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RSSHouse #2 Converted to a Rental Property
Another financial milestone occurred this weekend as I moved out and converted the house I bought last year to a rental property. So far so good.
I am not receiving anything close to the cash flow of myfirst rental property. I am getting about $50/mo over PITI so I am about break even once any maintenance is factored in. This is no surprise - I have only owned the house for a year and have made no significant improvements to the house (except for landscaping and painting). However I am excited because it sets the stage for this becoming a great rental property over time. I am confident I have good, low maintenance renters in the home that will take good care of the property.
In a couple years I will focus on getting this property to generate a nice positive cash flow - right now I just need to get this off my list of things to get done before my overseas assignment starts.
Related in Rental Property:
Rental Property Investment Breakdown (Sep 27, 2011) Here is some overdue financial record keeping from our latest rental investment in August 2011. This breaks down all our out of pocket costs to purchase the property and get the 1st tenant in place. Out of Pocket Investment in...
Thoughts On Buying Another Property In This Environment (Aug 15, 2011) We recently put a contract on a property to serve as an expansion to our rental properties. We weren't looking to expand, but an opportunity popped up that was compelling enough for us to make an offer. As we have...
Put a Contract on Property #4 (Jul 29, 2011) I had no plans to expand our rentals, but market conditions have drove us to action. A property went up for sale in the same neighborhood (with nearly identical characteristics) as our 1st property that we currently have been renting...
Comments (4)
That's awesome, especially if you have only had the house for a year. Are you all ready to ship out?
Posted by Jonathan | June 26, 2007 2:32 PM
Congratulations! Since you said you're confident you have good renters, do you mind my asking how you went about finding renters and what you look for?
Posted by Cathy | June 28, 2007 11:36 AM
I agree with Jonathan. It's great that you were able to convert and rent a place that you weren't going to be using anyway. At least it is not a money pit during your time abroad.
Posted by SavingDiva | July 9, 2007 9:26 AM
Contrary to popular belief, the end of the year is one of the best times to look for, awesome descion
Posted by sasha brinkova | December 10, 2007 8:38 PM