Thursday, January 21, 2010

100% occupancy again

The renovation project on my last property purchase was completed in mid-December. Unfortunately, the Christmas/New Year period is a bad time to be looking for tenants for residential property and I had, at best, limited expectations of being able to secure a tenant quickly. I had to wait until last week to have a tenant signed up and start paying rent. The rent was in the middle of the expected range.

Now that I am back to 100% occupancy on the portfolio I can start thinking about whether I want to look for another property this year. I have been building up cash since early December and will receive a bonus in early February. Given that I currently get close to zero on cash in the bank, finding a productive use for the money is something of a priority. Unfortunately, property prices remain high and yields consequently low making further property acquisitions relatively unappealing. The stock market as a whole is not the bargain it was a year ago. This may be one of those times when being patient and waiting for an opportunity will pay off.

No comments: