In my last article, I talked about My Condo Renovation, and how much I learned from the Reno. I also showed you guys some before and after pictures. I hope you guys like the look. I love how it all came out.
Yesterday was my one-year anniversary of buying the condo. It took about 7 months to finish the reno, so I been living here for 5 months. I know you guys been waiting for the numbers so here they are.
2 Bedroom / 2 Bathroom 1,100 Sqft
Purchased Price: $86,000
Renovation Cost: ~$30,000
Mortgage Rate: 3.63%
I value my condo now at $170,000
Here are recently sold units in my complex.
- 2/2 820 SqFt sold for $154,500
- 2/2 1,340 SqFt sold for $190,000
- 2/2 1,330 SqFt sold for $185,000
- 2/2 1,200 SqFt sold for $142,500
My condo was originally going for $110,000, but the owner dropped it by $10k to $99,999. I then sent an offer of $84,000 and the owner counteroffer with a price of $86,000. I accepted that offer and the rest is history.
The way I kept track of my renovation cost was with Personal Capital. It keeps detail transaction of each purchase as well as show me charts and category. I highly recommend signing up. It is way better than Mint and its free. Personal Capital Sign Up Here
Also, I am currently renting the other bedroom and bathroom. This is where my rental income comes from. I am renting the other room and bathroom for $700 a month.
Let’s do some more numbers here. I put 15% down and paid for closing cost. The total was $15,636 + reno cost of ~$30,000 + 7 months time line to get it in livable condition of $7,620 (this is HOA and Mortgage)
So my initial investment cost is about $53,256. Since I get a monthly rental income of $700, so my yearly total will be $8,400. I am yielding 15.77%
How do you guys like them apples?
I do not plan to buy any more homes. Hopefully, my next home will be an RV or a rental unit somewhere around the world.
Thanks for reading and please leave a comment.
Do you have a rental income? Love it or dislike it?
Welcome to my Blog. Here I like to talk about the two things that I am very passionate about which are Investing and Traveling. Please feel free to explore the site and check out the About Me page for more information. Thank you for visiting. 
I’m in the process of trying to rent out my spare apartment. I’ve been hesitant for a long time because some of my friends have had negative experiences renting out their places.
The person that is renting it is a freidn that i know for a few years. So far he is great. Pay on time and is very quiet. Best of luck on finding someone.
The person that is renting it is a friend that i know for a few years. So far he is great. Pay on time and is very quiet. Best of luck on finding someone.
Your condo looks amazing! Sounds like you put a lot of work into this rental property, and the return rate is definitely great!
Thanks!! it was a lot of work and I learned a lot. it was definitely a great experience and I am glad everything worked out with the income.