Rental Income – Home Renovations

Rental Income – Home Renovations

So you took my recommendation and bought a solid, vacant, ugly house, and now you are wondering what’s next?  At my Fulton St. property (read this first) the first priority was to get the roof checked, since there were several patches of water damage on the walls and ceiling upstairs.  Second on the list was to get all the rattly wallpaper removed.  I know nothing about roofs, so I called around and got some estimates.  Within a week or two the roof was replaced, eliminating leaks and the prospect of water…

Financing Rental Property – My 3rd Property

Financing Rental Property – My 3rd Property

Our house on Madison St. was turning into a cozy little home, and our first rental property was reliably sending a rent check each month. I had attempted to convince my Dad to partner with me, but something held him back.  He just didn’t want to be a landlord, and honestly I think tenants would drive him nuts, so this was probably wise.  Thus, I thought our partnership was off.  Little did I know, but my mom was working on my behalf.  My parents having paid off their mortgage, were…

Real Estate Report Dec. 2016

Real Estate Report Dec. 2016

            My real estate portfolio currently consists of 6 rental units.  The monthly reports will highlight the income and expenses associated with each property as well as the total monthly profits or losses. December 2016 House 1: $950 House 2: $825 House 3: $850 House 4: $850 House 5: $850 House 6: $650 Total Income: $4,975 – Ahh, if only that was all profit.  Now for the expenses. Mortgages / Loans: $2,878 Repairs: $1,015 Monthly Cash-flow: $1,082 (this is a pre-tax number) But wait, there…

How to Evaluate a Potential Investment Property

How to Evaluate a Potential Investment Property

My sister recently went to look at a potential investment property.  This visit was followed by a note in my inbox asking for my thoughts on the property.  In my opinion, evaluating a property for potential investment can be decided mostly by numbers, but the final key piece of the puzzle requires the property to be evaluated based on curb appeal.  Some properties fail the numbers test, and are immediately discarded, while some pass the numbers test but fail the curb appeal, and finally some properties pass both examinations, and…

Real Estate Investing – My 2nd House

Real Estate Investing – My 2nd House

In July of 2011 I bought my first rental property.  My palms got sweaty and my heart fluttered away.  I offered about $5,000 less then the asking price of 59,900.  What a gutsy move especially considering the house was vacant and had been on the market for awhile.  I was nervous, excited, and eager, plus I liked the property.  At this point however, I was like a nervous boy asking a girl on a date.  I just wanted her to say yes.  A house is not a girl, so in…

Getting Started in Real Estate – My First House

Getting Started in Real Estate – My First House

I graduated college, moved back home, and was hired for my first teaching job.  I played by the book. Luckily, a few of my good buddies from college also lived locally, making the transition to the working world a bit easier.  Towards the spring of 2005, one buddy suggested we look for an apartment.  I found the idea of paying rent appalling, so I suggested we buy a house. Unknowingly, my subconscious was already hunting for passive income. I hoped to buy the house and have my buddy pay rent…