Rental Property Update - $9600 an Hour
Well it’s been almost 6 months since I purchased my first rental unit. The first 3 months were spent fixing and improving the property. It took me countless hours and $9600 worth of material but the unit turned out beautiful and shouldn’t need any work for a while as it just got a new roof, kitchen, bathroom, deck and floors.
Since the tenants moved in I’ve spent a total of 45 minutes at the unit. 15 of those minutes were to replace an outside receptacle with a newer safer GFI ($20), the other 30 minutes I spent chatting with the young couple that rent the house from me. So in the last 3 months I’ve worked for 15 minutes and collected $2400 in rent. That works out to about $9600 an hour…not a bad wage if you ask me. Of course something catastrophic could happen ie-furnace needs replacing, major sewage backup etc… But so far so good. Only 6 more days until I can cash the next rent cheque. sweet.