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re: What should my tenants' new monthly rent be?
Posted on 3/21/17 at 3:35 pm to foshizzle
Posted on 3/21/17 at 3:35 pm to foshizzle
quote:
quote:
My mortgage is $1200/month and my tenants are currently paying $1250/month
What's the big deal? So there isn't profit being generated, but someone else is for all intents and purposes is paying your mortgage. What's bad about that?
2
Posted on 3/21/17 at 4:13 pm to Paul Allen
quote:
What's the big deal? So there isn't profit being generated, but someone else is for all intents and purposes is paying your mortgage. What's bad about that?
It's an investment property therefore there to generate income?
Posted on 3/22/17 at 7:05 am to Paul Allen
quote:
What's the big deal? So there isn't profit being generated, but someone else is for all intents and purposes is paying your mortgage. What's bad about that?
Well, for one, it's a really close margin meaning that any repairs are coming out of pocket. They pay off about $3500 of the principal each year, so if maintenance, repairs, upkeep, etc exceeds $4100 a year, I'm losing money.
But you're touching on the advice given to me. This isn't an investment property. I'm an accidental landlord, so cash flow isn't a necessity. They're paying off my mortgage and are great tenants, so keeping them is in my best interests even if I don't like it.
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