January 4, 2012

I'm a Landlady!

Nobody will ever argue against me on this - Passive income is the best income. I mentioned before that we don't mind working hard, but easy money is great! Here's something else about our financial situation: I'm a Landlady!

Yep, we own a condo that we rent out. Again, this tends to separate us from the 'usual' freelance travel bloggers.. we DO have some financial ties to 'home'. The condo is great - actually, we lived in it for a year! It was our first home as a married couple, and still dear to my heart :)

When we bought our townhouse, we had the opportunity to keep the condo as an additional property. Our other option would have been to sell the condo and buy a big-ass house - which we neither wanted, nor needed. So... townhouse for two it was!

So, the condo has remained in our possession for several years. We've been luck to find some great tenants {mostly using this website if you're local to Calgary} that wanted to stay with us for a minimum of a year each. One of our long-term income goals is to grow this business of landlord-ing and purchase additional property for income generation. {This is a 'takes money to make money} prospect - so a bit longer term for us!

While we're away, we hope that our tenants stay happy and cozy in our little apartment (about 780 sq ft) and don't move anywhere! ha ha... But if they do move out - we're going to have to get a backup plan to help find new renters! We have a couple of options, including using a rental agency ($$) or bribing family/friends into interviewing potential tenants if this comes up.... These are some strings left a bit 'untied' that we'll have to deal with as we go.

Since I've made you read all about it - want to take a tour? This is the condo as it was when we lived in it! Tour is after the jump:


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