Originally Posted by
nj2Type-S
This thread sort of stems from the other thread about "renting to young families".
I have a townhome as a rental property. For the the past 4.5 years now, I've rented it out to 3 different tenants. Fortunately for me, I have not come across any major issues with any of my tenants.
However, this townhome has never generated any income for me. On top of the rental fee, I pay around $150 out of pocket monthly to cover the cost of the mortgage, insurance and condo fees. My tenants are renewing their lease in July, so I'm good for another year.
I've thought about cutting my losses and just selling the property next year, so I can use the little equity that it has towards my current mortgage, but the real estate market is still pretty crappy for sellers; I can probably make only around 30k after realtor fees, if I were to sell it in the near future.
Out of curiosity, do your rental properties generate income? If so, how much? If not, how much do you pay out of pocket?