Property X
Apt 1- Black Family: $675
Apt 2 - Black Couple: $500
Total Rents Received: $1175
Water Bill: $86
Repair Costs: $145.80
Alfonso Maintenance Fee: $120
Total Profit for Anita: $909.20
Property 1
Apt 1 - Nepalese Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $860
National Grid: $195.58
Repair Expenses: $0
Water Bill: 103.95
Total Profit: $240.47
Property 2
Apt 1 - Tyrell: $0
Apt 2 - Nicolas: $660 ($35 late fee)
Total Rents Received: $660
Mortgage: $764
Repair Expenses: $0
Water Bill: $200.20
Total Profit: -$304.20
Property 3
Apt 1 - Chucky: $435
Apt 2 - Thomas and Brie: $525
Apt 3 - Rory: $515
Apt 4 - Taniqua and Eugene: $535 ($35 late fee)
Total Rents Received: $2010
Mortgage: $918
Repair Expenses: $0
National Grid: $318.22
Water Bill: $187.04
Total Profit: $586.74
Net Real Estate Profit for January 2016: $523.01
It’s been two months since Property X has been fully rented. No big problems. The rent gets paid. I’m gonna give it a few more months before I call the Ahkenaten/Alfonso Property Management idea a success. The only issue I seem to have is that the black couple upstairs want to get Public Assistance, even though the man makes more than enough and they knew moving in that we don’t accept Public Assistance. I’m sticking to my guns of saying no to Public Assistance unless they show a reduction in income or someone loses a job.
Once again, it came down to the wire at Property 2. Nicholas paid two days before the deadline, but Tyrell gave nothing. Now the rule is if they don’t pay by the end of the month, I’m supposed to file an eviction with no exceptions. No exceptions. But Tyrell has the talent of replacing windows, and I could use this to my advantage. So I made a deal with him. Adding last month’s reduced rent, Tyrell currently owes $1350. I told him I would pay for the materials if he wrapped ALL the windows of Property 2, and pay $650 by the end of February. Normally, that type of work would cost $1,200 (24 windows x $50). With this deal, I get all the windows wrapped for $878 ($1375 - $178 [cost of materials] + $650 [rent to be paid by February’s end] ), a savings of $322. Look I know it’s a risk, okay? But, with Tyrell starting his new job next week and his overall track record, I think it’s a risk worth taking.
Properties 1 and 3 are equally quiet, so I didn’t have to do anything at either place. I'm anticipating more noise when the Naresh's brother and his family move into Property 1's downstairs apartment. I'd rather hear the pitter patter of a small child and three other people than five grown adults walking around all day, but it is what it is. Regardless, their family usually sleeps by 10:00pm so it should be alright. And the mortgage went up at Property 3 from $835 to $918. Insurance raised my premium because they said the property's sidewalk is unsafe. It would cost well over $3,000 to repair that sidewalk, so I'll pay the higher premium this year, and then try to come up with the money for Alfonso to put down a new sidewalk in 2017.
This is the month when I start signing tenants up for electronic rent payments. I was supposed to go through ERent, but I found that the tenants had trouble signing up or understanding how it works with E Rent. This is what happens when one has simpletons as tenants. Quick Pay was much simpler, so I’ll have to go with them for the time being. And they seemed to trust Quick Pay more than E Rent since it’s through Chase. To be honest, I don’t really care. I just wanna get that notification on my phone, click “Accept Money”, and start my extrication from picking up mail from the damned post office.
P.S.: I found it kind of interesting that the insurance company was the one that told me about Property 3's sidewalk. When I bought my first two properties, the city of Smalltown sent me notices within the first year that I had to replace the sidewalks. With Property 3, it's been almost three years and I haven't heard a word from the city. The only difference seems to be that I bought my first two properties when I first arrived here. I didn't have a Smalltown address and didn't have the money for a PO Box, so I used my Brooklyn address. With Property 3, I used my PO Box address in Smalltown, as well as Property 1's upstairs apartment which is on my driver's license. This leads me to believe that Smalltown "requires" more from people they feel are out-of-state landlords compared to those they believe live here. No matter what property I buy in the future, I'll make sure to list myself as a resident of that town to avoid dealing with this scam-type bullshit...
Apt 1- Black Family: $675
Apt 2 - Black Couple: $500
Total Rents Received: $1175
Water Bill: $86
Repair Costs: $145.80
Alfonso Maintenance Fee: $120
Total Profit for Anita: $909.20
Property 1
Apt 1 - Nepalese Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $860
National Grid: $195.58
Repair Expenses: $0
Water Bill: 103.95
Total Profit: $240.47
Property 2
Apt 1 - Tyrell: $0
Apt 2 - Nicolas: $660 ($35 late fee)
Total Rents Received: $660
Mortgage: $764
Repair Expenses: $0
Water Bill: $200.20
Total Profit: -$304.20
Property 3
Apt 1 - Chucky: $435
Apt 2 - Thomas and Brie: $525
Apt 3 - Rory: $515
Apt 4 - Taniqua and Eugene: $535 ($35 late fee)
Total Rents Received: $2010
Mortgage: $918
Repair Expenses: $0
National Grid: $318.22
Water Bill: $187.04
Total Profit: $586.74
Net Real Estate Profit for January 2016: $523.01
It’s been two months since Property X has been fully rented. No big problems. The rent gets paid. I’m gonna give it a few more months before I call the Ahkenaten/Alfonso Property Management idea a success. The only issue I seem to have is that the black couple upstairs want to get Public Assistance, even though the man makes more than enough and they knew moving in that we don’t accept Public Assistance. I’m sticking to my guns of saying no to Public Assistance unless they show a reduction in income or someone loses a job.
Once again, it came down to the wire at Property 2. Nicholas paid two days before the deadline, but Tyrell gave nothing. Now the rule is if they don’t pay by the end of the month, I’m supposed to file an eviction with no exceptions. No exceptions. But Tyrell has the talent of replacing windows, and I could use this to my advantage. So I made a deal with him. Adding last month’s reduced rent, Tyrell currently owes $1350. I told him I would pay for the materials if he wrapped ALL the windows of Property 2, and pay $650 by the end of February. Normally, that type of work would cost $1,200 (24 windows x $50). With this deal, I get all the windows wrapped for $878 ($1375 - $178 [cost of materials] + $650 [rent to be paid by February’s end] ), a savings of $322. Look I know it’s a risk, okay? But, with Tyrell starting his new job next week and his overall track record, I think it’s a risk worth taking.
Properties 1 and 3 are equally quiet, so I didn’t have to do anything at either place. I'm anticipating more noise when the Naresh's brother and his family move into Property 1's downstairs apartment. I'd rather hear the pitter patter of a small child and three other people than five grown adults walking around all day, but it is what it is. Regardless, their family usually sleeps by 10:00pm so it should be alright. And the mortgage went up at Property 3 from $835 to $918. Insurance raised my premium because they said the property's sidewalk is unsafe. It would cost well over $3,000 to repair that sidewalk, so I'll pay the higher premium this year, and then try to come up with the money for Alfonso to put down a new sidewalk in 2017.
This is the month when I start signing tenants up for electronic rent payments. I was supposed to go through ERent, but I found that the tenants had trouble signing up or understanding how it works with E Rent. This is what happens when one has simpletons as tenants. Quick Pay was much simpler, so I’ll have to go with them for the time being. And they seemed to trust Quick Pay more than E Rent since it’s through Chase. To be honest, I don’t really care. I just wanna get that notification on my phone, click “Accept Money”, and start my extrication from picking up mail from the damned post office.
P.S.: I found it kind of interesting that the insurance company was the one that told me about Property 3's sidewalk. When I bought my first two properties, the city of Smalltown sent me notices within the first year that I had to replace the sidewalks. With Property 3, it's been almost three years and I haven't heard a word from the city. The only difference seems to be that I bought my first two properties when I first arrived here. I didn't have a Smalltown address and didn't have the money for a PO Box, so I used my Brooklyn address. With Property 3, I used my PO Box address in Smalltown, as well as Property 1's upstairs apartment which is on my driver's license. This leads me to believe that Smalltown "requires" more from people they feel are out-of-state landlords compared to those they believe live here. No matter what property I buy in the future, I'll make sure to list myself as a resident of that town to avoid dealing with this scam-type bullshit...
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