Monday, May 28, 2007

Ready to Rent, pt. 2

Yesterday I posted about how much we have learned about the rental market through this experience. After I wrote I went for a long bike ride, and as often happens, my mind didn't stop thinking about it just because I written out some thoughts. So here are a couple more observations we had about this. First, just like with solving problems with computers, two minds are better than one. It occurred to me while I was riding up a very long hill as the sun stroked my back and the sweat began to drip, that since the number of renters was going to increase as more and more foreclosures came on the market, this would be the ideal time to buy more rentals. The first thing my partner T said to me after she kissed me hello when she returned from work was "You know, I was thinking about how fast this unit rented and it seems to me . . ." Second, people who have been paying a monthly mortgage of two or three thousand are not going to blink at a rent of one thousand to stay in the same area. Especially, if we continue with our plan to upgrade our current unit. What I really like about this idea is that we have already budgeted the money for the improvements and we have chosen to really improve the quality of the unit. Tile replacing linoleum, new and stylish bathroom mirrors and cabinets, resurfaced sinks and tubs, added storage and landscaping, and replaced and painted fascia, all improvements that will outlive the current renter and give us future options for improvements now that these are done.

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