A Third Property?!
We have officially left Denver for a new adventure. And yep, we found and bought our third property! Three mortgages! Woo-hoo!
Everyone will be shocked to know that this new property comes with an attached apartment that can be rented as a short-term or long-term rental. I doubt we’ll ever buy a single family home for us to live in again! As usual, this property cost the same as a single-family home with no rental unit. So again, we get to live somewhere and have someone else help pay our mortgage!
What’s the New Place Like?
The property consists of a recently updated 3 bedroom/2 bath main house and an attached 1 bedroom, 1 bath apartment. Can I just how excited I am to live in a place where we don’t have to remodel anything? This has never happened!
We live in the main house and rent out the 1 bedroom/1 bath apartment. The apartment can be accessed through the house or through a separate entrance. The interior entrance to the apartment is connected to the main house through a spiral staircase, with a door that can be locked.
This makes the apartment ideal for dual purposes. We could use it as a rental or use it to house our friends when they come to visit. We actually already used it for that purpose when our friends visited over the 4th of July!
There’s also a decent-sized yard that Kiwi loves to lounge in and chase the birds. Happy doggy = Happy Ginger!
To Rent Longterm or Short Term?
Properties in our new market don’t rent for as much as they did in Denver. In Denver a 1000 square foot, 1 bedroom, 1 bathroom apartment would have easily rented for $1500/month. Here, not so much. However, our new city attracts a lot of tourists and short-term renters in town for just a few months. So we thought maybe we could short-term it and see how we did.
Our goal was to see if we could average $1500 per month (Denver rate!) in short-term rentals, rather than rent the apartment for less to a long-term renter. The one-bedroom, one-bath apartment is as well done as the main house. The apartment is recently updated, is bright and open, has a jet tub, private deck, and a lofted bedroom. It’s cute and perfect for 2 people to stay comfortably. There’s even a pull-out couch for guests or kids. I’d rent it if I were in the area.
Have we hit our goal?
So far, yes. We moved in May and started renting the apartment short-term at the end of June. Our location is close to attractions and transportation, but quiet enough to feel removed from any noise at night. Location, location, location is the key to real estate, even in rentals. As I write this, it is only October and we have averaged over $1500/month. This does not include any rentals that may occur in November or December yet. Which, hopefully we get some more!
It also helps that we do our own cleaning now, so we save on paying cleaning fees. Now we get paid to do the cleaning!
If you’re curious how we made so much money so quickly, check out my next article on how to market a vacation rental!
Will we buy another Property?
Short answer: Yes. I love it. I could spend all my time buying properties and renting them! It most likely won’t be this year,but in the next few years it’ll happen. Maybe we’ll even buy a guest house at a palace some day!