I apologize for the late post I’ve been very busy the past couple weeks. This was a pretty good month for my owner occupied rental property. My father and I still haven’t closed on the three properties we’re partnering on. I would be pretty surprised if we actually closed by the end of November. With the holiday this week I’m not convinced the lawyers will be working too hard on our closing. Possibly the week after but I really don’t see that happening, I’m expecting the first or second week of December.
As of October, it now costs me an average of $195.09 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.
My utility bill has continued it’s downward trend which I’m very happy about. I informed my tenant that the rent will be increasing from $650 to $675 come February. I haven’t given her the new lease to sign yet but I assume there will be no issues there. I didn’t have any miscellaneous expenses this month which is always nice. Aside from last month when I received my STAR rebate, this was actually the best month I’ve had since April.
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It’s pretty cool to know that most months I could live in this house for less than $200 per month, especially if I didn’t pay any extra towards the mortgage. It sure beats paying $800+ per month to live in a single family home. I originally started writing these posts anticipating closing on the three other houses, which would give you guys a lot more data to look at as well as a better picture on what a rental property might cost you (or make you). With the delayed closing it has just been updates on my owner occupied property but I still feel that it’s valuable and I will forever stand by my opinion that it is absolutely worth buying a multi family for your first home.
This house doesn’t make money with me living in it, but it still saves me a ton of money every month. I would have a lot less money and very little equity in this house if it were a single family. If I didn’t live here this house would probably average somewhere between $600-$650 per month in profit. If I put all that towards the mortgage from day one the house would be paid off in exactly 6 years. Here are all my monthly rental property updates to date if you would like to catch up!