Reply to How much money do you make?

Forum Index » Off-Topic

Reply to "How much money do you make?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]To the PP who supplements salary with 30k in rental income.  How many properties is that??[/quote]

I posted earlier (95k, 30 years old, MBA, Federal Program Manager) and we have $28,000/year in rent income.  It's just one property - a condo in a popular area in DC.  I don't think it would be hard to have 30k/year in rental income on a single property in DC.[/quote]

Yep.  Our NW rowhouse rents for 4k/month.  It will be paid off in 4 years.  Right now with mortgage, taxes, upkeep--the income isn't much.  However, somebody else is paying the mortgage so that has been great.[/quote]

You must have bought your rowhouse long time ago for this to have such a low mortgage and to be so close to paying it off.  A rowhouse that would rent for 4K in NW DC these days should cost around 900K I would think.  So, in the best case scenario, if buying a rowhouse for a rental property now you will be lucky to break even. [/quote]

I'm the Fed Program Manager who posted earlier and to clarify, yes, that's just income and doesn't take into account the costs of the property (since we're just discussing pure income on this thread).  Our condo rents for $2,300 a month and our mortgage and condo fees come to $1,700.  So we're "making" $600 a month (though of course we have expenses like paint and maintenance).  But it's not really about making money for us - it's about the fact that someone is paying our mortgage down for us.  So eventually it will either be paid off or we'll sell it and bank the equity difference.  Even if you're not quite covering the mortgage, it still represents income in that it's going toward the mortgage.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics