House #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.
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