• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Live Like You Are Rich

on any income...

  • Finances
    • Save Money
    • Make Money
    • The Credit Game
    • Couponing
    • Tips & Warnings
    • Financial Fitness Bootcamp Course
  • LOVE with Family
    • Love
    • Pregnancy & Postpartum
    • Parenting
    • Faith
    • The Random & Important 
  • Home Improvements
    • Preparedness
    • Organization & Cleaning
    • Efficiency
    • Interior Design
    • Home Updates
    • Home One
    • Home Two
    • Home Three
  • DIY & Crafts
    • DIY’s & Crafts
    • Holidays
    • Valentines
    • Easter
    • 4th of July
    • Halloween
    • Thanksgiving
    • Christmas
  • Our Favorite Recipes
    • Quick and Easy Family Favorites
    • Breakfast
    • Lunch
    • Starters, Soups & Salads
    • Dinner
    • Desserts
    • Smoothies & Drinks
  • Hosting
  • My Book

How Our Income Property Helped Us Overcome 3 Major Obstacles

October 22, 2015 By: Anita

Share to Your Social Media

  • Share
  • Tweet

How Our Income Property Helped Us Overcome 3 Major Obstacles

I am a firm believer in leveraging the property you own (if at all possible or needed) to help pay for bills, the mortgage, get out of debt, create a nice savings, and secure a solid retirement.

As you can imagine, one of my favorite shows is DIY Network’s Income Property. I’ve watched a ton of episodes and learned a lot while watching them. This season there are BRAND-NEW EPISODES! They are on Thursday nights at 9/8c on DIY Network and DIYNetwork.com.

I’m stoked to see new makeover and reveals, great renovations, and learn more tips for income properties. Finding out about the new episodes of Income Property reminded me about the desire I had to share our own income property story…

When we moved into my dream home, it needed a ton of work! It was foreclosed upon and there had been extensive water damage which had to be repaired. The roof had to be replaced, and a few of the upper level rooms and the entire bottom two levels had to be redone. There was a lot that had to be done! Because the property could be turned into a rental (the bottom 2 of 4 levels), this was the plan:

Bid a lot higher than the extremely low appraisal value in order to secure the property, and come to the table with a lot of cash. So after the loan went through, there wasn’t much cash left for renovations. A bank loan was necessary.

In order to pay the bank back and keep up with a 15 year mortgage, I knew I needed additional income. So I included a rental apartment in the renovations. The entire renovation totoaled $23,000 which included renovating and decorating the entire house (2500 square feet)!

Once the renovation was complete, there was an apartment that consisted of 2 Bedrooms, 1 full bath, a full kitchen, laundry room, living room, and six nicely-sized closets. It is a two level 1250 square foot apartment with a separate entry. We even installed French doors to make move-in and move-out easy on the tenants.

Renting it out was very easy. In fact, I had a ton of applicants to choose from and found some great renters. When they moved out, finding a replacement went very smoothly as well.

Here are just a few before and after photos. I’ll be adding more to my entire home renovation post soon.

Kitchen Before

How Our Income Property Helped Us Overcome 3 Major Obstacles

Kitchen After

How Our Income Property Helped Us Overcome 3 Major Obstacles

How Our Income Property Helped Us Overcome 3 Major Obstacles

Living room before

How Our Income Property Helped Us Overcome 3 Major Obstacles

How Our Income Property Helped Us Overcome 3 Major Obstacles

Living room after

How Our Income Property Helped Us Overcome 3 Major Obstacles

How Our Income Property Helped Us Overcome 3 Major Obstacles

The income property helped immensely! Hurdling three major obstacles would not have been possible without it. Not only was I able to 1- Buy my dream home at a great deal and remodel it. But I was also able to 2- Pay back the loan to the bank and finally 3- I was able to use the income to help offset costs when I became a Stay-at-Home mom. The rental property has been such an amazing blessing in my life!

After 3 years of renting, I was in a better position financially and took over the rest of the house.

But the income doesn’t end there.

Out of one of the rooms I was renting, I created my office for my business. Finally, the guest bedroom has been rented out for a month or two to family who needed a place to stay while working in the area. So the property and business continue to help offset costs and help with cash flow.

If you have never seen  DIY Network’s Income Property before, Scott McGillivray gives his client two design options. After they pick the one that meets their needs, he and his team of contractors renovate the space. They work hard to produce a cost effective yet incredible makeover.

How Our Income Property Helped Us Overcome 3 Major Obstacles

The makeover reveals are my favorite part—they are absolutely gorgeous.

Here are a few:

How Our Income Property Helped Us Overcome 3 Major Obstacles

How Our Income Property Helped Us Overcome 3 Major Obstacles

How Our Income Property Helped Us Overcome 3 Major Obstacles

My second favorite thing about the show is being given, as a viewer, the actual numbers and being in the ‘know’ of how the income will help the owners—it’s truly fascinating.

Don’t miss it Thursdays at 9/8c on DIYNetwork.com to learn about how income properties are helping others achieve their financial goals.

How Our Income Property Helped Us Overcome 3 Major Obstacles

For other ‘rich living’ and financial tips please subscribe, like me on Facebook, and follow me on Pinterest.

This is a sponsored conversation written by me on behalf of DIYNetwork.com. The opinions and text are all mine.

 

Related posts:

How to Become a Property Manager You May Have Unclaimed Money at Your State’s Unclaimed-Property-Division and not even know it. How an Index Card Helped Me Get Out of Credit Card Debt
Previous Post: « Frodo Halloween Costume for a Toddler
Next Post: Samwise Gamgee Costume for a Toddler »

Reader Interactions

Comments

  1. Charlee @ Humble in a Heartbeat says

    October 25, 2015 at 2:26 am

    I am amazed at how much you changed those rooms in your house! We have a basement that could be turned into an apartment, so this is really inspirational for me.

    Reply
    • Anita Fowler says

      October 26, 2015 at 2:25 pm

      Awesome Charlee! Yeah if you have more questions feel free to email me. I’m happy to share anything else I know!

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Anita Fowler
Pinterest Facebook Twitter Youtube Gmail Gmail RSS

Most Popular





Footer

anita_livelikeyouarerich

How to live a rich life on any income. Stay-at-Home Mom to 4. 👦🏻👩🏻👧🏼👶🏻Wife 👩‍❤️‍👨Author 📖. Blogger 💻. Christian 🌟. #livelikeyouarerich #LivingRichTips

Family & Finances & Food-Anita
🎉Encanto Casita Birthday Banner🎉 It was supe 🎉Encanto Casita Birthday Banner🎉
It was super easy, inexpensive, and came together very quickly.

Download the FREE PRINTABLE in the link in bio.

https://livelikeyouarerich.com/encanto-casita-birthday-banner/

#encantodisney #birthdaybanner #casita #birthdaygirl #birthdaytheme #birthdayparty #birthdaydecor #birthdaydecorideas
Bring some extra love to your home fireplace mante Bring some extra love to your home fireplace mantel this V-Day with Valentine's envelope garland! 💕 

Check out this Valentine's envelope garland tutorial in the link in bio.

https://livelikeyouarerich.com/valentine-envelope-garland/

#valentinegarland #valentinebanner #valentinesdaydecor #garland #valentines_day #valentinedecor #feltenvelope #heartribbon #valentinesdecorations #feltdecor #feltloveheart
Valentine’s Day crafts are so much fun to make w Valentine’s Day crafts are so much fun to make with kids. I’ve rounded up these 17 fun and inexpensive Valentine’s Day crafts for kids to help you find the right project for your kids.

Tag someone who might need this.

Check out the list in the link in the bio.

https://livelikeyouarerich.com/17-valentines-day-crafts-for-kids-fun-and-inexpensive/

#valentinesdaycrafts #kidscrafts #kidscraftsideas #kidscrafts101 #valentinescrafts #easycrafts #easycraftsforkids #craftideas #craftideasforkids #craftingideas #diycrafting #kidsactivitiesathome #funactivityforkids
This Valentine's Day, give your door a little extr This Valentine's Day, give your door a little extra love with this sweet & simple hoop wreath! 

Head to the blog for the details. Link in bio. 

https://livelikeyouarerich.com/valentines-day-simple-hoop-wreath/

#hoopwreath #valentineswreath #valentinesdaywreath #homedecor #metalhoopwreath #feltheart  #fabrichearts
Treat yourself and make an amazing Snickers Ice Cr Treat yourself and make an amazing Snickers Ice Cream Cake! 🍰 

Get the recipe to make it yourself and satisfy your sweet tooth cravings. Check out the link in bio. 🔗 

https://livelikeyouarerich.com/snickers-ice-cream-cake/

#snickersicecream #icecreamcake #icecreamcakes #icecreamcakepops #dessertideas #desserttime #sweettooth #sweettreats #icecreamlover #birthdaycakes #birthdaycake🎂 #birthdaycakeideas #chocolatecakes #chocolatecakerecipe #chocolatecakeandicecream #chocolatecakelover
🔥Family favorite Strawberry Cake.🔥 This is 🔥Family favorite Strawberry Cake.🔥

This is the perfect sweet treat for birthdays and any occasion. 🎂

Save it for later. Find the recipe link in my bio.

https://livelikeyouarerich.com/famous-strawberry-dream-cake/

#strawberrycake #strawberry #cake #homemadestrawberrycake #homemadecake #homemadecakes #birthdaycakeideas #strawberrybirthdaycake
Load More... Follow on Instagram

Links

  • About Me
  • Contact Me
  • Privacy Policy
  • Advertising/Media/Marketing Opportunities on LiveLikeYouAreRich.com

Disclosure Policy

Affiliate links may be used in this post. Printing a coupon or ordering a product through this link may result in a commission, which helps pay for the cost of running this site and keeps the content free. Read my full disclosure policy here.

Copyright © 2023