Rental Income Update

Rental Income update

It is a year since we purchase a four (4) plex unit. We have done a lot of remodel to bring the units up to standard we would personally life in. The current rental has help us to keep up with the upkeep of the units and fix some water leaks to bring the plumbing up to date. We also update some electrical wiring on some of the units to bring it up to code. Also last December the water heater went down and we took quick action to replaced it. Finally last month we needed to perform maintenance on the boiler which also takes cash away.

As a longer term property investor, the updates will eventually reap its reward down the line as we collect rental income. With that in mind and with a new lease on the horizon, we took the opportunity to increase the rental.

Will called this unit number four (4), we raised the monthly rental to $250.00 a month. This is due to a complete renovation from the Kitchen,  bathroom, new carpet in the living room, new refinished flooring and fresh new paint.

We also had to renew Unit number #2 lease. There were few maintenance items, which include fixing a broken window, re-caulking the bathtub, and new lighting fixture. Finally the current market rate for a two bedroom unit has also gone up about $300-to-$500 since the last lease in the Boston area. So it was time to raise a little bit of the rental to capture the market condition. So we raise the rent $200.00 on this unit.

Overall the current $450.00 additional income will be put to good use to continue building passive income. Passive income to me now is a combination of Dividend income and rental free cash flow derived from rental income.

 I am hopeful that this will contribute to my desire to achieve early retirement sooner rather than later.

Thanks for reading,

Dividend Pursuit

Disclaimer: I’m not a licensed investment advisor and not an investment professional. This site is only meant for educational or entertainment purposes only. I’m not liable for any losses suffered as a result. Please consult with an investment or tax professional before investing any of your money

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