With Tim on the way we need more space so we staged our townhome. You can’t believe the amount of crap we extracted out of this already small place!
Forgot to mention that while we were in Europe our property manager rented our other two properties. Now we have St. Andrews rented for $950, Gardendale for $900 and Sherborne for $995. All rented within three weeks of closing. Now we are running almost $200/month cash flow positive on these together even after taxes, insurance and property managment fees. Sweet!
I’d have to say I couldn’t help take it as a positive omen that within 1 hour of owning the St. Andrews property on Friday it was rented for $950/month. We have to buy a fridge but we don’t have to paint. My property manager is dealing with everything and the tenants have headed back to NC to get their stuff and move in ASAP!
The power of Tennessee continued as I couldn’t help notice that the new Miss USA crowned on Friday is Rachel Smith who was Miss Tennessee.
At $950/month I am positive $98/month on St. Andrews (taking into account: mortgage, taxes, insurance and property mgmt fees). Now we just need Gardendale rented for at least $860 and Sherborne rented for $950 and we will be dancing!
Spoke to Cath today about our big trip coming up. It will be great to see her in Edinburgh. Thankfully Tomoko and Ty return here on Monday. I’ve missed them while they were in Japan.
We sold the Tradewinds property for a decent profit and we decided to do a 1031 exchange and buy properties with better cash flow potential. We looked at Reno, Nevada and Murfreesboro, Tennessee (south of Nashville). We decided on Tennessee. We have to buy three of these homes to meet the 1031 requirements. What’s pretty funny is that all three of these houses are bigger than our townhouse in San Jose yet even all three together are worth less.
Here are a few pictures of One King West in Toronto. We have purchased Suite 613 at the condo/hotel. The fourth picture below shows the view of King & Yonge from our windows.