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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.
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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