Posts from November 2024
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26
??? Know the truth: What kind of tenant are you renting?
Click here for Before pictures
This property was purchased April 2023 for $106,000 and rehab $10,675 for a total of $116,675.
This property was leased in May 2023 in 8 days for $1350 a month.
Let's look at the returns Net lease deposits after taxes, insurance and Property management
2023 $5925
2024 $7751 Total $13,676 Net deposited in Owners account
That means the 1st tenant stayed for 16 months and paid their rent on time and took care of the property. We had to add $2200 in the property to get it back on the market. Quality tenants create easier income and less money out of our clients pockets.
The new lease on this property was from am existing tenant that has stayed in a property for over 4 years and wanted to stay with our property management. The relationship with the tenants and being consistent on keeping our properties nice really creates income for our clients.
We also got another $150 a month or $1800 a year.
Let's look at the new approximate numbers. Lease $1500 Tax $222 Insurance $60 P/M $125 Net $1093 or $13,116 a Year
Approx net worth $165,000 Let's look at the Approx numbers now
Worth $165,000-$116,675 (cost of home and rehab) - $2200 rehab to lease = $46,125
Approx Equity $46,125 + $13,676 Net proceeds from rent = $59,801
Need Real Estate that is Profit Ready and in already established areas? Call me (Brett) 216-703-5740 Key Realty and
Property Management
25
? Happy landlords, prosperous clients: long-term tenants are key ?
Understanding the best ways to purchase real estate and creating both income and equity is the Key to Success. Check out these properties call Need help with Real Estate Call me: ? Brett: 216-703-5740 (Also on WhatsApp) Key Realty and Property Management
13
?? Don't miss out on the income results Like 4407 Woodway Ave!
The properties only had one tenant meaning that Tenant has been in that property for 54 month's.
The rehab on this property was approximately $19,000. Let's look at the income let's look at what we deposited in the owners account
2020 there was $8657 net
2021 there was $12,091 net
2022 there was $6730 net
2023 there was $5596 net
2024 there was $7392 net .
For a total total of $40,465 so far for this property.
We had to replace the heater and some plumbing which would be taken care of but this particular property doesn't have the warranty on it. But if it did, it would save this investor a lot of money. The good news is they still made a time of money
The rents were increased in 2022 $1250 a month and in 2023 they were increased to $1300 a month.
We will be increasing the rent to $1350 a month at the end of this year.
Let's look at what the properties worth today per MLS
The property comps at $195,000
Let's look ? at the blended return
Rent $40,465 + $195,000 - $95,000= $100,000
Net total approx net return $140,465 or a 30% return
Call me (Brett) 216-703-5740 Key Realty and Property Management
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