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The FourPlex Is Rented!

four plex is finishedFor the first time since buying last December, the fourplex is rented! It was lots of work and stress, but what a nice feeling to have that final lease signed.

The property has two buildings, each with two apartments. One of the buildings needed a some renovation with new flooring, electrical, paint, and light fixtures upstairs and a complete remodel with new construction downstairs. After two and a half months of work, we now have four, two bedroom apartments.

Rental Income

We had hoped to get $3050 in rent between all four units, and we’re pretty close at $2975 per month. We have one holdover tenant who was there before we bought the place, and we should be able to raise the rent $100 or so per month once he moves out.

Our other rental house is currently leased for $780/month. The total of our rental expenses are around $2000 a month, so that means $1755 in profit. We also have our commercial rental that barely breaks even every month, but it will be paid off in four and a half years and should net another $3000 a month when that happens. Of course, we’re going to have bad months and rental vacancies, but having multiple properties gives us some cushion if one or two are empty at any given time. Right now, we are enjoying having them all full!

building a kitchen

Kitchen before

How Do You Pay For Rental Property?

remodeled rental kitchen

Kitchen After

For those strongly opposed to any sort of debt, our rental strategy wouldn’t be ideal. Including the house we live in, there are four mortgage loans attached to our names at this moment in time. We also used a home equity line of credit to do the renovations on the new property. We don’t plan to ever go into credit card debt or use a loan for any sort of depreciating asset, but in this case, low interest debt is being used to buy income producing property that builds wealth for our future. It might not be everyone’s cup of tea, but it works for us.

To be able to buy rental property, there are some steps that I believe all potential landlords should follow.

  • Get out of consumer debt
  • Save up enough money for a down payment plus extra to cover emergencies.
  • Look for property that is undervalued or has been on the market for a long time.
  • Find a good network of people to help including real estate agents, contractors, and loan officers.
  • Be able to ride the ups and downs. Most investments involve an element of risk.
remodeling a bathroom

Bathroom before

I’ve seen potential landlords fail because they either stretched

remodeled rental bathroom

Bathroom After

themselves too thin and had to use credit or withdraw retirement money to pay the bills. I also believe you should plan to be in it for the long haul. While it’s not terribly hard to find a cash flowing property, it does take a while to make back your down payment and closing costs, plus you can lose your hat in taxes if you buy and sell too quickly. Our plan is to keep these properties indefinitely and let them fund our monthly expenses when we’re done working. Having rental property certainly doesn’t guarantee early retirement, but I think it puts us that much closer.


remodeling a rental fourplex

No walls in the beginning

four plex rental

Actual walls and everything


About Kim Parr

Kim Parr is a private practice optometrist, freelance writer, and personal financial blogger. You can follow her journey to 20/20 financial vision at Eyes on the Dollar.


  1. Awesome job on the renovation. We are considering rental properties to diversify our investments. And we are pretty handy, so I think we could manage some of the cosmetic work.

  2. I admire you for pursuing your ambition to own rental property. I always thought it would be great to be a real estate baron, until I did it. I hated dealing with tenants. Having to do repairs kept me awake at night. Hated the necessary clean up after a bad tenant moved out. I just didn’t have the stomach for it. So I ended up selling them all and invested in stocks and bonds instead. I know many people think the same about the stock market but I definitely sleep better at night with those investments as opposed to rental tenants. Best of luck as you implement your plans.

  3. Wow it looks great Kim! I’m not sure, at least at this point in my life, that being a landlord is in my cards, but I think once you get used to the system of how things work it can be a great way to make extra income. BTW a place like that here would probably go for 1600 a piece.

  4. Congrats on the finished renovation and new tenants! How exciting for you! It looks fantastic and sounds like it is a going to be a great investment for you. Here’s to good, responsible, paying-on-time tenants! ๐Ÿ™‚

  5. Congratulations! You guys are becoming quite the real estate moguls! =)

  6. The after pictures are really incredible! Good job on your renovations Kim!

  7. Those before/after pictures really speak to the amount of work you’ve done! This sounds like such a great opportunity for you guys. I would love to have a duplex or fourplex down the road. The rental income will be nice.

  8. Wow looks great! Sounds like a nice profit, especially in a few years when the commercial property is paid off. Becoming a landlord is something we have been thinking about more and more. It’s a tough decision!

  9. How exciting! You make me want to get back into rentals;0)

  10. Congrats Kim! Those after pics look great! You’re starting a nice little real estate empire there. ๐Ÿ™‚

  11. Those rooms needed some crazy remodeling. I like how the bathroom toilet was surrounded in paint cans. With how it looks now though, I would live there.

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