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Showing posts from November, 2013

Escape from the Cube: Financial Independence - Being a Rental Lord

It's middle of month 4 of the Landlord Challenge, and so far so good. PROs: 1.  I've  cleared about $300 or around $100 a month!   Doesn't sound like much except that $300 is on top of the renters paying for all of my maintenance costs savings ($200 per month), all of the manager's fees, property taxes, all of my mortgage interest, the mortgage itself and building my equity - about $150 per month. 2.  I'm only making $28 a month on a savings account of $28,000.   I've got $50,000 in equity in this town home, so I'm thinking making  $100-$250 a month is good return. 3.  My utilities at my new place are only $50 a month for electricity and $21 for water/sewer/trash.  I'm living in a luxury condo in the middle of the city, within walking distance of coffee shops and grocery stores, for about the same cost as living in my suburban town home with the long work commute. CONs 1.  Rent is coming in as expected, although it is a little later than I wou