I previously had posted an update on June 20th about this unit that can be found here. I listed the Condo for $1000 as planned and it stayed on the market for about 1 week. I actually had an offer on it after two days but the first potential tennants didn't pass the background check. The second offer came about 5 days later.
I'm happy to announce I have two new tennants that signed a one year lease for $1000/mo. This is an increase of $100/month from my previous rent of $900/month. I'm also above the break-even point now with the portion of payments going to equity.
I am currently looking at another potential rental since I believe interest rates will keep rising. I had originally thought about paying off the condo unit first but I am contemplating adding a rental unit #3.
I will keep posting updates as they happen.
With you being in the real estate field I know you can strike a good deal and have a healthy down payment =) There is nothing like cashflowing the properties! If I didn't at least make 5% above my mortgage payments I would have lost my units (because of my low job income) years ago.
ReplyDeleteHi Investing Early,
DeleteI agree about having positive cash flow. It can protect against hard times. I'm looking at some additional properties now but haven't found the right one yet. I'm looking for a property where I can put 20% down and have a ROI of close to 10%. It's pretty tough to find in my market.
Thanks for stopping by!
AAI, I didn't know you were involved in real estate. I somewhat missed it. Well you bet the interest rates will go up. there was a prediction that it would end at 5% by the end of this year and it already is at 4.5%. Also a friend of mine told me about banks and mortgage companies expectations of the boomers and their kids entering the market that they are expecting the real estate being hot once again. We will see.
ReplyDeleteHi Martin,
DeleteI tend to agree with the rise of rates to about 5%. You never know though. I do know if I can lock in a good rate now then I won't have to worry about it. I hope you're right about the real estate boom. That would be nice. Where I live we never saw much of a bust though.
Take care!