Praise the Lord from the Retired Old Guy.
I know that we’ve all heard the old saying about the best laid plans. Sometimes the best laid plans just don’t work out the way you had planned. In my case, we bought a couple of rental properties with the thought in mind that at some point we would resell them and hopefully make a return on our investment. Well one was a duplex and it is now empty on both sides and we are planning to put it on the market. The problem is that there is an awful lot of work that needs to be done to the property before we can put it on the market. You hear a lot of talk about renter’s rights and I believe that they should be treated correctly. I’ve always tried to make sure my renters have had working appliances and good heat and air and anytime something went wrong I tried to make sure it got fixed as quickly as possible. So, is it too much to ask for my property to be returned to me in the same, or at least nearly the same, condition as when they moved in?
My problem, mostly, is age. I’m older now and it takes me about twice as long to get things done as it used to. It doesn’t matter what it is, painting a room or fixing a floor, or whatever, it just takes time, a lot more time than it used to. So, I have to paint and probably I’m going to need to change out the flooring, and repair other things in order to get it ready to sell. Granted the selling market is still pretty good, but the time and money invested is going to be pretty high. Of course, if I wasn’t going to sell it, these things would have to be done anyway, so the cost is just what it is. Period. When we took on this investment idea we never thought that far ahead to take in to consideration our ages, health issues and how it would affect us getting things ready for resell.
The answer may be to hire some things done, but again at this time the labor costs are booming and the work force is lagging, so we are kind of over a barrel. Yet all in all it may be worth it to hire it done, even if we have to get on a list and wait our turn for them to be available to do the job. The extra cost will cut into our retirement money, but the market is good enough to cover it.
Back to the old saying, the plan was to buy low and resell after the market went up with no thought of the extra work that would be going into the projects. The best laid plan just wasn’t thought out well enough. Oh well, we’ll live with it and take what we can get out of it and be happy with where we’re at. Things could always be worse. The truth is, I’d rather be fishing!!!