Haven't talked to you guys in a while. Been busy putting my ducks in a row. I had a nice conversation and finally convinced my wife which was the biggest road block to take our home we moved from and dump a little money into it and begin renting it out.
It's a 2,000 sq ft New England style home which needs new wiring and a little TLC in order to rent it out. We have decided to do this since we are currently paying a real low mortgage which was locked in 15 years ago and don't have a ton left on the principle. The amount we could rent it for would easily cover mortgage, insurance, and taxes with a little left over for repairs, maintenance etc. Basically enough to pay for the expenses.
The key would be to continue to do this at least until the house is paid off, then we could take in profits what the mortgage payment was. Anyway this is our first real attempt at becoming a landlord
We probably won't be ready to rent until Spring but we have people who work for my wife who sometimes need a place to stay. This could be a nice opportunity to house employees who work for her.
So things are looking up in this regard. If this works out well, we may replicate this model and purchase another rental property...
It's a 2,000 sq ft New England style home which needs new wiring and a little TLC in order to rent it out. We have decided to do this since we are currently paying a real low mortgage which was locked in 15 years ago and don't have a ton left on the principle. The amount we could rent it for would easily cover mortgage, insurance, and taxes with a little left over for repairs, maintenance etc. Basically enough to pay for the expenses.
The key would be to continue to do this at least until the house is paid off, then we could take in profits what the mortgage payment was. Anyway this is our first real attempt at becoming a landlord
We probably won't be ready to rent until Spring but we have people who work for my wife who sometimes need a place to stay. This could be a nice opportunity to house employees who work for her.
So things are looking up in this regard. If this works out well, we may replicate this model and purchase another rental property...
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
