September was a busy month since I moved to a new house and was preoccupied, so real estate took a back seat. I didn’t find the right property to start the purchase process yet, but plan on doing so in October. One of the main things I was researching was how I can fund my next real estate purchase since I won’t be able to qualify for another conventional loan. I came across several turnkey providers that work with local banks and lenders on non-conventional loans. These loans rage from 5-15 years and have interest rates as high as 12% (as opposed to a conventional loan which you can get for 30 years at around a 5% interest rate). I found that the company I purchased my first property with works with a bank that has a fairly attractive offer, but I’ll go into more details in a post all about non-conventional loans.
So what did we have this month in regard to my rental property, well… I received my first full rent payment this month! (the previous month was only partial since I only owned the house for part of that first month) As well as paid my first mortgage payment.
| Rent | $795.00 |
| Mortgage | -$316.67 |
| Insurance | $0.00 |
| Taxes | $0.00 |
| Management | -$79.50 |
| Total cash flow | $398.83 |
The total cash flow this month comes out to $398.83, making the total cash flow thus far $629.64. This wealth building is going to take a while 🙂
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