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Updated about 5 years ago,

User Stats

24
Posts
12
Votes
Hyacinth Dolor
  • Investor
  • Bridgeport, CT
12
Votes |
24
Posts

How can I squeeze more than $200k out of my rental units

Hyacinth Dolor
  • Investor
  • Bridgeport, CT
Posted


How I made $200k after mortgage payments in less than 10 years on a single property and still own it but want more  

I bought a 3 family unit in 2009 for $159k with only 3.5% down. $159k -$5650=$153,435+ closing cost $10k + Reno $7,000= $168,435 all in. Total monthly rental income $2,900 - $1790 mortgage =$1,100-$350 water/sewer/Reserves= $750 net monthly income x 12= $9,000 yearly x 10= $90,000.

Now you’re asking how did I get to $200,000. Here’s what I did on the last month on the 10th year. I sold the property to my wife and gifted her 20% equity. House was appraised for $320k-$139,000 mortgage balance= $181k- $64,000 gift of equity= $117k - $6000 closing cost= $111k+ $90k from rental income=$201k. Guest what I’m doing today? Same thing over and over on multiple properties. Yes I have houses in the Caribbean and not 50 yet. I have a 2 year old and a stay home dad very handy horrible in math with a couple licenses. How can I make more on these rentals. Im currently purchasing a couple singles with $500+ monthly cash flow. 

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