This property was purchased in Dec 2019 for $75,000 and leased in Feb 2020 for $1200 Month. This property netted after Taxes, Insurance and Property Management Approx $903 a month.
The first tenant stayed 19 months. That is a gross profit of approx $16,254. The special thing was that when the tenant moved out the rehab to get it ready for rent again was $1500. That screams quality tenant.
When you purchase real estate in the right areas you attract quality good paying tenants. Basically buying real estate that you would like to live in and has all the amenities around it is the secret.
Fast Forward to Nov 2022 we leased the property for $1350 a month. The uptick in rent created another $150 a month or $1800 a year in gross income. That creates $1008 Approx Net income or $12,096. That is approx 12% increase in the rent on this property.
These types of rent increases show that the area is trending up and people want to live there. This is the type of real estate we purchase.
Need more information? Call me 216-703-5740 Fathom Realty or Whatsapp me
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Thank you