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The FourPlex Is Rented!

four plex rental

For 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 ...

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