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Real Estate Owned |
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, 2022 and 2021, real estate owned totaled $5,216,149 and $6,559,010, respectively, with no valuation allowance in either year. During the year ended December 31, 2022, the Company’s real estate owned portfolio recorded an impairment loss of $799,909 compared to an impairment loss of $719,000 in 2021. The following table presents the activity of the Company’s real estate owned for the years ended December 31, 2022 and 2021:
As of December 31, 2022, real estate owned included $801,394 of real estate held for rental and $4,414,755 of real estate held for sale. As of December 31, 2021, real estate owned included $786,302 of real estate held for rental and $5,772,708 of real estate held for sale. Properties Held for Sale During the year ended December 31, 2022, the Company sold five properties held for sale and recognized an aggregate gain of $44,752. During the year ended December 31, 2021, the Company sold ten properties held for sale and recognized an aggregate loss of $165,915. Properties Held for Rental As of December 31, 2022, one property, a commercial building, was held for rental. The tenant signed a 5 year lease that commenced on August 1, 2021. Rental payments due from real estate held for rental are as follows:
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