Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
I have exceed my salary and rental income combined.
.............. We are officially making more money than when I was working a "butt job"
When I left my job April 1st, 2016, our rentals made $1,877.86 a month. 8 weeks later we make $5,304.07. We have not only exceed my take home income of $3,400 but also what we were making combined.
Here's the thing, I didn't leave voluntarily, my husband is active duty military and was transferred. I worked up to the day I we left because I was terrified where our investments will go. Than i seized the day, I tried out furnished rentals on two of our houses (HUGE impact on why we are successful) and so successful we will be doing it to 2 more houses), raised rents during natural tenant turn over (from 1250 to 1450), and so on.
Seize the day, TRY new things, be adventurous and don't turn down new opportunities, because they are new. Turn them down because they don't WORK for YOUR vision!
Investor · Spokane, WA · Member since 2014 · 733 posts · 155 votes
10y
@Elizabeth Colegrove thanks for the update! I am glad that the transition is working out. Can you elaborate on how you increased your income by $3k+/mo with your rentals...? I am assuming that you acquired new assets that expanded the monthly income?
"I tried out furnished rentals on two of our houses (HUGE impact on why we are successful)"
Hey Elizabeth, awesome and cheers to your success! I was curious on this little tidbit. So obviously you haven't had a lot of time to experience the likes of furnished rentals but is this simply a rental or a lease with option? Perhaps, I asked a stupid question but I just have heard many times tenants have no decency for things that they will never own, (obviously unless you have the perfect tenants). That's why I was wondering if there was some time of incentive for them to keep your furnished homes nice. Great work!
@Elizabeth Colegrove thanks for the update! I am glad that the transition is working out. Can you elaborate on how you increased your income by $3k+/mo with your rentals...? I am assuming that you acquired new assets that expanded the monthly income?
We added no new assets just working with what I already had. I increased rents on houses since our markets went up significantly. In addition, i turned two houses into corporate/furnished rentals.
"I tried out furnished rentals on two of our houses (HUGE impact on why we are successful)"
Hey Elizabeth, awesome and cheers to your success! I was curious on this little tidbit. So obviously you haven't had a lot of time to experience the likes of furnished rentals but is this simply a rental or a lease with option? Perhaps, I asked a stupid question but I just have heard many times tenants have no decency for things that they will never own, (obviously unless you have the perfect tenants). That's why I was wondering if there was some time of incentive for them to keep your furnished homes nice. Great work!
These are fully furnished rentals that are rented by corporations for there employees while they are on a job. I have actually had great luck so far. We have been doing insurance claims before for the last 10 months or so. Yes we have had a few moments but predominantly its been fine and the money is amazing. I havent found it to be more of an issue than tradional tenants.
Investor · Houston, TX · Member since 2014 · 128 posts · 87 votes
10y
Congratulations! Sometimes we all need a little push to figure out what we can really accomplish. Knowing that you can hustle and support yourself in any situation is the greatest stress reliever ever!
Investor · Fort Walton Beach, FL · Member since 2015 · 568 posts · 966 votes
10y
@Elizabeth Colegrove Congratulations on such a significant monthly cash flow increase! Thank you for sharing. It is very encouraging to hear about your success. My husband and I have been discussing the idea of me quitting my "butt job" and going full time. But I really just need to make that decision and try it.
I believe I read before that you have rentals in several different states. How long do your next tenants tend to stay in the executive rentals?
I have exceed my salary and rental income combined.
.............. We are officially making more money than when I was working a "butt job"
When I left my job April 1st, 2016, our rentals made $1,877.86 a month. 8 weeks later we make $5,304.07. We have not only exceed my take home income of $3,400 but also what we were making combined.
Here's the thing, I didn't leave voluntarily, my husband is active duty military and was transferred. I worked up to the day I we left because I was terrified where our investments will go. Than i seized the day, I tried out furnished rentals on two of our houses (HUGE impact on why we are successful) and so successful we will be doing it to 2 more houses), raised rents during natural tenant turn over (from 1250 to 1450), and so on.
Seize the day, TRY new things, be adventurous and don't turn down new opportunities, because they are new. Turn them down because they don't WORK for YOUR vision!
Congratulations, Elizabeth!
Can you please elaborate on what profile these executive properties meet? How did you form these partnerships with these companies?
I have exceed my salary and rental income combined.
.............. We are officially making more money than when I was working a "butt job"
When I left my job April 1st, 2016, our rentals made $1,877.86 a month. 8 weeks later we make $5,304.07. We have not only exceed my take home income of $3,400 but also what we were making combined.
Here's the thing, I didn't leave voluntarily, my husband is active duty military and was transferred. I worked up to the day I we left because I was terrified where our investments will go. Than i seized the day, I tried out furnished rentals on two of our houses (HUGE impact on why we are successful) and so successful we will be doing it to 2 more houses), raised rents during natural tenant turn over (from 1250 to 1450), and so on.
Seize the day, TRY new things, be adventurous and don't turn down new opportunities, because they are new. Turn them down because they don't WORK for YOUR vision!
Were they short term furnished rentals or just furnished? I find that all prospective military tenants and most non-military tenants prefer and ask for UNFURNISHED.