Properties are time sinks – An update.

There are times in our lives when we are so busy that we just have to pick and choose the things that we can realistically do. We set our priorities with what is happening around us. For example when your wife is about to give birth to your first child you don’t go on a hunting trip last minute with your buddies. Most of the choices in our lives are fairly straightforward and we know which ones are important.

I am slowly coming out of one of these patches; the past few months have been down right crazy and mostly because of our cottage purchase. We’ve been back and forth to the cottage pretty much every week working on it and getting it all cleaned up and ready for use. While its been busy it has also been a lot of fun. I’ve enjoyed it but its time to start dusting off the other things that I used to do.

There is one nice thing about a short forced break: it makes you re-proritize and at the end some of the things that were a priority before really weren’t or aren’t that important. Others you find that you miss and want to get back to. I found that I missed writing so its time to come back to it. The best part is that in the process of getting our cottage ready for use and for renting there were a lot of lessons to be learned and a new way of looking at our finances to make everything work.

Hopefully in the process of going quiet for a few months I haven’t lost too many readers but now that the cleanup is mostly done I can put some time and effort back to writing and this site.

Another thing that I’ve managed to do is to start re-balancing my work life balance and that by itself has been a challenge but I am starting to see improvement. More to come on this in the next few weeks as well as our recent adventures.

3 thoughts on “Properties are time sinks – An update.”

  1. Welcome back – property can definitely soak up a lot of time and energy. Curious about your plans for it – you mentioned in previous posts renting out the cottage to generate rental income. Wondering how that is going and whether you think its been a very profitable investment?

  2. Thanks! I was going to write about the whole rental of the cottage and what was involved. At the end of the day it will be a good investment though I’d hesitate to say very profitable.

    The plan is to let it pay for itself and if something better comes on the market in a few years maybe upgrade it keeping the same idea (rent it to have it pay for itself)

  3. In response to the comments, generally, you will only make about a hundred dollars per month on cash flow for a single family property. However, when you factor in mortgage pay down, tax benefits and appreciation the potential earnings long term are significant.

    Good luck with your renos, I know how time consuming they can be!

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