E is not a speculative asset - you keep it forever, old school
Wishing you luck! (something tells me, that M5 might be just the tip of an iceberg, so don't limit your sights )
Wishing you luck! (something tells me, that M5 might be just the tip of an iceberg, so don't limit your sights
)Thanks Vlad, the M5 is what I want and I hope you're right - I hope it IS the tip of the iceberg. Hopefully there will be even better things to come. Took a lot of cash to get this done, but I am very happy it's over (now I can get back to spending the $$ on my car
) . The important thing for us was to secure a future for our sons.
09-22-2009, 08:05 AM
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My Ride: 2007 530i. Purchased 6/28/07. Titanium Silver Metallic, Black Dakota Leather, Dark Poplar Trim, Steptronic, Premium Package, Cold Weather Package, Bluetooth, Adaptive Control Xenons. 10/30/07 Added OEM 124s with 245/40/18 & 275/35/18 Michelin Pilot Sport A/S tires. Installed red Cal Covers� from BavAuto. 11/21/07 Added OEM all-weather floor mats (for winter, carpet in summer) and coat rack. 6/26/08 installed M5-style rear spoiler. 6/30/08 put on red reflectors. 8/22/08 Euro turn signal stickers applied. 3/20/09 Installed Shadowline Trim. 3/27/09 Added Matte Black Kidney Grilles from Trinity. 4/03/09 Installed Bimmian Shadow Matte Black 530i Badges. 4/04/09 Installed LED license plate lights from Trinity. 5/01/09 Installed Brabus Interior LED Kit and White Angel Eyes. 5/02/09 Put in Brabus 6K Fogs. 5/14/09 Removed charcoal filter. 5/15/09 Installed light smoke LED side marker lamps from Trinity. 5/21/09 Sprint Booster. 6/12/09 Painted exhaust tips flat black. 6/13/09 Pulled red Cal Covers and painted calipers low gloss black. 6/27/09 RPI Ram Air Scoop from Trinity. 8/15/09 Installed Brabus's silver invisibulbs front and rear. 9/24/09 Installed R-Dash license plate LEDs from Brabaus (John).
Good for you, bro. Great timing. Do take that advice about checking tenants, though.
09-22-2009, 08:08 AM
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My Ride: My 5 and I met on Father's Day 2008 and have been together ever since. 20" Wheels (Make TBD), premium package, sport package, AiB V3 upgrade and a Passport Escort 8500 Radar Detector.
Congrats, good luck, and +1 on the credit checks and references!
09-22-2009, 08:09 AM
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My Ride: 2008 550I LOADED, all options except HUD and NV
Originally Posted by CWS530' post='1013863' date='Sep 22 2009, 09:05 AM
Good for you, bro. Great timing. Do take that advice about checking tenants, though.
Oh, we definitely will check the tenants - it helps that my sister is a Real Estate Atty and my wife's sister owns a collection agency
We got it covered at both ends.