2016 was supposed to be the year where I’d finally achieve my passive income goal of $200,000. The goal was first established in 2012 when my passive income machine was generating about $80,000. I figured, if I could find a way to generate $200,000 a year by 2015, life would be good and I’d never have to work in the salt mines again. In 2015, I came up $25,000 short. Now it looks like I’m going in reverse! What the hell is going on?!
As fate would have it, just a couple weeks before my business trip to Europe, my tenants gave me their 30-day notice on a rental that is generating $4,000/month. After all expenses, the property nets around $3,000/month or $36,000 a year. This rental has been a champ with not a single month of vacancy since its 2005 deployment.
Now I’m faced with a decision. Do I try and find new tenants or sell the property in what appears to be a weakening real estate market. Maybe you will face this dilemma one day. Let’s discuss some considerations to make the best decision possible!