Erie, CO Rentel 4th Year
We have entered our 4th Year with what at first was a very sketchy and scary beginning! 4 years ago with the rapid rising values along the Front Range we decided to buy another house to move into and rent out our house. Easy peasy.... so we thought.
The first 5-6 months rent was late.... significantly late... we were terrified! The payment on that house was $2,300 a month. If need be we could swing it but not without tons of sacrifice!
I remember one time going to a meetup in Erie with Mindy and anther person - cannot remember his name off the top of my head, but they were amazing as we talked about the late renters and what to do! Needless to say, we had to give 4 pay or quit notices every month and for almost the first year but they paid, late with the $100 a month late fee and the next month came and we started again. Finally, I think one of them got a new job and they were able to pay every month on time! We are now in our 4th Year with them.
Since then we have not purchased another house. We got caught up in our crazy busy “careers” that both of us hate! Last year I quit my job and started my own business, it’s doing amazing but I am always distracted by BiggerPockets! It’s in my blood..... and I cannot get it out!
In the next 6 months we are going to purchase our third property, and this time our goal is to lather, rinse, and repeat! Thank you to BiggerPockets and the community for really and truly giving useful and realistic advise!! Carry on!! Jennifer