Real Estate Owned - Activity of the Company's real estate owned (Details) - USD ($) |
12 Months Ended | |
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Dec. 31, 2023 |
Dec. 31, 2022 |
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Real Estate Owned | ||
Real estate owned at the beginning of year | $ 5,216,149 | $ 6,559,010 |
Principal basis transferred to real estate owned | 1,756,125 | 1,376,733 |
Charges and building improvements | 229,587 | 126,443 |
Proceeds from sale of real estate owned | (3,027,275) | (2,090,880) |
Impairment loss | (794,462) | (799,909) |
Gain on sale of real estate owned | 93,869 | 44,752 |
Balance at end of year | $ 3,461,519 | $ 5,216,149 |
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- Definition The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes. No definition available.
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- Definition Carrying value as of the balance sheet date of investments in rental real estate, net. No definition available.
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- Definition The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of cash outflow to acquire investments classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Cash received from the sale of real estate that is held for investment, that is, it is part of an investing activity during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Value transferred from mortgage loans to real estate owned (REO) in noncash transactions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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