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The property was Purchased in March 2020 for $75,000
This property was leased in July 2020 and had the same tenant in the property for the last 40 months. As usual we Lifted/Increased the rent $250 a month for the new tenant.
Approx Rent $1300 Tax $214 Insurance $60 P/M $125 Net $901 x 40 Months = $36,040
We updated this home for under $6,000 after 3 years and it was leased in 2 days. We increased the rent $3,000 a year. Let's look at this investors new approx numbers Lease $1400 tax $214 Insurance $60 Pm $125 Net $1001 or $12,012 Yearly x 7 Months = $7,007Total net rent collected $43,047
This property like other real estate we do creates great consistent income and is much less money to create even more income after a tenant moves out.
Your maintenance is also a lot less; multiple units require more heaters, water heaters that will need replacing. With single family homes which I personally purchase myself it creates a nice income and I purchase in appreciating areas to create wealth through equity. The maintenance is also far less.
You need both to accomplish your objective in creating retirement through real estate.
Appox Worth $180,000
I can show you how..........Call me (Brett) 216-703-5740 Key Realty and Property Management or WhatsApp me at the same number.
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Thank you