Our rental continues to perform well. We are now at $13,000 in rents for this calendar year so far. We actually have a booking for 2023 already. We have some plans for improvements coming up. All of which will be paid for from the rents we’ve collected.
Projects
We are going to try to have a new metal roof put on the cottage this fall. That will be the one major project that we will do this year. Next year we have plans to do some additional improvements.
On the list for next year are a new HVAC system and new flooring. We also may redo the ceilings and install new lighting.
Rents
The cottage has performed better than we expected. Our estimate for the first year was $10,000, and we are well over that at the time of the writing of this article. The cottage is in a seasonal area, so we expected a slowdown in bookings once summer ended. However, fall bookings have been strong. Time will tell how many bookings we receive in the winter.
Expanding
We are entertaining the idea of buying a second property, but we want to be smart about it. There isn’t a lot on the market right now, and interest rates are on the rise. I’d like to expand, but I need to be patient and not rush into something.
Ideally, we buy another property close to where we are now. This will make maintenance and upkeep much easier for us and for our cleaning and landscaper crews. The goal is to take the income being generated by the first property and use it to buy a second. We could then keep repeating.
Wrapping Up
Our rental continues to perform well. It’s been a learning experience, and it’s been fun working on the property. We’ve made some improvements and upgrades, and we’ve received positive reviews from our guests. We are hoping to continue on and eventually expand into more rentals.
Read Also:
$10,000 in Bookings at our Rental Cottage
5 Questions To Ask Before Buying Your First Rental Property
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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.
