Getting Closer to My Goal

[Melissa Gittens]

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.