Reconciled the loan balances that I can't check monthly...this happens annually for a handful of the loans and added up to about $5k of this month's change. We've had several vacancies in homes that needed updates recently (flooring, bathrooms, etc). I am projecting I'll put about $45k into these remodels and I think we'll get about $18k in increased rent as a result. My goal on remodeling rentals is to try and return the capital in 3 years (5 years if it is a major upgrade on things like windows/siding, etc). These numbers are in line and once everything is complete it should really help our current "pay everything off" strategy.
The market right now is tough for an investor...everything seems overpriced and inventory levels are at a 20 year low. It's hard to even find a house worth renovating and when you do, the price you have to pay is so high it just doesn't make sense. I'm keeping my eyes open for a deal as always, but I think the only strategy that makes sense right now is to try focus the cashflow stream on one house at a time and start paying them off. Trying to have an income that would fully support our base lifestyle within 5-10 years. I hope it's 5. :) |