Updated over 9 years ago on . Most recent reply
Second Rental Property!
We just closed on our second rental property! It was a three family rental that we bought from a family member that wanted nothing to do with it. The building needed MAJOR repairs inside and out. It took a while to get up to par, but the inside is starting to take shape. Two units rented and a third unit is getting updated before it goes on the market. The building was built in 1900 so I had to budget repairs and capital expenditures accordingly. Gross rents are $1800.00 a month. Cash on Cash Return is around 20%.
The outside of the house is UGLY! I am putting a new porch on, as the old one has a broken concrete floor and needs to go. I plan on wrapping it in vinyl siding next year, which should greatly improve the outside view. Thought I would share this work in progress. I will add an "after" photograph when completed. This photo was taken around February!