[Post 5] Next Passive Income Project
From our previous posts, https://steemit.com/finance/@johnny-appleseed/real-estate-and-crypto-passive-income-to-financial-freedom. We've been talking about the container home that was built.
We've established that the monthly mortgage rate was $488 for 30 years. We live in 1 side of the house for free while the other side makes us $900 per month which gives us a great cash-flow of $422 per month from our original investment.
Some of you guys are asking me what's next~ so I have enough room on the land to build an additional duplex. This consists of 2, 1 bedroom units, that I can rent out for $600 per unit per month.
So adding our new duplex up would require another $30000 which would effectively bump my mortgage rates higher, but guess what? I'm still cash flow positive. Which means that once both units are complete I'll have a cash flow of over $1500 a month while I live rent free in one of the units! I will be posting additional updates once the duplex is finished and we can figure out our true ROI together.
The path to financial freedom is to find more deals that are similar to this. If you work hard, you can also do the same. I promise you that you can do the same! You will be even more successful than I can ever be. For those with more money or already starting passive income and real estate investing, I will start talking about a higher end investment and renovation in the near future.
Stay tuned'
That's awesome man! Great job. Are you also physically helping out with the construction as well, to save costs? Or is most of the work done by handymen?
Hello, I have a contractor and we both work together to make money. If I construct with them then I would be putting a lot more time in a passive income project. However, doing yourself may save you more cost, but you also sacrifice more time to devote on other projects.