Archive for the ‘money’ Category

The Rental Plan

Friday, April 15th, 2011


The House in Question

Well, we met with our real estate agent and the news wasn’t very good. She thought we could sell it for about $10,000 to 20,000 less than we paid for it. If we finished the basement she thought we could sell it for about what we bought it for. We estimate it needs about $5,000 to finish the basement. (The basement already has a finished bathroom and bedroom and is fully framed and wired.)

So…I think we are going to rent it out again for at least a year in which time we can slowly finish the basement and keep contributing equity to the outstanding mortgage. By this time next year we will have another $6,000 paid toward the house that doesn’t come from our pockets (hopefully that means equity). So even if we spend the $5000 to finish it we’ll come out ahead and we’d be able to either charge more in rent or sell it for more.

It’s not ideal, but for the timing of this (being right before we buy the place in Puerto Rico), I think it will have to be. We don’t want to have to shell out such a large sum in PR and have an empty rental that we are paying for and waiting to sell for a low amount on top of paying back the short term personal loans we got to buy the Rincon property.

We are ok with this. If our current tenant had wanted to stay we wouldn’t even be having this conversation and we’d let sleeping dogs lie. We thought if it played out right that this would be a good time to walk away and sell, but it just isn’t quite yet. So, that’s the plan, for now anyway. We hope to start showing it to prospective tenants this upcoming week and get them signed on the same week our current tenant moves out.

Hospice Act of Grace at the Candlelight Playhouse

Sunday, April 10th, 2011

Yesterday we went to a fundraiser for Hospice called An Act of Grace. It was a showing of The King and I at the Candlelight Dinner Playhouse in Johnstown just off of I-25.


At Candlelight Dinner Playhouse

I love going to dinner theatre and this was for a great cause so it was win-win all the way. My mom, grandma and aunt all came out with us as well. It was a nice event and they also had a silent and live auction. The meal was good and the acting, singing and dancing were fun. Our favorite part was the play within the play about “The Small House of Uncle Thomas”.  The actors who played the King of Siam and Anna were great.


At the table

My mom really liked a huge watercolor painting that was for sale of some  parrots in tropical foliage. She was the winning bid in the silent auction at $400 of this painting that was valued at $3000!


With some of the young cast members and the painting

Hospice helped out a lot when my dad was in his last few months of life. So it was nice to get out and show some support and have a nice meal, watch a live play performance and have a fun night out with my family.

To Rent or To Sell…

Wednesday, April 6th, 2011

…That is the question.

We have a rental that we were anticipating would become vacant soon as we mentioned before. Well, we did receive notice that he will indeed vacate by the end of April. This leads us to a few choices. The most obvious being, should we rent it out again or sell it?

There are pros and cons either way. This house was our first rental property and we bought it with a mortgage. Currently, the mortgage slightly exceeds the amount we get in rent…what they call an alligator. All of our other rentals are cash flowing.

We do have a fair amount of equity built in it, that would be useful in our new endeavors in Puerto Rico. Renting it out would be easier and we could continue to sock away equity with each rental payment…but are we up for that again? We are kind of in the mind set that we would like to tie up the loose ends here in Colorado slowly so that we can transition to Puerto Rico. But in order to make a big decision it’s good to make a pros and cons list.

Pros of Selling
We would get rid of the alligator in our bunch of rentals
We would net some money from selling which would help replenish us after spending a bunch in PR
We would have one less thing to worry about in Colorado once we do move
We will be selling in spring/summer which is a better time to sell/more buyers

Cons of Selling
Still a down “buyers” market
We’d be lucky to get what we paid for it
We will have to pay a pretty high mortgage (relative) without income until it sells
After commissions are paid out we will have put more money in than we get out (even though we’ll walk away with money in our pockets -still capital losses)
We’ve never sold a house before so it’s uncomfortable
May need to finish the basement to help it sell (which means more $$ and time that we don’t have)


It would be nice to stop feeding the alligator

Pros of Renting
It’s pretty easy; we know what we’re doing
The rental market is pretty strong
Have had some initial interest already
We could increase the rent slightly to make it cover the mortgage and stop feeding the alligator
We can improve the language of the lease
We would be able to pay down the mortgage more so that when we do sell, we’ll walk away with more
People like to move in the spring/summer time -more interest =better rent
Could wait a little while longer for the housing market recovery

Cons of Renting
Another thing to take care of/worry about
Will need to save longer to be able to move to PR with a large enough savings
Lots of unknowns about new renters
Not much wiggle room for errors or expenses (so close to the mortgage cost)

We initially bought this house with the intention of paying it off completely. That’s why we got a 15 year mortgage and why the payments are so high comparatively. When the housing market tanked we were able to afford those other houses more easily and so it made sense to put our money into those instead of this one. I think that was a smart move, but it still leaves us with this house that is not paid for. I personally think it would be a burden off our shoulders and we could start building cabanas that could be rented out in Puerto Rico instead. A sort of slow shifting of resources from here to there. On the other hand, we could get it rented out pretty quick. Set it and forget it.

I’m not sure. If you were in our shoes, what decision do you think you’d make? We are going to meet with a Realtor this weekend to see what she thinks we might be able to ask price wise. That will also help us to determine our decision…

Best Greeley Restaurants

Wednesday, March 2nd, 2011

This is a list of the best restaurants in Greeley, or at least they are our favorites. A lot of these you have probably seen mentioned in some of the posts before, but I thought I’d focus on them this time. Living in Greeley, Britton and I go out to dinner about once a week, so these are the top picks in our opinion. There are a lot of restaurants out there, and there may be new favorites in Greeley that we just haven’t been turned on to yet, but this is the list so far.


At Old Chicago in Greeley on Valentine’s Day

We try to frequent the non-chain, mom and pop diners and restaurants more than the big franchises. The big franchises don’t need any extra help with marketing, so here’s our pitch for the best, non-national , non-chain local restaurants in Greeley, Colorado. I’ll also include the price and my and Britton’s favorite picks off the menu (we don’t usually order drinks besides water, nor any appetizers or desserts except on rare occasion, so if you do, factor that into the cost).

El Charro -This Mexican restaurant has been around for many, many years. It was only about a block from the house in Greeley that I grew up in, so we would often walk there for a meal. It is still probably the closest restaurant to our current home, so we like to ride our bikes there in the summer. The larger meals can be in the $10 range, but we usually don’t eat that much. I like the chicken chimichanga a la carte and Britton likes two beef soft tacos. This meal usually costs us about $12. When we do splurge on a dessert it is here with their fried ice cream that we share!

Roma -Although the name is Roma, most people around here call it Roma’s. It started out as a small restaurant down by the college on 8th Ave where they played loud reggae music and served up pizzas and calzones or caroli as they call them. Now there is another restaurant on west 10th as well. It is a bit nicer and cleaner, but doesn’t have quite the same vibe as the original. I like the taco caroli and Britton likes the supreme known as The Caroli. I also like the Nutty Idea -it has cashews and cream cheese on it! You can also build your own caroli or pizza from a long list of ingredients.  Ask for honey to eat any remaining crust for a sweet ending! And make sure you bring in the 1/2 price coupons too and you can get a meal for two with tip for less than $10!

Cattlemen’s Steakhouse -My family, and especially my dad, really always liked Cattlemen’s. That’s why it was so neat to have his memorial poker party there. When they took away the salad bar for a while, it took a good part of the fun away. So many people complained that they finally brought it back. It is a little more expensive than some of our other favorite restaurants, but it is a steakhouse after all. I like the shish-kabobs or the pepper steak with the salad bar. Britton usually goes for the the cowboy steak. Total cost for the two of us without a coupon: $30-$35.

Pho Duy -This is new to Greeley, but already one of our favorite restaurants (and we tell anyone who’ll listen about it, like our niece and nephew). For those of you who don’t know what pho is, it is a traditional Vietnamese beef broth soup. They bring out a plate of bean sprouts, limes, thai basil, culantro, and jalapeño peppers. We usually order a medium bowl of pho each. I get the rare steak and Britton often get the brisket cut. When it arrives it is piping hot and filled with rice noodles, a few onions, cilantro and the meat. We load it up with all the fixings from the plate and enjoy a healthy meal for about $6 each. Make sure to get your card punched to get a free meal after 10 punches.

Canton Garden, Hunan and Wonderful Inn- Usually when we are thinking Chinese food these restaurants come to the top of the list. Both Canton Garden and Hunan have excellent lunch specials where for about $6 a plate you get rice, the main meal, soup and at Canton (but not Hunan) you get an egg roll too! We go to Wonderful Inn for take-out and sometimes an evening meal because it’s close to our house. I like the spicy meals at both Hunan and Canton Garden (Szechuan chicken) or sometimes the chow mein. Britton likes mu shu chicken at Hunan and hasn’t settled on a favorite at Canton Garden. At Wonderful Inn, I like the #1 or the veggie lo mein for take-out.

Los Comales or La Espiga Dorada -These aren’t exactly restaurants per se, (they are tortillerias) but we love going to them for real authenic Mexican food. At Los Comales we get our fresh made local tortillas. They have even started making whole grain tortillas! They cost about $2 a package. We also like the tamales and always pick up a pack of 6 (for $6) when they are available. At La Espiga Dorada we like their weekend special of barbacoa. It is a package of tortillas, a container of shredded and seasoned beef, cilantro, onions and limes with a side of salsa. It costs about $11 and lasts us days. We like to grab it in the summers and eat it in the parks around Greeley.

Fat Albert’s - We don’t go to Fat Albert’s too often, but it is a Greeley classic. Their most famous meal, and our favorite, is the Monte Cristo served with honey. They also have excellent homemade pies and an Irish motif. Total cost: $15-$20.

For restaurants that have chains outside of Greeley, but are not national in scope, here are a few we enjoy:

Rio Grande - This is the gathering place for working professionals and fun-loving young people alike. The courthouse is right diagonal from it, and there are a variety of bars down from it. It has a nice big outdoor patio and it is at the epi-center for summer musical events that we ride our bikes to. They are probably the most famous for their super strong margaritas. Britton and I both usually pick the chicken burrito. I also like their homemade salsa and chips. The margaritas are pretty expensive at about $5-$6 each and the chicken burritos are about $7-$8 each.

Old Chicago- This is another hang-out place where you go with friends to watch a game, shoot pool or just hang out. The food is not fantastic, but rather pretty decent bar food. We like the mini-pizzas with artichoke hearts at happy hour. I get one mini-pizza and a salad. Britton gets two mini-pizzas and a salad. Total without any beer is about $15.

Coyotes Grill- This is another fun place to go with friends. It has a nice outdoor patio and boasts southwestern cuisine. I really like the tortilla soup and Britton goes for a burrito or enchiladas. It’s a lot farther than the Rio or El Charro, but we can ride our bikes there on 10th Street too. Cost for two people is $15-20.

And that just about covers most of the places we eat out at in Greeley. You may have noticed that Farmer’s Inn is missing, but that is because it is La Salle, a town about 5 miles south of Greeley (at Farmer’s I recommend the Mexican Hamburger at about $6). For chains, we like Qdoba, Chipotle, Subway and TCBY before they closed. We’ll occasionally go to a chain like Chili’s or Noodles but for the most part this list showcases the best Greeley restaurants, at least in our minds!

For those of you from the Greeley/northern Colorado area, what are your favorites? If you recommend it, we’ll most likely try it out!  We’re always up for new places. Thanks and Buen Provecho!

Life as a Landlord

Thursday, January 6th, 2011

Besides our regular 40 hours a week jobs that both Britton and I have, we also have our rentals in the Greeley/Evans area. We have four rentals that are single-family residences and we also rent out our basement bedroom/bathroom a few months out of the year.


(For illustration only. Not one of our properties)

Really, being a property manager (I like that term better than “landlord”) is like any other job with ups and downs. The only difference is that in this job, our business is the keeping of homes and so when someone’s home life gets chaotic, it affects us as well. So to be an effective landlord/property manager, we have to have a very stable and financially secure home life ourselves.

Our home life is sort of  the foundation for all the others. If we couldn’t manage our home life, how would we pay our mortgage? And if we couldn’t pay our mortgage, you can bet that the other rental mortgages, insurance, taxes, repairs, etc would be the last to be taken care of. Therefore it would create an unstable home life for the tenants residing in the properties. So we take on a great deal of responsibility and obligation to maintain not only our home, but the homes of all of these people who in a contractual way rely on us as much as we rely on them.

And so, it saddens us when we hear that one of our rentals -our first!- will more than likely be vacated soon. It’s too bad because they’ve not only been great tenants, but are also our friends.  And for that reason we’d rather they stay. They’ve lived there going on 4 years! But sometimes, that’s not up to us. No matter how stable and settled our home life is, we can’t make everyone’s that way.

We’ve been thinking about whether we want to sell the property or rent it out again. Because it was our first, it was also our most expensive. When we bought it, it was in move-in condition. Which was great to get our feet wet in the whole rental business, but not so great for the cost because the mortgage is more than we get in rent. So, especially as we are trying to save up for Puerto Rico, this is not very good timing when our basement apartment will be empty, too.

So we feel a little less stable than usual. A little bit edgy. A little anxious. But, you know what? We will be ok, no matter what. We always are. We have our great paying jobs, we have substantial savings and we’ve never had trouble renting any of our properties within just a couple of days of posting them. What I’ve learned in life is that even the weirdest most obviously “bad” things can actually be seen as an opportunity if you let them. We built this foundation strong after all. It can handle a few good shakes.





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