We have closed on a rental property. If you’ve been following my updates, then you know we’ve been searching for investment property for some time now. We found a place a little over a month ago and closed on it last week. Now begins the process of making it rent ready.
Property Clean-Up and Furnishings
The goal with this property is short-term vacation rentals. So Airbnb or a similar concept. That being said, the property needs to be fully furnished and have some amenities available.
So far, we’ve taken a load of furniture and small appliances to the home, done some yard work, and dug out a fire pit in the back yard.
Still to do includes bring in more furniture, doing some light maintenance to the property, obtaining permits to redo the deck, securing a host for the property, and contacting the marina to get a boat slip.
Goal to be Rent Ready
The area that the house is located is near a lake and state park, so it is seasonal in nature. That gives us the winter to get the property ready to rent. The goal is to have it listed for rental by early Spring. I feel that is more than doable.
Projected Income
Based on the research we’ve done we feel that this property should generate around $2000 a month in income during the season. That is more than enough to cover all costs of ownership.
The plan is to set some money aside for eventual repairs and upgrades, then use the rest of the rental income to aggressively pay off the mortgage.
If we are successful at this endeavor, we plan to eventually purchase a second property in the same area.
Wrapping Up
So, we have closed on a rental property, and it is an exciting time to say the least. This will be our first time owning rental property. I’m sure that mistakes will be made, and that there will be lots to learn. I’ll definitely be keeping you updated on our progress.
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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.
