Right on cue, the washer broke.

Tuesday, January 8th, 2008

I just received a call from one of the tenants at my first rental property. The clothes washer is leaking all over the basement floor.

Just last night I was thinking about how I hadn’t been called to fix anything lately…

Go figure.

So tomorrow I play appliance repair man.

It’s interesting to note that of all the appliances I have bought brand new, I have not had to fix, repair or replace anything. However, initially I bought both the washer and dryer used. I replaced the dryer with a new $200 version from Home Depot less than 60 days after the used dryer was purchased (the warranty was only 30 …

Read more…

Posted in Rental Property | 3 Comments »

Criteria for future rental properties.

Sunday, January 6th, 2008

After my visit to the termite palace yesterday, the real estate agent told me she’d keep an eye open for more property in the area. The question then became: What is your criteria?

My first rental property ended up setting the bar very high. I bought it from a bank, put less than $10,000 into it for rehab and renovation, and rent it to students. Overall, my net cash flow is $345 per month. So I guess those traits could start the list.

1. The property must be within 3 blocks North of the local University.

Talk about narrowing the field! This is probably …

Read more…

Posted in Investing, Real Estate, Rental Property | 5 Comments »