This was a pretty solid month for my owner occupied rental property. We’re still being patient waiting to close on the three properties we’re in contract for. For those who are reading for the first time, my father and I are partnering on three rental properties. Two 2 family homes and 1 3 family home. We were originally supposed to close sometime towards the end of July.
As of August, it now costs me an average of $273.07 to own/live in this rental property. It’s becoming a regular thing that I pay an additional $60.78 on the principal. Without the additional payment I would’ve been able to own/live here for just over $200, not bad at all. It definitely beats the $850ish it would cost me if this were a single family home.
In August, it cost me $294.87 to owner occupy this house, a little bit higher than my monthly average, but down quite a bit from July’s $338.76. I would like the average to be below $300, so this month was right where I would like it to be.
I had no miscellaneous expenses this month and not a single repair to do. It doesn’t get any better than that! There are things that I want to do, but they’re just that, wants. It’s nice not NEEDING to do anything.
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.
The utility bill was the highest it’s ever been this month. As I talked about last month, I’m sure it’s from the two window air conditioner units upstairs. We’re very good about turning lights off and not wasting electricity down here. I’m anticipating (hoping) that September will start the trend downward as it will start getting colder and the need for A/C will diminish. The average utility bill up to this point is at $122.28, which isn’t terrible I guess.
I did get a quote to get the electric split this month. Very expensive. Somewhere in the ball park of $6,000. For those of you who have been following along, we STILL have not closed on the three rental properties. We did meet with our lawyer at the end of August and he assured us that we should close by the end of September. Everything is (and has been) done on our side, we’re just waiting for the sellers attorney to get everything on their side finished. Soon enough this post will include 4 properties and not just my owner occupied, I promise it’ll be more interesting then haha.