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5. Real Estate Owned Property purchased for rental or acquired through foreclosure are included on the balance sheet as real estate owned. As of September 30, 2022 and 2021, real estate owned totaled $5,615,940 and $6,774,522, respectively, with no valuation allowance. For the nine months ended September 30, 2022, the Company recorded an impairment loss of $685,500 compared to an impairment loss of $469,000 for the same period in 2021. For the three-months ended September 30, 2022 and 2021, the impairment loss was $195,000 and $150,000, respectively.
As of September 30, 2022, real estate owned included $800,053 of real estate held for rental and $4,815,887 of real estate held for sale. As of September 30, 2021, real estate owned included $916,325 of real estate held for rental and $5,858,197 of real estate held for sale.
Properties Held for Sale During the three and nine months ended September 30, 2022, the Company sold two properties held for sale and recognized an aggregate loss of $962 and five properties for an aggregate gain of $121,381, respectively. During the three and nine months ended September 30, 2021, the Company sold four properties held for sale, and recognized an aggregate loss of $94,450 and six properties for an aggregate loss of $111,545, respectively. Properties Held for Rental As of September 30, 2022, one property, a commercial building, was held for rental. The tenant signed a five-year lease that commenced on August 1, 2021. Rental payments due from real estate held for rental are as follows:
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