Rental Property: 2018 target $5,000 passive income
Currently, we have a small duplex and a 1 bedroom condo in our rental property portfolio. I’ll skip the condo because we co-own it with my brother. Besides, it breaks even so it’s not really all that interesting at this point. (Recently, we put the condo on the market because our tenant moved out.) The duplex is more challenging because it is an older home and needs more repair and maintenance. I raised the rent a little in January and that will increase our rental income this year. When the duplex tenants move out, we’ll most likely move in to the house.
My 2018 plan is to consolidate down to just one property. We’ll turn the duplex into our primary residence. The square footage is less than 2,000 square feet so it’s really not that big. Eventually, I’d like to remodel the concrete basement and turn it into an Airbnb unit. From what I heard, an Airbnb unit in that neighborhood could pull in $50,000+ per year. That would fund our annual cost of living and life’d be easy then. We might not be able to do it in one year, but I’m sure we can accomplish it in a 4-5 years.
New investors should read this – How to Start Investing in Rental Property.
2018 YTD rental income = $0
|Passive Income||2016||2017||2018 YTD|
You can see all of our passive income over on the Passive Income page. I will update these passive income pages monthly.