Property 1
Apt 1 (Nepalese Family): $525
Apt 2 (Belle and Sebastian): $875
Total Paid: $1400
Mortgage: $860
National Grid: $159.78
Repair Expenses: 0
Total Profit: $380.22
Property 2
Apt 1 (Tyrell): $715
Apt 2 (Nicolas): $660 ($625 plus $35 late fee)
Rents Received:
Mortgage: $777
Repair Expenses: $2660 (buying and replacing ALL windows at Property 2)
Total Profit: -$2062.00
Property 3
Apt 1 (Chucky): $435
Apt 2 (Thomas and Brie): $525
Apt 3 (Rory): $530
Apt 4 (Taniqua and Eugene): $535 ($35 late fee)
Rents Received: $2,025
Mortgage: $835
Repair Expenses: $200 (stove for Thomas and Brie)
National Grid: $220.06
Total Profit: $769.94
Property X
Apt 1 (Van Sickle Family): $675 (the remainder + late fee deducted from sec dep- $75 + $35)
Apt 2 (Danny): $500
Rents Received: $
Mortgage: $712
Repair Costs: $259.45 (eviction related for Danny)
Total Profit: $203.55
Lawnmowing Services: -$110
Net Real Estate Profit for August 2015: -$818.84
Okay, so obviously the biggest expense of the month was the windows for Property 2. Like I said before, it's either now or never. I have no faith in Tyrell being my tenant for the long term, so the quicker I can take advantage of his skills the better. I had my reservations of giving him that much money at one time, but it's a risk I'm willing to take. He has until the end of September to install all the windows, and then he can move on to the next properties. If he can get all the windows replaced in all three properties before winter starts, that would be great.
Thomas and Brie got their stove so they'd better be happy. I'll know how much to raise their rents once the National Grid bills for September come in. I shouldn't have any other appliances to buy there, so Property 3 should continue to be my best earning property. Property 1 continues to prove that good tenants can yield a good profit even with small margin for error. Property X, of course, would be the opposite of that notion. While Property X made a profit this month, September will be a completely different story. Danny will be gone and The Van Sickle family will only have to pay $360 on their way out. Once the place is completely empty I'll have my pest control guy treat the place for bed bugs. Then comes the cleaning to get both apartments rental ready. There are tough times ahead for X, but it's best to get the place rented out now when the weather is still good. Had this happened in the winter, it would be much worse and harder to find a tenant. Gotta see the bad in the good, man.
Apt 1 (Nepalese Family): $525
Apt 2 (Belle and Sebastian): $875
Total Paid: $1400
Mortgage: $860
National Grid: $159.78
Repair Expenses: 0
Total Profit: $380.22
Property 2
Apt 1 (Tyrell): $715
Apt 2 (Nicolas): $660 ($625 plus $35 late fee)
Rents Received:
Mortgage: $777
Repair Expenses: $2660 (buying and replacing ALL windows at Property 2)
Total Profit: -$2062.00
Property 3
Apt 1 (Chucky): $435
Apt 2 (Thomas and Brie): $525
Apt 3 (Rory): $530
Apt 4 (Taniqua and Eugene): $535 ($35 late fee)
Rents Received: $2,025
Mortgage: $835
Repair Expenses: $200 (stove for Thomas and Brie)
National Grid: $220.06
Total Profit: $769.94
Property X
Apt 1 (Van Sickle Family): $675 (the remainder + late fee deducted from sec dep- $75 + $35)
Apt 2 (Danny): $500
Rents Received: $
Mortgage: $712
Repair Costs: $259.45 (eviction related for Danny)
Total Profit: $203.55
Lawnmowing Services: -$110
Net Real Estate Profit for August 2015: -$818.84
Okay, so obviously the biggest expense of the month was the windows for Property 2. Like I said before, it's either now or never. I have no faith in Tyrell being my tenant for the long term, so the quicker I can take advantage of his skills the better. I had my reservations of giving him that much money at one time, but it's a risk I'm willing to take. He has until the end of September to install all the windows, and then he can move on to the next properties. If he can get all the windows replaced in all three properties before winter starts, that would be great.
 |
| $200 stove for Thomas and Brie. Definitely hard to find a 20" stove in such good condition, so I had to take it at the steep price. |
Thomas and Brie got their stove so they'd better be happy. I'll know how much to raise their rents once the National Grid bills for September come in. I shouldn't have any other appliances to buy there, so Property 3 should continue to be my best earning property. Property 1 continues to prove that good tenants can yield a good profit even with small margin for error. Property X, of course, would be the opposite of that notion. While Property X made a profit this month, September will be a completely different story. Danny will be gone and The Van Sickle family will only have to pay $360 on their way out. Once the place is completely empty I'll have my pest control guy treat the place for bed bugs. Then comes the cleaning to get both apartments rental ready. There are tough times ahead for X, but it's best to get the place rented out now when the weather is still good. Had this happened in the winter, it would be much worse and harder to find a tenant. Gotta see the bad in the good, man.
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