I normally don’t disclose my financial information, but this time I decided to reveal my rental profits and disclose how much money I make on my rental property! Hope you find this post interesting.
How Much Money I Make On My Rental Property – My Rental Profits
Below is a transcription of the video. This transcription was taken from Otter.ai so it might not be completely accurate:
0:02
This is the digital nomad quest podcast with Sharon Tseung. teaching people how to build passive income become financially free and design the best lives. Hey guys, it’s Sharon from digital nomad quest, and today I’m going to do something a little bit different. I’m going to reveal to you the exact numbers of how much I make on my rental property. So in the last video, you saw, basically how I purchased a property at age 22. And if you watched it, you’ll know that it’s not that impressive, my parents basically helped me with the process, and I just put down the money for it. But regardless, let’s go over the numbers right now here you can see me at age 22. With this first property, and that property was purchased at around $241,000, I put in a down payment of 25%. And initially, the place was three bedroom 2.5 back, and I basically converted a den to a bedroom. So now it’s like a four bedroom and two point five bath and renovations were about $13,000, which included that change as well as some other renovation work. Now let’s talk about expenses. So my mortgage payments are around $870 per month. And this is how much I pay after I did a refinance. So if you don’t know what refinancing means, it means I replaced an existing loan with a new loan to get better rates. So if you see that interest rates are going lower, you can refinance. And aside from that, 870, I also pay around 290 property taxes per month also pay homeowners insurance around $50 a month. And if you told that 870 that 290. And that 50, it all equals 1210 per month in expenses. And when it comes to my income, the rent in the beginning was 1800 per month, and I was able to bump that up to 2050 per month, but actually based on the rent averages in Antioch actually could charge a lot more, but I like to keep my tenants happy. So I’m charging pretty much under the average. So I also hire a property manager, I pay him 8%. So eight percent is around $164. So that 2050 minus 164 equals 1800 $86 per month that I get an income now if we minus the expenses from the income I’d be missing 1800 $86 minus 1200 $10, which equals around $676 per month that I cash flow from this property. So this is how much passive income I basically make after calculating the expenses. So these are my profits something also to note that when you get a property manager with my experience, if I get a new tenant, I have to pay 50% of the first month’s rent to the property manager just for the first month if he was able to help me get a new tenant so make sure to keep note of that that might be an expense for your property manager if they help you find tenants. So I hope you guys enjoyed this episode. Please make sure to rate review and subscribe. It really helps our podcast grow. And thanks again. I’ll see you guys in the next one.Transcribed by https://otter.ai
This is the digital nomad quest podcast with Sharon Tseung. teaching people how to build passive income become financially free and design the best lives. Hey guys, it’s Sharon from digital nomad quest, and today I’m going to do something a little bit different. I’m going to reveal to you the exact numbers of how much I make on my rental property. So in the last video, you saw, basically how I purchased a property at age 22. And if you watched it, you’ll know that it’s not that impressive, my parents basically helped me with the process, and I just put down the money for it. But regardless, let’s go over the numbers right now here you can see me at age 22. With this first property, and that property was purchased at around $241,000, I put in a down payment of 25%. And initially, the place was three bedroom 2.5 back, and I basically converted a den to a bedroom. So now it’s like a four bedroom and two point five bath and renovations were about $13,000, which included that change as well as some other renovation work. Now let’s talk about expenses. So my mortgage payments are around $870 per month. And this is how much I pay after I did a refinance. So if you don’t know what refinancing means, it means I replaced an existing loan with a new loan to get better rates. So if you see that interest rates are going lower, you can refinance. And aside from that, 870, I also pay around 290 property taxes per month also pay homeowners insurance around $50 a month. And if you told that 870 that 290. And that 50, it all equals 1210 per month in expenses. And when it comes to my income, the rent in the beginning was 1800 per month, and I was able to bump that up to 2050 per month, but actually based on the rent averages in Antioch actually could charge a lot more, but I like to keep my tenants happy. So I’m charging pretty much under the average. So I also hire a property manager, I pay him 8%. So eight percent is around $164. So that 2050 minus 164 equals 1800 $86 per month that I get an income now if we minus the expenses from the income I’d be missing 1800 $86 minus 1200 $10, which equals around $676 per month that I cash flow from this property. So this is how much passive income I basically make after calculating the expenses. So these are my profits something also to note that when you get a property manager with my experience, if I get a new tenant, I have to pay 50% of the first month’s rent to the property manager just for the first month if he was able to help me get a new tenant so make sure to keep note of that that might be an expense for your property manager if they help you find tenants. So I hope you guys enjoyed this episode. Please make sure to rate review and subscribe. It really helps our podcast grow. And thanks again. I’ll see you guys in the next one.Transcribed by https://otter.ai
Comments 2
spoil asain brat this is bragging your a joke
Author
Hey, I actually worked full-time as a Marketing professional and worked throughout college to pay for my rental property. I also built passive income through Etsy, Amazon FBA, affiliate marketing, and Merch by Amazon by myself through a lot of hard work. I spend my money on education/building my skills/my business as well as save and invest the majority of my income (versus spend on anything frivolous). I also use my money to take care of my parents as they have taken care of me a lot and I understand my privilege. Thanks for your comment, though I’d appreciate getting to know people before making such brash judgments. All of this requires a lot of saving, investing, and hard work around entrepreneurship.