/rental Property reports/
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Editor’s Note: Rental Real Estate is not for everyone nor is this type of investment and personal finance growth an option to all visitors to this website. It is Financial Grit’s mission to provide opportunities that are available to everyday people and this one may not be due to how capital intensive this investment is. Use caution and find a qualified real estate professional before purchasing any investment real estate property.
The year was 2014 and I was paying $565 a month in rent to my apartment complex in a rural Kansas town. I moved to Kansas to pursue teaching and I was able to secure a really great teaching job the year before. However, I hate paying rent because it doesn’t benefit me in the long run, it’s an expense.
May 2014 I got this bright idea that I was going to buy a home in this rural Kansas town as the home prices were in the $60,000 - $80,000 range for a nice simple first home. I did the math and basically with 0% down (USDA Rural Development Loan) and a 30-year mortgage, my mortgage, plus taxes, plus insurance come out to around $650. SOLD!
I started the process to buy a home and by the time September came, I was a home owner (the approval process literally took forever on a USDA Rural Development Loan).
March 2018 came and I was offered a job in another state and that meant I had to move. So…do I sell my home or do I rent it out. I wrote a post about what was on my mind and you can find it here, but I decided to rent it out.
Today, I rent my old home out and now you get to see all of the finances from that rental property…every dang cent.
I do need to be honest here, my financials on this home SUCKS! I’m sure pro real estate investors would laugh at how bad all of this is, but at the end of the day I just don’t care and it is working now.
Here are some basics of the home:
Purchase Price (September 2014): $82,000
Down Payment: 0%
Current Estimated Value: $97,602 (6/2019)
Current Rent Revenue: $700.00 Per Month
Square Feet: 1,257 SQ Feet