All Forum Posts by: Theresa Harris

If the monthly payments on the loan are higher than the rent, how long is the loan for? Where will the short fall come from?  Have you factored in maintenance, insurance and taxes?  I'm guessing you have factored in some of those as the loan is for $60K total and the house is listed at $55K.  

If the loan is short term (e.g. 24 months), how much are you short at the end of the month?  Short term, it may be worth it if in the long term you are going to clear that much every month.

Appreciation on condos depends on the market. In parts of BC, we've seen condo prices shoot up faster than single family homes because condos are affordable, while single family homes are not for most first time buyers. Still overall, the potential for SFH is higher.

There are all kinds of people. I really don't understand the type of person that would do this let alone boast about it.

@Leah Dunnells You should have those receipts along with the invoice as to what work was done. You will also have property taxes, insurance and if you have a mortgage, the interest on that (I'm in Canada, so the US might be different). I get an annual statement from my bank with the payments that were made and how much of that was interest. We also have utilities (e.g. sewer, garbage), tenants pay water, gas, electric. Depending on the type of home, you may have HOA or condo fees as well.

What are the interest rates on your credit cards?  If it was me, I'd pay off the credit cards as the interest rates are usually higher and I'd feel better not having the credit card debt.

You've done really well.  You love your job and what you're doing, so I'd say stick with it.  One thing you didn't mention is medical which can be costly in the US.  You're still young and if you retired, you'd probably get bored, plus you'd be more restricted in terms of buying more homes.

You could probably pay people to do each of those: flooring, painting and cleaning.  The question is how much would they charge compared to your handyman?  You'd also have to coordinate multiple people.  Your handyman might also have people he could recommend to help.  Painting and cleaning are easy things that you could do yourself if you have the time.

I find it easiest to write down any repairs, all expenses and rent for my rentals in a small notebook.  I also have a folder where I keep all of my receipts for each tax year.  That way when I have to do my taxes, I have everything handy.  I have multiple rentals, so keep receipts for each separate.

I haven't tried it, but I know someone who painted the countertops.  They lived in the house, so wear was minimal.  New countertops are not that expensive, so it might be worth it to call and get a quote to replace them. On the other hand if they are in good shape, you could leave them.

Go out and inspect the roof.  You could also ask the tenants or a neighbour as they would have seen them taking off the old shingles.  You should be able to see if they raised the A/C units.