I went to the clerk's office yesterday to pay the balance of the money and again, they took a business check with no problem (they won't take personal checks). I've decided to keep the place and add to my portfolio and I'm looking to expedite getting the deed in my name so I can refinance it. I figure keeping it and just getting a mortgage on it is the best of both worlds; I cash out and am able to stick some tenants in the place to cover the debt service and net some additional dollars to me. Moreover, I don't have to worry about any taxes.

The place has been vacant for nearly 3 years so the electrical company made me get an electrical inspection done before the would turn the power back on. I should have power back on by the end of the week. The old owner owes $ 200 to the water company and I plan on paying that tomorrow so I can get the water on as well.

The first thing we have to do is clear out all of the personal items left by the old owner. It looks like they left in a hurry or just couldn't take their stuff with them. We're going to sort through it and there are a few pieces of furniture that I can use in the rooming house. Wife suggested that we have a yard sale right there to get rid of the stuff rather than paying someone to haul it away. We'd need to catalog and price tag the decent stuff and get it moved to the downstairs apartment. (Most of the stuff is in the attic of the upper apartment). I don't know if I want to be bothered with that as that would require time I really don't have. I'm almost wanting to get the stuff I want and put the rest outside with a free sign and let the neighbors take what they want and pitch what's left. Basically, get the place cleared out so my handyman can get to work.

The upper unit is quite large with two floors (3 bedroom). It has a small kitchen though. The downstairs unit is good sized as well (2 bedroom). The kitchen in the downstairs unit is huge with a space for a dishwasher. This unit also has a nice side porch and access to a yard and the basement. Basement has hookup for washer/dryer. I can have the both units ready to rent within a month or two. Most of the stuff that needs to be done is cosmetic. I estimate the fixing the cosmetic stuff and code violations will be under $ 5000. Major item involves separating the heat. There's one gas boiler that heats both units. I'm going to have someone in shortly to deal with that. I could defer that work until later but it's probably better to knock it out now while the place is empty.

A fellow investor at the auction told me she knew someone who used to live in the place and there was a huge bedbug problem during that time. I placed traps and there seem to be none now. Might not be a bad idea to have a pest control guy inspect as well, however, the place has been vacant for nearly 3 years, so I suppose there's a good chance they died out.

This is almost like a SFH set up and the rent will be higher, so this place should cash flow decently.

Go G!

Call the local not-for-profit thrift store and donate all that stuff. You can write a receipt for whatever YOU think the value is.

It's not worth your time to haul it, advertise it, and deal with potential thieves who come back after they've scouted your place.

Steering your ship as the captain is waaay more productive than having a yard sale. Don't get caught up in the dregs - think big! Focus on progress, not junk.

When Mom died we had a HUGE auction - 2 auctioneers all day. Couches sold for $20, chairs sold for $5. Not worth it esp after the auctioneer's 20%.

We COULD have let the charity them move it downstairs, load it on THEIR truck, by THEIR men, and written a receipt for triple what we got.

Be 1000% sure that the bedbugs haven't left any eggs or old timer bed bugs before you move any of that furniture into your rooming house. They can live a very long time without feeding.

Congratulations on the good deal!