I’m happy to announce that we’ve finally closed on the three rental properties! It took forever and I’m happy that it’s finally over! There isn’t too much information about the three new properties in this post but next month the numbers will start to fill in. I’m excited to share all the new stuff with you guys. I wrote a post detailing how we acquired the houses, closing costs, etc. You can check that out here if you’d like! I didn’t write a rental property post last month, but all the data is included with this one. The last two months have been great with the property, no issues whatsoever!
For 2017, it cost me an average of $215.85 to own/live in this rental property. To me, that’s great. Especially considering that’s less than my taxes would cost me if this house were a single family and not a two family. Having my first year (almost) as a landlord under my belt, I can say that it’s been great. I collected a total of $7,050 in rent so that’s essentially how much I saved vs. if I had bought a single family home. I paid $60.78 additional on the principal this month, as usual. Next month rent will be increased to $675 so I’m going to put that extra $25 towards the principal each month. I may increase the amount I pay towards the principal later on this year, but we’re negotiating a new contract at work so I’m waiting on a pay raise.
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 started writing these posts with the intention of having the three other properties included within a month or twos time. Given that it took forever to close that simply didn’t happen. Going forward these posts should be a lot more interesting seeing as there will be three more properties included. Here are all my previous monthly rental property updates to date if you would like to catch up!