Skip to content
Welcome! Are you part of the community? Sign up now.
x

Posted almost 6 years ago

Will a Hurricane Eat my Paycheck?

About 8 months ago, my son recommended the book "Rich Dad, Poor Dad," to me and suggested I join the Bigger Pockets community.  I was immediately hooked.  I read, bought more books, listened to podcasts, and on 6 July 2018, I bought my first rental property 2500 miles away in the coastal region of North Carolina.

I purchased a 2 bedroom, 2 1/2 bath REO townhouse.  After 3 weeks and $6000 for a very light renovation, my first renter moved in.  Most of the August rent went into a reserve account for the property manager to use for any repairs.  So my first full paycheck was due 10 September. As luck would have it, Hurricane Florence built up unto a massive storm and appeared to have the GPS coordinates of my property in her bullseye.  The last day or two, her track shifted more south and west.  While this lessened the risk of wind damage, it greatly increased the chances of flooding.  I received my first full payment yesterday. Today Florence made landfall.  More posts to come as I see how my property fared.



Comments