Real Estate Rental Property #2 Update (April 14, 2013)

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Here is an update on the progress of the renovation. The rehab is actually finished at this point, but I haven’t yet had time to snap photos. Included are the pics from about two weeks ago.

In other good news, I’ve also secured a tenant. The rent will be $2150/month starting on May 01. This is a huge relief for me, as the property has actually been sitting vacant for two months. Believe me, it isn’t much fun to have to pay rent + HOA on a property that is SUPPOSED to be making me money.

Total cost of the renovation is about $20,000. This includes the cost to remove and install brand new dual-pane windows throughout the house, which wasn’t included in the original quote. So, basically everything was upgraded (except the floors).

Enjoy!

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FI FighterMy Money DesignThe First Million is the HardestMartinBrick By Brick Investing | Marvin Recent comment authors
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JC @ Passive Income Pursuit
Guest

The counters look great. And congrats on finding a tenant. How much positive cash flow should you get from this now that you have a tenant/rent set? Hopefully you can start building that DG portfolio back up once the rental gets going again.

Brick By Brick Investing | Marvin
Guest

Nice work! Keep the pictures coming.

Martin
Guest

Man, nice work and I bet a lot of work. That’s why I do not want to deal with the property as you do. I am lazy, thus I prefer stocks, they do not need any manual work or dealing with tenants.

The First Million is the Hardest
Guest

Owning a rental property always seems like such a good idea to me, then I realize…I’m far to lazy to do all the work needed to renovate and maintain one.

Great work, I hope the tenant is a good one that will care for all that work you put in!

My Money Design
Guest

You can thank Twitter – it recommended that I check out your blog.

Wow! $2150/month is a pretty awesome amount to bring in. Have you been working on the renovations by yourself? $20K is a lot, but I can see how if you were working on this yourself you could stretch the dollar and really make it look nice inside.

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