Originally posted by Jon Holdman:
If you want to keep it, you need to get the rent up to $650-700, ideally $100 over that so you're actually making money. As it is, you're something like $150/month in the hole. Not every month, but at some point, they property is going wake up and say "Hey! I need $2000 today."
I just read the "Hey! Ineed $2000 today." I forgot about things like that. HaHa...
For the most part it stays rented out every month. I've only had 2 renters through there since I fixed it & they were both good renters. It was vacant for 1 month in between. The lady that is there now will stay there for ever if Iet her but I really want to raise the rent to help with my loss & not sure how she would take that. We never signed a contract. It was kind of a spure of the moment thing to were the lady (family friend) needed a place to stay right a way & agreed to pay the $525 plus deposit.
I want to replace the old cracked windows with some better energy efficient ones to help with the cost of the utilities which I pay none of. I can get the windows at a discounted price & install them my self. Would this be wise? It would save her on the elec bill & would also add value if I decide to dump it.
All my appliances (A/C & Heat, Water Heater, Fridge, Stove, Dish Washer, Washer & Dryer, etc...) are covered under my home warranty.
HOA covers all the exterior except the windows of course.
There is just so much to learn....... I don't really plan on owning any other rental properties so if I can some how get this one to work out for me then that would be great. My goal is to just be able & pay it off as soon as possible. If not, it is a lesson learned.