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Howdy y’all!
Did a whole long post and…gone. So here’s the short version. LOL
Paula Pant from Afford Anything put me onto SL and I love it. Long time listener and lurker, but I didn’t get into posting much until I got laid up with knee surgery and had time to read every single post! I love the community here and am very grateful for all the information and wisdom shared.
I’m new on eBay, been listing for less than a year, sputtering my way up to 100 items listed. Now on hiatus until I get off the crutches. Although I’m married, this is a solo venture as DH is not interested. My goals for 2017 are to get up to 1,000 items listed, open a store, and earn enough that I never have to work for anybody else ever again.
For those who wonder, my Avatar is of my hobby. I teach belly dance and fitness classes at a local adult education and recreation center.
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Yeah, kinda did it backwards: read up on all the forums and THEN posted in the intros. Sorry! 😉
Yes, we have five houses and one 4plex. One of the houses has just been taken off the rental market though, as my MIL has moved in. That bites, much as I love her! All of them are pre-eBay business, but I would like to cashroll a bunch more. Rick’s ideas of owner financing a bunch of them sounds like a plan, all the benefits of monthly payments without the hassle of maintenance, etc. But the equity of owning property is also very attractive. All the properties are standard rentals as they are 4 hours away from us, too far to operate as a Airbnb option.
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LOL. If you want a really accurate idea of income from rental, you should follow Afford Anything. Paula posts her month-to-month income/expenses and it’s very interesting reading.
Our rentals are all based in another city, so we have a property manager. Our best year ever brought in $50,000 for the year, our worst ran at a huge loss of $80,000 due to major renovations required (the year we bought the 4plex.)
It changes depending on vacancies, maintenance, repairs, and capital expenditure. While the tenants pay their own utilities (except for the 4plex, where we pay it) we have to pay for all the large items such as central air, hot water heaters, appliances, roofs, fences, etc. Some years are seriously OUCH where we get hit with a lot of problems, some years are terrific. We also have to deal with insurance (and they’re on the coast, so we’re hit BAD with windstorm cover) and property taxes. These bite! So, until we’re up to dozens, or better yet hundreds, of units, it’s not a good idea to rely on the rentals for our personal income. At the moment, we finalize our figures at the end of each year and then use the profit towards paying off our debts. We’re down to only one loan and our mortgage on our homestead, so it’s working.
Once we’ve cleared the loan and about half the mortgage, we’ll start saving to buy another property. If eBay comes to play the way I’m hoping, that will be in about 18 months. Then we’ll focus fiercely on building up to those dozens and hundreds! 😉
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She does, but it’s not her only source of income. Also, she is hands on and does her own property management and controls her contractors. As we’re not local to our properties the contractors are assigned by the Property Manager, so the costs are higher. Now that my husband is home we will be doing our own make-readies between tenants. That will make a huge difference as the job will be done faster and cheaper. Faster is good, as the property will be ready for the next tenant much sooner. General day-to-day maintenance will still be done by contractors as it’s not worth our time to travel 9 hours round trip to fix, say, a leaking faucet.
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Understood. Sounds liek you have a plan and that’s good.
Paula’s whole thing is that she has a property manager deal with everything. She lives in Las Vegas and her property is in Atlanta. http://affordanything.com/2016/04/14/how-to-hire-a-property-manager/
Her whole thing is that she makes about $6k in rent and does only a couple hours of work each month. I’m sure she has other sources of income, but she says that the rental income buys her the freedom to do other things.
I think having 100 rental properties would be great, but I think we could live on less.
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