How Real Estate Equals Financial Freedom
This property just was leased for $1700 a month. This is the third tenant and the property was purchased for $105,000 in Dec 2021. The rehab was $13,275 for a total of $118,275.
Let’s look at the approx numbers
Rented May 2022 $1350 a month Approx Total net rent deposited in owners account $8,850 this tenant stayed for 12 months
In 2023 the lease was raised after a new tenant moved in to July 2023 $1550 a month in 2023 Approx Net rent deposited in owners account $9,370.
This was a great tenant that wanted to stay but the owner thought that they wanted to sell the property. So this excellent tenant moved out and the owner then changed his mind. The approx net collected in 2024 is $4,231 (replaced a furnace)
Good news we updated the property after the tenant moved out for $1000 and here is the new numbers on this tenant
Lease $1700 Tax $269 Insurance $60 Property Management $125 Net $1,246 or $14,952 a year
