Real Estate Owned |
12 Months Ended | |||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||
| Banking and Thrift [Abstract] | ||||||||||||||||||||||
| Real Estate Owned [Text Block] |
5. Real Estate Owned Property purchased for rental or acquired through foreclosure are included on the balance sheet as real estate owned. As of December 31, 2018 and 2017, real estate owned totaled $2,943,438 and $1,224,409, respectively, with no valuation allowance. As of December 31, 2018, real estate owned included $887,918 of real estate held for rental and $2,055,520 of real estate held for sale. As of December 31, 2017, real estate owned included $1,224,409 of real estate held for rental and $-0- of real estate held for sale. There was no valuation allowance on real estate owned at December 31, 2018 or 2017. Properties Held for Sale During the year ended December 31, 2018, the Company sold nine properties held for sale and recognized an aggregate gain of $74,864.
Properties Held for Rental As of December 31, 2018, six properties were held for rental, of which five are single family residences and the other one is a multi-family dwelling. Two properties are leased on a month-month basis and the other four are subject to leases that expire at various times from October 2019 through May 2020. Three of the properties are subject to an option to purchase in favor of the current lessee. Rental payments due from real estate held for rental are as follows:
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