The Joys of Investment Properties - 2020 Edition

Slight sarcasm in the title, if you couldn’t tell.

In all seriousness, investment properties are really not that much of a hassle, but we only have a select few as we manage all of them ourselves. Ordinarily, these properties don’t require any more or less maintenance than a personal home.

But, as we all know 2020 is not an ordinary year.

Last month there was a car accident that happened at an apartment building that we own in a neighboring town, and a car ended up crashing into the building. No one was hurt in the car or inside the apartment, which was obviously the first priority. There was, however, significant damage to the interior of the building.

Structural people immediately checked the building, and it was determined to not be a hazard (tenants could remain in the residence).

The interior damage was to the kitchen of the affected apartment, and as you can see below it was a total loss.

So after some cleanup, the exterior wall and window were replaced and sealed up.

The remainder of the project consisted of replacing appliances, flooring, drywall, paint, cabinets and countertops. It was definitely an unplanned event that required quite a bit of shuffling schedules and etc, but luckily we are (fairly) organized and could make the necessary changes. It was definitely a learning experience, but things happen!

I will leave you with some photos of the new kitchen, which definitely brings a fresh look to the apartment. I hope we can all make it off this rollercoaster ride known as 2020, but until then we just have to press on.

Bonus: no more microwave on the counter!

Cheers to new kitchens!

-Rachael

We Bought A 1900's Farmhouse!

You read that correctly! Today we just dove right into the deep end and bought an authentic Iowa farmhouse built in 1900. This will be our biggest project to date, and either the best or worst idea we have ever had.

Your first question might be “WHY?!”, and to be honest I have asked myself this daily for the past month while this deal was in the works., including this morning.

The answer is complicated…but in the end it just felt right. The land value will only increase with time, and the home needs major repair but it’s not outside the scope of our abilities. We have always gone with our gut feeling on these types of things, and so far they have turned out ok, but that doesn’t make this huge purchase any easier on the mind! We have other properties that we own, but people live in those and thus pay for them. This home will not have anyone living in it, as it needs a major overhaul, so that’s where the added “yikes” factor comes from!

OK, here it is!

The home is made up of the original structure from 1900, and three separate additions that were added over time. Our plan is to take down those three additions, and then add one larger one, with a single all-encompassing roof structure. The existing additions were either done improperly or they have deteriorated over time, and some of the resulting issues are so major it just needs torn down and replaced (ex: ceiling sags very low in the kitchen).

The good news is, the original structure is in good shape and just needs cosmetic work. There are also several features intact that show the home’s character and age. Here are a few snapshots from just today where you can see the original door, built-in cabinet, and (my favorite) the 8 inch trim.

I will get a full set of ‘before’ photos prior to doing any work, but the living room and upstairs bedroom are all that are staying in their original condition, and everything else is being torn down.

Speaking of work, I had better get back to this demolition permit, stay tuned for updates…..it still remains to be seen if this is our best or worst decision to date!

Thank you for stopping by the blog today! Check back with us soon!

-Rachael