My goal is 10 SFH, as I'm just looking to supplement a $3,000 a month pension (inflation will slowly drain its buying power, so turning to real estate to combat that effect) that I'll start drawing from in 2023 at the age of 53.
I currently own 4 rental properties and looking for #5. (Planning on buying 1 a year until 2023)
Right now...
Collect $4,580 a month in rent.
Expenses are $2,298.01 in total mortgage/tax/insurance and $409.15 in total PM fees
Net $1,872.08
Of course other expenses come and go (gutters need cleaned out, lease fee on a new tenant, annual pest control, etc.) so that net is never a fixed income, but very variable.
Right now I don't touch any of that money, as it goes into a business account to be saved for the next one.
My primary residence's mortgage is also due to be paid off in 2023 as well freeing up even more loot.
So, between $4K to $5K a month from the rentals, $3K on the pension, plus $2.5 from doing something else part time.
I figure maybe between $8K to $10K a month when all is said and done.
My PM teams have really been a blessing as they vet tenants with great benchmarks to find the best, as well as property inspections, and keeping me informed.
I just got an e-mail the other day from my PM in Alabama telling me that they went to our property for its inspection and found it in great shape and commented that this tenant takes really special care of the house and the tenant told the PM while he was there that they would love to stay there for many more years (they will be resigning for their 4th straight lease.)
Now that is music to a landlord's ear, a tenant who takes special care of your property and wants to stay for a long time. :)
