My property manager just gave a call to inform me that he found new tenants for my rental property #1, which is great news! The condo was leased out to the tenants on a one year for €275 a month (I will sign the contract next week). From that, I have to pay the condominium fee, property and renting taxes, and management fee, so this will be about €170/month cash flow positive. Since I have renovated the place recently, I will have some tax advantages in 2016, so I expect the net cash flow to be about €200/month.
Two weeks ago, I also started to look for a second property, which I expect to buy until August. I will most likely buy this property in a different city (but also in Portugal). I expect to spend up to €40K, using leverage, and rent it out for €350 (about €3000 net per year). As I said in other posts, I stick to one rule when it comes to the math of a RP: every condo I buy should generate cash flow to be paid in 15 years if no mortgage is used (these figures exclude fixing costs but account for taxes and property management fees).
In August, I will assess the performance of RP#1, and the performance of my property manager, as I have to decide if I want to extend the contact I have with him. Up until now, I think his fee is totally worth it.