Home > Tag Archives: Finding a tenant

Tag Archives: Finding a tenant

Rental Property Series: Let’s Drink to Having Tenants

It has been a little while since our last rental property update. In case you’re new to this site, we purchased our first rental property at the end of August this year. My husband and I became slaves for a month to get it renovated and ready for rental.  You can read about it here if you missed it. Our goal was to have it ready for rent by October 1. We decided to use a property management company because we are just too dang nice and might let in a criminal if they look sweet and have some money. We were hoping to get $750 per month in rent. With our mortgage, insurance, taxes and property management fees paid, we should net around $340 per month from this property. Sweet deal, right? Well, we did have the property ready by October 1. I assumed there would be a line of people waiting to rent the place. We worked so hard, and I got a pretty shower curtain and mirror for the bathroom.  Reality is that it takes a while to find the right renter. One thing I like about property management is that they have no emotional attachment whatsoever. Sob stories don’t ...

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Rental Property Series: How Much Did It Cost?

If you have been following this series, you know that we have been working like fiends to get our first rental property liveable for renters by October 1. If you’re new you might start by reading the previous posts. Rental Property Series: Buying our First Rental Property Rental Property Series: Renovating Our Rental Property Rental Property Series: Overcoming Setbacks Rental Property Series: Finding Hidden Treasures If you don’t want to read all of those, you’re really missing out, but to summarize We purchased this property on August 24, 2012 for $63,000, with 25% down. We plan on spending $3000-$5000 on renovations. We hope to be done and have a renter by October 1. We are using a property management company and are asking $750/mo for rent Well, October 1st has come and gone, and we are done. With a last gargantuan push this past week, we put the hardware back on the cabinets, cleaned up the construction mess, hung towel racks and a shower curtain, put in the counter tops and kitchen sink and faucet, got the stove and dishwasher hooked up, and painted the front porch. We also decided to put gravel in the front yard because the grass just would not grow. It shows poorly ...

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