Real Estate Owned |
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Dec. 31, 2017 | ||||||||||||||||||||||
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| Real Estate Owned [Text Block] |
4. 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, 2017, and 2016, real estate owned totaled $1,224,409 and $1,222,454, respectively, with no valuation allowance. 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. As of December 31, 2016, real estate owned included $789,126 of real estate held for rental and $433,328 of real estate held for sale. Properties Held for Sale
As of December 31, 2017, no properties were held for sale. On March 17, 2017, property held for sale was sold for a gain of approximately $26,000, not including a release fee paid to the prior owner of $17,000. On June 14, 2017, property held for sale was sold at a loss of approximately $25,000. On August 21, 2017, property held for rental was sold for a gain of approximately $16,000. Properties Held for Rental
As of December 31, 2017, eight properties were held for rental. Six of the properties are single family residences and the other two are multi-family dwellings. Two of the properties are leased on a month-month basis and the other six are subject to term leases that expire at various time from June 1, 2018 through September 2020. Five 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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