Sunday, January 11, 2009

Landlords Lament

In April of 2007 we purchased a double at 224-226 S. Hennessey for $214,000. We had to move out of our FEMA trailer so work could begin on our house, and we knew we would have to live somewhere else for at least a year. Instead of renting, we decided to invest in the neighborhood, and we would live downstairs, rent out the upstairs, and when we moved back home, we'd rent out both up and down. I think Therese and I would gladly sell the place at this point for the same price, and perhaps we would have been better off renting. Clearly our money was better invested in the house when compared to the real estate market these days.

We had great tenants upstairs, who just moved out. In fact, they moved in when one of their moms found the apartment was available from this blog. I've noticed Craig's List is flooded with properties so that isn't as effective as it used to be. Maybe we'll put ads in the local neighborhood coffee shops. Anyway, if you know anyone looking for a 2 Bed/1 Bath apartment in Mid-City, we'd sure like to be their landlords.


Katiewind said...

how much is the rent?

Michael Homan said...

$950 per month.

Anonymous said...

WOW. Mike that is unreal. A little green here, since I live in the land of 300 won't even get you a crack house. Then again, I have not flood damage.
Hope all is well.
Meghan (from Omaha. now in Seattle)