My first positive month for my owner occupied rental property! Unfortunately, this will be the last positive month for this house until next September too, I’ll explain later.
As of September, it now costs me an average of $187.86 to own/live in this rental property. I paid my typical $60.78 additional on the principal. I still would like to pay more towards the principal but I’m still hesitant to make any changes to any of my finances until we do finally close on the next three properties.
That’s right, we STILL haven’t closed. It seems like it has been an “any day now” type of thing for the last month. I would be absolutely shocked if we didn’t close in October.
In September, this house actually made me money! $408.60 to be exact. I received a check for $740.59 for my STAR rebate. It’s a school tax rebate program offered in NY. That would have made this an incredible month for this property but, there’s always a but.
If you notice the $463.32 in my “Misc. Expenses” column you’ll see why this wasn’t exactly an incredible month for this property, though it was better than most months. Typically, I’ve spent very little in repairs on this property, even with the $463.32 this month my average for the year is only $10.03 per month. Long story short my refrigerator broke and rather than try to have it fixed I bit the bullet and bought a new one. I tried everything to fix it myself, trust me! That’s where the “Misc. Expenses” came from this month. I was kind of upset about it at first but it is what it is. Hopefully this one will last for 10+ years. I’m trying to sell my garage refrigerator and the old (half) broken one currently which should offset the cost of the new one.
For those of you who want to invest in real estate but can’t afford a down payment or don’t want to worry about fixing things when they break RealtyShares may be a good option for you. It is an online investing platform that allows you to invest in commercial and residential properties with a much smaller investment than would be required to purchase real estate out right.
I was glad to see the utility bill drop dramatically this month. For those of you who have been following along you know I’ve been getting fed up with that. Here’s to hoping that next month will go smoothly! Here are all my monthly rental property updates to date if you would like to catch up!