We have officially reached $10,000 in bookings at our rental cottage. We opened bookings on May 1st of this year and just crossed this milestone the other day. I estimated that we would do around $10,000 our first year, and it looks like we will do even more.
A Successful First Year
To say that we’ve had a successful first year owning our rental is an understatement. When we researched the area that we eventually bought in, we determined that the rental market was strong. We came to the conclusion that $10,000 in rents per year would be achievable. It’s pointing towards total rents for the season being closer to $12,000. Time will tell if we can get there.
Allocating the Money
So far, all of the profits that we’ve made have either gone back into the property to make improvements or have gone into savings as an emergency fund.
We’re expecting to keep putting money back into the cottage for another two years. After that we’ll need to decide if we want to start taking the money or using it as a down payment on a second rental.
Looking Ahead
There is still a lot to do at the cottage and a lot to decide looking out, but for now we are proud of the success that we’ve seen this first year. Hitting $10,000 in bookings at our rental cottage is an achievement. Here’s to many more years of success.
Read Also:
The Rental Property is Accepting Bookings
Last Chance to Work on the Rental Cottage
Our First Guests Have Stayed at Our Cottage
Based in the Pittsburgh, PA area, Brian holds full-time employment as a Warehouse Manager for an electronics firm. Brian enjoys wealth building, investing, gardening and the great outdoors. Brian holds a B.A. in Environmental Studies from the University of Pittsburgh and an MBA from Robert Morris University.
