Updated about 8 years ago on . Most recent reply
Getting Closer to My Goal
I wanted to share with you my most recent purchase and let me know what your thoughts are on the numbers for this house.
3 Family House with 6 Garage/Storage Bays
Apt 1= 3 bedroom/ 1 Bath = $975-1000
Apt 2=2 bedroom/1 bath = $875
Apt 3= 2bedroom/1 bath= $875
Garage Bays are rented at 50-70$ a month = conservative number (~$330/ month)
Total Gross Monthly Income= $3,055
Total Annual Gross Income= $36,660
Property purchased for $80K
Mortgage (Includes: Taxes, No PMI, Landlords Insurance) = $760/month
Annual Expense= $9120
Expenses @10% Reserve = 3666 ( I usually keep 10% as a reserve, as a “just in case” fund)
Total Annual Expense (Including 10% “Just In Case” fund) + Mortgage/Ins/Taxes = $12,786
Annual Income after expenses I am hoping to net $23,874
I bought the property really low, I put a fresh coat of paint on it and am doing some upgrades to make it appeal to tenants. I didn’t realize how much a hot commodity having garage storage is. I may be looking into this in the near future as it is an easy way to increase my overall income on a property.