My dad's first rental

[Tyler Sanford]

Hello all!

My dad purchased his first rental property this year. He has helped my grandpa with his rentals over the years(5 sfh's, 1 commercial rental) and decided he would like to start working on buying some for himself. I have followed along closely because I would love to start investing in real estate. We had it rented before closing on the property. A 25+ year employee of our family business moved in and plans on staying. Everything went pretty smoothly and he has been living in it for around 3 months now.

The property is a single wide on 5 acres. 3 bedroom/2 bath. Paid for with cash, no financing.

Here are the numbers:

purchase price + repairs = 48,600

weekly rent of $160 * 52 weeks = 8,320

insurance + property taxes = ~1000