Thursday, January 11, 2007

Property Project - almost completed

The refurbishment of my latest property acquisition will be completed in the next few days. I will do a final inspection either over the weekend or Monday. The agent has already started showing the property to prospective tenants.

As this is one of two properties currently vacant, the mortgage payments currently exceed the rental income (after outgoings). Hopefully I can get both of the rented and return to a healthy positive cash flow by the end of the month or, at latest, early February. The risk is that if I do not get tenants by then we will be getting close to Chinese New Year which is traditionally a very slow time of year for renting. Also, the lease on a third property expires at the end of February. I really need to try harder to avoid having so many leases all falling due so close together (or buy more properties ;-).

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