September 3, 2013

One month review of being a landlord

Our tenants dropped off the September rent check yesterday.  I almost feel guilty.  I know we own the condo they are living in and there will be wear and tear and eventually appliances will need replaced.  But in the first month as landlords, we haven't had to do anything. 

Our tenants had told us their dishwasher wasn't draining.  My wonderful hubby who usually is not the DIY type just happened to remember that had happened to us when we had a new garbage disposal installed.  All that was needed was a piece of plastic punched out that connected the dishwasher to the disposal.  He told our tenants that was what it probably was and he would be over the next day to fix it.  They went ahead and did it themselves before he got there.  It was such an easy fix anyways.

The water bill came, it was only $35.11.  So after I pay the mortgage, water bill and condo fee for September, we'll have $368.

This is how that extra money will be spent:
  • September Bowling League for Girls: $48
  • Guitar Lessons: $68
  • Home Repair Fund: $100
  • Pay Back Savings used for down payment: $127
  • Condo Insurance Fund: $25
Overall our experience has been great.  I know things will come up down the road.  Repairs will need to be made and we made not always have such great tenants.  But I'm glad that I didn't let all those what ifs and negative comments that friends and family made scare me off.  Most of the people that had negative comments had never owned a rental property any ways. 

1 comment:

  1. I agree with you on the last bit... people always seem horrified of both being tenants or having tenants. My experiences as a tenant has been nothing but good, and I know we are good tenants to our landlords. Glad to hear things are going well, and hope they remain that way for a long time!