Landlord

Well, I Have 5 Rentals Now!

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That’s it. That’s the post. Because I’ve come to realize that I suck at keeping a blog updated, even though so much has happened in such a short amount of time…

  • I picked up 2 rentals just these last few months, in January and February of 2024.
  • I’m now making $1550/mo. in pure cash flow from rental income, and that’s after all expenses and setting aside $200 per property each month for future repairs and maintenance.
  • I went from making $65k/year in 2022 to $90k/year in 2023 and now $105k/year in 2024. Safe to say that I’m shoveling all the money I can into paying off debt AND acquiring more property. Coupled with my partner’s $85k/year, we’re living very comfortably given our choices!
  • My partner also decided it was time they went to college, so that’s what they’re personally working on. Hoping that shiny new degree helps catapult their salary, lol.

It took me a long while to get here, but I’m so happy! Still in a bunch of debt, but that’s been slowly going down over time, and now I have a way to really kick things into high gear. I’m trying to decide whether or not I want to dedicate the rest of 2024 to pay off as much debt as possible, or if I want to focus on picking up another property or two. Perhaps I’ll just go with the flow and work on paying off debt, but if the right opportunity comes along, I’ll seize it. I think that’s best.

Until next time!

Alex

Reflecting On My First Four Years as a Landlord

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I purchased my first rental property in June 2018, and had it rented out by November of that year — almost four years ago to the date. I was 24-years-old with big dreams of creating my own little real estate empire, and a back-of-the-napkin plan on how I’d amass 25 rentals and retire ASAP. Here’s looking back to how I thought things would go, versus how they actually did.

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I GOT THE HOUSE!

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If I was nervous putting an offer in on the house, then hoo’boy am I totally losing my shit now, knowing that my offer of $18,500 was accepted! Oh man. Where do I even start with this post? Oh yeah. That I actually just closed on the house today. 

The Financials
Really though, I guess a great place to start would be with the financial details, right? So I purchased the home for a total of $18,621 after everything was said and done. There was also a $513 past-due water bill on the home, too, which I thought I’d have to eat, but thankfully it turns out that’s not the case. Woo!

The House
The house is a 3/2 ranch style home with a pull-down attic and very oddly-shaped bedrooms. There’s also a massive tree in the front yard that, when I look at it, I simply see an insurance liability more than anything else. Regardless, it’s a nice little place that I’m hoping to rent out at a good price after I clean it up, paint, and do a little of this and that.

(I’m going to start a second blog, Neurotic Landlord, where I’ll document my journey in investment real estate and landlording in greater details. This blog I’m going to keep strictly for all-things financial, so I won’t talk too much about the house itself. Instead, I’d rather talk about…

The Plan
The goal is simple: Do the necessary repairs, get it rented out for $550/mo, and use that to pay back the taxes, insurance, and the personal loan that I took out to purchase the home in the amount of $19,000 at 12.99% interest for six months until I’m able to refinance. Right now, I’ll barely be making enough to cover the PITI with about $50 left over to pocket for later, but once I refinance I’ll be looking at $310/mo. (not including repairs and vacancy).

I’ll make another post in the upcoming days that’ll focus more on the financial side of things with a breakdown of the expenses, but right now I’m kinda crunched for time. Gotta go get the utilities turned on and get to work! Work as in my day job, by the way, lol. Work on the house will commence tomorrow!

Until next time!

NP

Game Review: Landlord – Real Estate Tycoon (App)

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logo_title_blogSo recently I finally upgraded my cell phone from an HTC M7 (god rest it’s soul) to a Galaxy S8 because, well, my phone was on the verge of death. Like, for real. I put off getting a new phone for years because I dreaded having to move all 3 of my apps and 12 contacts–I’m that lazy. Regardless, after dropping my 4+ year old phone and actually breaking the screen for the first time in my 10+ years of owning phones, it was time to suck it up and deal with it.

Anyway, having a phone that doesn’t take two full minutes for a webpage to load and can actually hold a charge longer than 3 hours is pretty awesome. So, naturally, I found myself browsing the Google Play store like a kid who just got free reign to buy whatever they want at Toys R Us, where I came across a game called Landlord – Real Estate Tycoon.

It’s free, it’s fun, and it involves real estate. So Obviously, I downloaded it.

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