I just went through the most stressful and time consuming rental turnover I have had since I began renting out Rental #1 5 years ago. Rental markets as with real estate are very localized, but I figured I would share...
Continue reading "Observations from Re-Renting Rental #1" »
Here's a better breakdown of our debt than I typically report in our monthly net worth report. In the past 12 months our debt has improved significantly as we sold my wife' townhouse and focused the majority of our free...
Continue reading "An Updated Snapshot of our Household Debt" »
A rental question from a reader: ....do you have positive cash flow on all your rentals? The reason I ask is that my wife and I have 20% for a home and are not sure we would cover the mortgage...
Continue reading "Positive Cash Flow on Rental Property" »
Back in 2005 I converted the first house I bought into a rental property. I have made good progress in my journey to a $2million net worth since then, but I have had this nagging little worry that has been...
Continue reading "Finally Able to Raise the Rent" »
We had our first lease breakage on a rental property at the beginning of the year. The tenants had moved into House #2 in August on a 1 year lease and everything was working extremely well. The tenants were very...
Continue reading "Early Turnover on Rental House #2" »
Some might consider this a step backwards, but for the short term I have decided to cancel the management company on Rental #1. I have no complaints about the management company. For 6% of rent collected they basically collected rent,...
Continue reading "Canceling the Management Company on Rental #1" »
The tenants moved out of Rental #1 less than 1 month after Rental #2. After re-renting Rental #2 in July I was starting to think that re-renting Rental #1 might not be too bad. After all we re-rented Rental #2...
Continue reading "ReRenting Rental #1 - The Rental Market Wasn't Good" »
The 2nd rental house we have became vacant not too long ago. Not only was this the first time I needed to re-rent a house that was being rented, but we were overseas so we needed to orchestrate this remotely....
Continue reading "ReRenting Rental #2 - The Market Was Suprisingly Strong" »
I have been renting property for a couple of years now and finding it quite profitable. I am still not an expert but I have learned a few lessons along the way. Here are some things I would recommend that...
Continue reading "Lease Agreement Add Ons for Rental Property" »
Last month I converted my 2nd house to a rental property. My mortgage payment was $787 including the mortgage payment and escrow payment for taxes and insurance. I rented the house out for $860/month which covered the monthly payment and...
Continue reading "Mortgage Escrow Accounts Untimely Adjustments" »
I have been trying to figure out how to handle both rental houses while I am away on assignment. I believe I am ok on Rental #2 (the house I just converted to a rental property) - I made sure...
Continue reading "Management Company for Rental #1" »
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....
Continue reading "House #2 Converted to a Rental Property" »
I have been renting my 1st home for just over a year and now have 12 months of data to look at. Lets see how this investment is fairing. I purchased this property for $160,000 in 2002, lived in it...
Continue reading "The Real Return on My Rental Property" »
While I was back home getting my HVAC repaired I also had a chimney guy out for the 3rd time trying to get a damper installed in the fireplace. This transaction was off to a good start when the person...
Continue reading "Don't Rush When Settling Up on Services Performed" »
A lesson learned from my 1st house conversion to a rental property is to get organized now as I buy new house. I have realized I need to keep everything that affects the cost basis of the property in case...
Continue reading "My House Notebook" »
I have been trying to understand the implications of renting all or part of my new property while I am on my temporary assignment. I will be away for the rest of the year and hope to rent out some...
Continue reading "Tax Question - Converting Rental Property to Primary Residence?" »
When I and the seller negotiated for the home I am purchasing we did the contract negotiations entirely over email. This gave me a written record of everything that happened and presents a great opportunity to do a post mortem...
Continue reading "Inside FSBO Offer Negotiations" »
If you are looking for a great source on information on taxes and rental properties, I have some recommendations for you. I have just finished reading both of these books and between the 2 of them I feel they have...
Continue reading "Best Rental Property Books" »
Earlier I calculated that the total cost basis for my rental property was $162,042.00. I have done some weekend tax reading and it looks like there are several ways to maximize the depreciable parts of my cost basis.Essentially the breakdown...
Continue reading "Determining Depreciation Amounts for Rental Property" »
In 2005 I converted my home to a rental propety. In preparation for preparing my taxes this year, I need to establish my cost basis for the property. I paid $160,000 for this property. However, I have read in multiple...
Continue reading "Calculating Cost Basis for Rental Property" »
A personal finance weblog of my journey to reach my goal of $2 million + the value of my primary residence.
Current Net Worth: $663,869
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