It has been more than six months since I purchased my first multi-family housing building. The time has flown by because it’s been pretty wild around here. It wouldn’t be so chaotic if I didn’t have a demanding day job, but working for a living is going to be part of my life for the next six years.
In spite of the packed schedule of work, landlording, and then the regular life juggling that happens every day at NDQ HQ, it has been a good learning experience and I feel good about this adventure.
Have I mastered this? No. Have I made mistakes? Plenty. Did I learn anything? Tons. Would I do it again? Absolutely.
Tenants have not been dependable and just recently, two separate tenants broke their leases and moved out due their drama with each other. Having two vacant units at the same time was stressful, however, thanks to online advertising, we were back to fully rented in less than a month! These new tenants are definitely more stable than the last two and they bring no drama to the building. Huge plus!
Now that the units are rented and it is feeling more like a mini community full of life, the next task is to prepare for the tax appointment that should get scheduled for mid to late February. This year brings a lot of changes and I am looking forward to finding out how owning this property affects my return.
It’s Christmas eve and I trust you are enjoying your weekend with family or working to take care of yourself or your family. Thank you for reading and I hope 2016 treated you well, that you saved and invested that savings in an asset that will bring you something in return. It’s time to start thinking about next year’s goals…where do you want to be?
p.s. Check out the new NDQ Guide: 500 Tips the guide that will give you actionable steps to jump start your savings and investing immediately.
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