Dry Dock

Six years can make a big difference. 

A lot has changed since we first made this blog after buying our first income property.  We made it work for a little while.  Times were difficult but we managed.  While I don't regret the initial decision as it helped us get our foot in the door of home ownership; The landlord life is not for us.  Struggling paycheck to paycheck on our own was bad enough, but now we had other people that depended on us.  And if something went wrong (and it did)  We are responsible.  

We had bad tenants and good tenants. But we realized that even with the good we had a constant weight on our chest of the next phone call or text message of disaster looming above our heads like a sword of Damocles.  

Kelly was afraid to tell me how she was having second thoughts as owning the income property was something I was passionate about at least at first.  But holding down two jobs each and trying to entertain hobbies and social lives really pressed down until we both broke down and needed some time off.  Kelly took a few weeks off for career counselling to get her head straight.  I had a nervous breakdown and made a trip to the ER.  It was a wake up call for me.

Our lives here are fleeting and we have no business working at anything that doesn't make us happy.  We are only the sum of our experiences and our reactions to them so if we settle for a mundane life we will live a mundane life.

My brush with mental illness opened my eyes to just how fragile the human mind is.  I thought I was impervious to anxiety and depression as I got past my teenage years and to a teenage mind those are the hardest years of all.  This was different though.  The feeling of helplessness was absolute.  I felt like I was in muck and if I moved forward that whatever I pushed out of my way fell in behind me and that every direction was the same.  Struggling to stay above the surface but yet struggling only to continue struggling.  

No way out.  No end in sight.  

A terrifying sense of deja-vu gripped me and it was as if I was doomed to repeat this motion forever, caught in an endless feedback loop.  This is a fear that is at the highest level.  Worse than failure or even death.  That we are on a hamster wheel to nowhere and that anything you do will bring you back to the start.  And deep down I really do believe this to be true.  That it's the only explanation of the universe that makes sense.  Big Bang, expansion, contraction, repeat.  

I'm getting away from myself.  We were not happy.  We would nag and snap at each other  and lose our tempers easily.  We were obviously both stressed and neither wanted to admit we wanted out.  When she told me and I agreed with her we were both utterly relieved.  Having a mortgage was a commitment yes, but we'd been here 6 years and selling the house for a single family home was something that could be done if we really wanted it.

Once we both had it in our minds that this home of 5+ years was now temporary,  a whole world of opportunity opened before us.  My job could come with me as I worked from home so that where ever we ended up we could hit the ground running.  We could leave the province if we wanted to and suddenly the horizon became both beautiful and terrifying.  

We have both lived in Nova Scotia our entire lives.  I love it here.  It is home.  But make no mistake I would leave in a second.  The provincial government is a joke that's just not funny anymore.  They've smashed holes in every promising industry in favor of call centers and a failing ferry service.  I am tired of my tax dollars going to politician's pensions.  I'm sure it's true in every province but I feel as though the province and the city are working against us.  Halifax hates small business.  And I've given up this running up the down escalator.

We have decided to leave this province and try our luck elsewhere.  We are leaning toward British Columbia, but Quebec and Ontario are still viable options at this point.

Our plan is Springtime 2017.

This blog will tell our story.

Lords of SpryTown

I've just finished the sit-down with the tenants to hammer down the rules and formal paperwork.  I already knew it would be a casual setting but I did my best to keep up appearances and make it as business-like as possible.  I may have made a mistake in offering a beer but I digress,  it is after all the birthday of our wonderful country...

The meeting went very smoothly and everyone walked away happy.  The only thing that will really change is my request for post dated cheques as opposed to cash.  In my experience it was harder to see the money go (IE paying rent) when it was in the form of cash-in-hand.  Also it saves me the chore of going to their door like an idiot the first of every month.  I don't want to be the landlord that is only seen when the rent is due.

One of the tenants actually said to me as he handed over the cash, "doesn't that feel good?" and yes.

Yes it did.

It still baffles me why so many people think that owning income property is a good idea but do not do it themselves.  EVERYBODY should be able to do this.  It's great!  Obviously some obstacles down the road will change my tune on that remark but until that time comes, (and that's why I have this blog) I'll enjoy the fruits of our labour. And yes, labour IS spelled with a "U" here in Canada.

Happy Canada Day everyone!

Week # 2 and beyond

The weather has been a big help with cleaning up the yard.  After the second mowing we've managed to make it look presentable as well as meeting some more neighbors in the process.  It's good to know that the older folk from around here are as helpful as they are and not turning a suspicious eye to us, the young, tattooed and pierced virgin homeowners.   We had to use an outdoor outlet on the neighbor's house to reach the north side of the house with the weed-whacker.  After a short conversation about dogs, he commented many times on Kelly's slacking workload.  After more poking fun at the newlyweds and woman's rights in general he went on his way.  Another fairly normal neighbor.  It's easy to see that the old saying is true: 

"If you don't have and weird neighbors, YOU'RE the weird neighbor."

Last week we also came across a vanity sink and taps in great condition.  We now just need the cabinets (which I'll most likely just build) to renovate the bathroom.  Before and after pics will ensue shortly. 

On the business side of things, I've printed out all the documents needed to go over with our new tenants.  They've agreed to sign pretty much anything but we've come to the conclusion that the best choice of action is to go with a month to month lease up until August and just progress from there.  That way we have a chance to get to know them and be sure we have trustworthy and reliable tenants.  So far they are proving to be just that, so we hope our luck continues.


Things to pick up:

-Copy of the Nova Scotia Residential Tenancies Act
-Receipt book (for damage deposits and rent collection)

After the Housewarming

More work on the lawn this week.  I've finally gotten it manageable again after a much grief with the old lawnmower that was left here.  It needed only a pull cord to run again but needed a lot more to run well.  I am happy to say that we've doubled (at the very least) the service life of that rusty old mower.  I've painted it with both rust paint and truckbed liner (leftovers from my old motorcycle) and swapped out the old air filter and spark plugs with new gear.  A blade sharpening is all that's left to do now and we've got a brand new mower for under $20. 

A few other blips in the closing came to resolution.  We had to purchase title insurance as there was no recent survey of the lot (something along those lines) long story short is another $275 came out of our pockets. A quick oil tank questionnaire for the insurance company was filled out and sent off to the broker and all is good for that part now as well.

I've replaced the security light on our side entrance for an extra theft deterrent for my new motorcycle, and am now a little more confident with light electrical work.  I also was able to label some of the blank breakers on the panel, something that I'll have to finish very soon.

With most of the unpacking behind us and enough walls painted to really make the house feel like home, we had our housewarming party. It was a wonderful success!  Kelly's father brought us his barbecue for the event even though most of the guest list were vegetarians.  We started it around 2pm and it was early enough that people came and went all day without the place ever feeling crowded.  The deck held the weight of the party and it was lively enough not to be boring and not too loud to annoy our tenants or neighbors.

We still have 2 weeks before the first mortgage payment comes out and it will be a pretty big milestones for us.  One we will have to prepare for as I've negotiated a good deal on Kelly's first motorcycle.  It will be a tight squeeze on funds but I'm sure we'll find a way to make it work! And then we'll definitely have a collection of motorcycles!

The best selling feature this house had for me and still does is the natural light.  We have a sunny kitchen in the morning, (so important for a bad morning person like myself) and evening sun on the back patio.  And we have DEER in the backyard!  I thought the previous tenant was pulling my leg on that one but sure enough I witnessed it. We'll make sure the apple cores and such don't go in the greenbin and end up on the edge of our now beautiful property.  Kelly is a little distressed that I enjoy the yard-work so much but it's true when they say "A man's home is his castle and his yard is his kingdom".  It's something I can take care of and with only a little effort on my part, gives me something to be proud of.  It's just another plus of being a homeowner!

Next on the agenda: a sit down with our tenants to discuss business. 

Day 4

With a significant number of boxes unpacked we found ourselves out on errands looking at different options for renovation shopping. Our first stop being a great second hand supply store where we lucked into finding a fantastic 5' counter top that we couldn't resist picking up. It was an amazing black charcoal colour with a great texture. This is going to be the perfect starting point on a new bathroom vanity. We are also thinking of using the same style for the kitchen as well. The top cost us $45 and installation is something that we can do ourselves, so we are already saving on renovation cost.

Our next stop, being the most expensive, was to the local hardware store where we were purchasing the first, and probably largest batch of paints. We were anxious to paint as we feel like our belongings are in someone else's home. A coat of paint in fresh colours will not only make us feel at home, but will also help cover over markings that couldn't be cleaned. It also will be the easiest and best way to cover over the smell of nicotine that had been soaking into the walls.

New locks for the doors have been installed, and our emergency keys have been handed to the proper people. Today we also picked up a security flood light ($20) for the outside driveway area. A second mail box was also purchased ($5) to help sort our mail vs the tenants, and as we discovered, help garbage removal know that there are TWO units in our building.

Day 3

As I was unable to post with all of the legal and financial obligations that come with buying real estate I will now fill you in on the happenings since closing day.  We closed the 1st of June and I am now thankful for having two whole months in order to take care of things up until then.  We had ample time to get all of our documents together and with only a few loose ends to tie up, closing day went as smooth as any closing day could.  The only setback was waiting for the keys so that we could proceed to unpack the truck (in the pouring rain) in 2 hours in order to have the moving truck back on time.  The previous tenants had left a little trash around the yard and a call to the previous owner fixed that up pretty fast.  All in all the house was clean and in great condition for the final walkthrough.

I had opted out of an Oil adjustment as we are planning to replace one of the tanks fairly soon and it seemed silly to pay for a full tank at the beginning of summer.  I see the error of assuming that there would be any oil left as the very next day we were left without hot water.  Another issue is that the hot water heater is connected to our furnace so in effect we are paying for the basement unit's hot water as well.   Not a big issue as they pay their own heat.  I still would have made me make sure there was enough oil as cold water showers a day after we take possession is not the first impression I would have liked...

There are still boxes everywhere and I have the day off to remedy that and the oil situation.  I may even find a camera sometime soon to take some pictures.