May 2015 Property Earnings Report

Property 1

Apt 1 (Nepalese Family): $525

Apt 2 (Belle and Sebastian): $875

Total Paid: $1400

Mortgage: $914

National Grid: $234

Water Bill: $381

Repair Expenses: $44.57

Total Profit: -$173.57

Property 2

Apt 1 (NEW TENANT Tyrell): $1150

Apt 2 (Nicolas): $625

Total Rents Received: $1775

Mortgage: $777

Repair Expenses: $2642.6

Water Bill: $123.20

Total Profit: -$1767.86

Property 3

Apt 1 (Chucky): $435

Apt 2 (Thomas): $525

Apt 3 (Rory and Brie): $530

Apt 4 (Taniqua and Eugene): $500

Rents Received: $1990

Mortgage: $835

Repair Expenses: $0

National Grid: $302.84

Water Bill: 183.28

Total Profit: $668.92

Property X

Rents Received: $1050

Van Sickle Family: $750

Danny: $300 (PAYMENT PLAN: $260 owed)

Mortgage: $712

Total Profit: $338

Net Real Estate Profit for May 2015: -$934

Sometimes I have to remind myself that I shouldn’t be concerned with profit right now. All I have to do is create a situation where the properties can make steady income when I retire, and that means renovations and repairs. The renovation of Property 2’s downstairs apartment was long overdue, as the former tenant Chris had been there for over 15 years. I knew that the place was gonna cost since it was my first time taking a crack at it, but it would have cost much less if I had handled the situation with Pelcom Nick better.Had I done so, that repair cost would be halved. Next month I won't be making anything since Tyrell paid for June's rent already. Property 2 should become profitable again starting in July. I had to get a septic company to pump out water from Property X's basement after a major rainstorm. But the repair expenses are still zero because they haven't charged me yet.

The other big expense was the massive $381 water bill I had to pay at Property 1. Serves me right for letting a problem that costs only $44.37 to repair go unchecked for months. It was two running toilets that caused the high water bill, and I took way too long to fix a problem that the Water Department warned me about in January. Ugh! But other than that, this was a typical month. All of the summer months should be profitable, which will be very nice to see. I’m getting a little tired of seeing my net profits in the red.