How many reasons do you need to invest in income property?

Old Kitchen

Positive cash flow, equity build-up, depreciation, tax write-offs, leverage, the thrill of making things beautiful, building passive income for retirement, building an estate that can be passed on to your heirs.  There’s a few reasons off the top of my head.

Here’s another reason:  it’s so much fun!

New Kitchen

Josh and I bought a little 7-plex at the end of October, 2012.

Six months later it has a new roof, new parking lot, new landscaping, gorgeously renovated units, and a lovely new tenant clientelle.

We have increased the annual rental income by $23,000.00.  (!!!!)

Old Front Room (East View)

All of you number crunchers know that we have thereby increased our equity in the project by some fairly impressive number in the six figures.

That was the fun part.

But there was also a scary part when we had big renovations sums flowing out of our bank account with little rent flowing in.  Gulp.

Six of the units are probably still $50.00 per month under market, but I started marketing in the middle of winter when no one wanted to move so I got scared for a minute and dropped the rents to get them renting.

New Front Room & Diningroom

This was a perfect small project to use as a case study, so I’m writing an e-book which will walk budding investors through the process from beginning to end.  I’ll let you know when it’s ready for public consumption 🙂

In the mean time, I can’t remember a better time to buy rental property.  I hope you are paying attention.