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Inspecting New Rental House

January 18th, 2011 at 06:23 am

Two weeks and 1 day into financial sanity!! Yeah!!
Yesterday took change from the laundry room into Coinstar and got $14.95! Spent $44.39 on gas and just $1.50 for washing my mudball-like car. Was very pleased because normally I spend $5-$6 on a carwash, but happened to use a coin op wash where my six quarters really did wash the whole car! I will go back to that one!!

Tried to pay off DH's car loan yesterday but the bank was closed for MLK day. I will do that this morning which feels great.

This morning a basement person is meeting us at the rental house we are in the process of purchasing. This is a very nice REPO that appraised for $205K that we got for $153,750. This should rent for about $2,000 a month and is part of our plan for financial security in retirement. My DH and I have flipped houses for years and if this doesn't rent for as much as think it will (about 2K a month) then we will fix it up and resell it, although we REALLY plan to keep it as a high-end rental as it will bring in such nice income even after taxes, insurance and expenses.

So far, we have one very low end rental and this very nice one...we are at both extremes. This spring we plan to sell our cheapie rental house on an owner carry which will continue to bring in income.

My challenge will be to do the fixup on this new house on a budget and NOT get carried away to make it perfect as I have done in the past. Really all it needs is new interior paint, cleanup and updating some brass light fixtures. I am fighting the urge to buy it carpet as the current carpet is dark green, but my realtor says replacing it isn't necessary (he has about 16 rentals and should probably know).

I know some of you out there are not in favor of rental houses, but please don't let me know that as we have already done this and feel it is our ticket to financial security for the future. I strongly believe in living off the interest in retirement or having investments that will pay your living expenses.

I am praying that we find a financially stable couple or family that will rent our house for many years.

5 Responses to “Inspecting New Rental House”

  1. Ima saver Says:

    Congratulations on the price of the new rental. did you just buy it?

  2. creditcardfree Says:

    Seems like a great plan to keep current carpet, unless it keeps it from being rented. Then by all means put inexpensive neutral carpeting in.

    I think you are doing great so far!!

  3. pretty cheap jewelry Says:

    We also have a newly acquired rental house - moderate range. Just closed in December. In the process of cleaning, painting, fixing. It was bank owned and has been empty for a year.

    We have had one rental some 15 years ago and had a positive experience. It was a condo I owned before marriage and not able to sell when we bought a house together. But after 6 years (3 different tenants) we were able to sell at a modest profit.

    Good luck and let's watch our futures unfold together here!

  4. wowitsawonderfullife Says:

    Congrats on your journey. Look for yahoo freecycle groups for what you need. You might be able to get items for free including carpet!

  5. Savings Queen Says:

    Thanks everyone for all your nice comments. Unfortunately, the basement didn't check out as well as we had hoped. The repair will be $6,500 we had not budgeted for. My DH is out of of town but he's calling me tonight to talk through it. We may end up passing on this one...

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