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Re: Financial Guidance
by Jason
on August 18, 2021 @06:26
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My gross annual income from my full-time job is $55k. My net monthly income from my full-time job is approximately $2,800 (after all deductions including health insurance, 401k contributions, automatic transfers directly into savings for a rainy day, etc.).
Property A / Mortgage A: Purchased in 2013. $0 income. This 2-unit is my residence and the other unit is undergoing renovations. Expenses for this property and myself are approximately $2,000/month (including utilities, gas, food, etc.).
Property B / Mortgage B: Purchased in 2016. $1,200 monthly income after all expenses including mortgage, utilities, incidentals. This 3-unit property is in a relatively good area. Two of the units have been occupied by tenants who moved in shortly after I purchased and renovated the property. One of the units, located on the third floor, brings a new tenant every year. It’s a small unit, everything has been updated, but for whatever reason obtaining a good, permanent resident has been challenging. COVID didn’t help. Unit 1: $890/month rent Unit 2: $785/month rent Unit 3: $695/month rent All tenants pay their own electric heat and gas hot water.
Property C / Mortgage C: Purchased in 2017. $700 monthly income after all expenses including mortgage, utilities, incidentals. This 2-unit property is in a very good area and features great amenities. Vacancies are minimal and are flipped very quickly. Knock on wood. Net income is low because it took me forever to evict one of the tenants and I am currently renovating that unit which is vacant. New monthly income (ETA October 2021) will be around $1,100 after all expenses. Unit 1: $800/month rent Unit 2: $1,200/month rent All tenants pay their own electric heat.
My net income from my properties is around $2,000/month. Once the second unit in my residence is rent-ready, the net income will be around $3,500/month. The repairs and renovations are done by myself with occasional assistance from my dad.
All repairs, renovations, purchases, etc. are paid for via credit cards which are paid off monthly. I do not carry any student or car loans at this time. My only “debt” are my three mortgages.
I greatly appreciate any advice you can offer, Garry. I’ve been a member of this Forum for several years now and your advice, opinions and expertise are top notch---so thank you for responding. If there is anything that I missed or additional information that you need, please let me know.
Thanks again. Jason
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