It’s up to tenants and a landlord’s keyboard warriors. A few years ago, after carefully observing the real estate market, I was lucky enough to buy an apartment that I could rent out.
My device is not new, it is dated, but I keep it well. Devices are approaching their lifespan and require regular attention. The rent I collect from my tenant covers the mortgage, HOA fees, and home insurance, and yes, I make a monthly profit. This profit is included in my annual income and it is taxed, but no, I am not living a lavish life on this extra income. This extra income is spent on the new furnace in the rental unit, the new washing machine or the after-hours call to the plumber to unclog the toilet.
If needed, I spend the weekends going back and forth to the hardware store several times to put the toilets back in place and replace the trash cans, but please don’t confuse this with a complaint, please understand that this rental unit is my part-time job and an investment in my future. I devote my time and energy to keeping it in good working order for my tenants. Inflation, the rising cost of homeowners insurance (due to the rising cost of rebuilding per square foot), as well as steadily rising HOA fees all contribute to higher rent. I don’t increase the rent year on year with tenants but when I’m looking for a new tenant I look for both the government’s fair market value calculator and what the market can bear and that’s where I fix my rent.
Before each new tenant, I have the entire apartment thoroughly cleaned by a professional cleaner and the carpets are shampooed. I spend my time waiting for potential tenants to hopefully arrive for showings, answering Craigslist calls, and responding to Facebook Marketplace inquiries while being lambasted for monthly rent.
I own one of many units and I’m not asking you to feel sorry for me, I’m just writing to give you some perspective.
James Doyle
Eagle
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