Net Worth Challenge

It’s official, my wife and I are now owner’s of a second rental property! We woke up early this morning to go down to our realtor’s office and sign all of those important papers. I am glad to report there were no “surprises” in the closing cost numbers. Our first purchase had a few items that we were not expecting, but this time everything went much more smoothly. Now that we’ve closed on the property, I have the keys and will be anxious to begin getting it ready for rental.

As I mentioned during our February Net Worth Update, I expect our expenses in March to increase considerably due to the closing costs associated with the home purchase and the materials I intend to purchase to clean, repair, and get the property ready for rental. The property needs a little work, to put it lightly, so hopefully these expenses won’t get too out of control during the month. The race is now on to get everything finished and find a renter for this property!