Updated: Jul 20, 2022
July 15, 2022
Today we signed our lease with our new tenant!!! So last week I did interviews for our rental. I think I picked the coolest tenant ever. We just vibed and get each other. I had to do the interview solo because Scottie had to work so I was nervous. But I had our contractor there finishing up the flooring so he helped do a vibe check as well. Lol! This is our first time being landlords for a LTR (long term rental) for our single family home.
We did a live in flip for this project. After we moved out, our friends moved in a few months while they went house shopping. Once they moved out it was crunch time. We had to pay double mortgage and bills on our current home and this home for 1.5 months while we finished renovating the place. Right when we were about to get professional pics done, I was having potential renters come see the house while we were finishing getting the place ready. One of the potential renters that I interviewed acted fast and put in an application. They appreciated the renovations and is looking forward to making this house their home. ❤️
Scottie and I renovated this place thinking that it would be our 5 year home. So we spent over $70k on renovations. But Scottie being nuts we ended up buying another home that we plan to do another live in flip. At first we were going to STR our new home, but man... they are making it hecka hard for us to get a license. We will still try to apply for it in September but they are doing a lottery system. UGH! But we have an attached casita that we are going to tackle first with renovations so we can generate more income. I’ll be more hands on with the renovations and help our contractor since I have more time now. I am excited but also nervous cuz my body is going to ache!
I would blog the numbers on our LTR but for our tenants privacy, I am only going to mention that with this rental we will be making +/- $385 per month - I updated the amount, I originally had it at +/- $200 per month. But I forgot we don't pay for the property taxes because it's a really cool veteran perk in NV. We pay for the mortgage, liability insurance, trash, sewer, quarterly landscape, and putting aside money for maintenance. They say the rule of thumb, landlords should make $100+ or more per month per LTR. So I am on target for our first rental. Woo-hoo! Also, to add... don't think all landlords are greedy. Making this little per property per month is not a get rich quick scheme. We could have advertised this place for more rent and rented it to a family from CA (because to them it would be hella cheap), but in my heart I wanted to rent it to someone who was local to Las Vegas. So I am glad I was able to. Also, there is a same floor plan comp in the area with no pool that rented for $1200 more than what we listed ours for per month. I could not list our home for more because that didn't sit well with me. I couldn't overcharge during this crazy time we live in.
P.S. When I first started Zappos my recruiter, Rocky, said my background check came back and said I was wanted… my heart dropped and I thought I didn’t get the job. But he said I’m wanted to be a Zapponian. Haha! He got me good and that always stuck with me. So I always wanted to do that. This was my opportunity. Lmfao! Also, I did get permission from my tenant if I could screen shot that text thread. 🤣🤣🤣