You Got It!
Several people commented on yesterday's blog entitled "New Scam" and everyone saw the same thing that I did. The tenant faked a gas leak and wanted me to hire her "uncle" to fix the leak. The purpose of this scam was to bill me for a non-existent gas leak and then she would use the money to have her gas turned back on (it was shut off for non-payment). The moral of this story is that you should NEVER trust anything a tenant says. I assume that everything a tenant says is suspect until proven otherwise and most of the time - I'm right!
Today, I had a meeting with the bank about renewing my line of credit. I had to take in a financial statement, rent roll, tax returns (both personal and business), and an updated business plan. The banker said that the line of credit should be renewed in the next couple of weeks.
After my meeting at the bank, I went to the Pink Elephant to install a new stainless steel sink. Very few projects ever go as planned, but this was one of them. Everything went smoothly! I guess there's a first time for everything.
Tomorrow, I'm installing electric baseboard heat in one of my two bedroom houses. The tenant applied for a grant to have the house made more energy efficient and that was approved. So, as soon as I install the electric baseboard heat, the local CHIP Program is going to insulate the house and do other things to make it more efficient. I had to sign a contract with this program that I would keep the property for 5 years and not raise the rent on the tenant because of the increased efficiency. DONE!!! What a deal!
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Comments (3)
Michael, I believe that the CHIP Program can be used for whatever the government wants it to be used for. My understanding is that they can apply for grants to cover a variety of things, including improving rental property of all sizes. Brandon, My pink apartment building is now pink and blue (dark gray). So, mine is now really "unique". I'm planning to do some more painting yet this fall and then finish the job next spring.
Michael Rossi, over 15 years ago
Hope your line of credit goes well for you, I just sent all my financials over to a local bank (Kingston National) and if everything goes right I'll have some money to play with over the winter. BTW , I own a big pink apartment complex too , I'm curious to know how mine compares to yours...I haven't had to put in cameras yet , but we are looking at putting in a laundry area, which we may have cameras on too :)
Brandon Schlichter, over 15 years ago
Mike do you know if the CHIP program works for duplexes too or just SFHs?
Michael Shadow, over 15 years ago