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...
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