Property X
Apt 1- Black Family: $675
Apt 2 - Black Couple: $520 ($15 owed)
Total Rents Received: $1192
Repair Expenses + Maintenance Fee: $385.46 ($265.46 + $120)
Total Profit for Anita: $806.54
Property 1
Apt 1 - Nepalese Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $860
National Grid: $205.80
Repair Expenses: $0
Total Profit: $334.20
Property 2
Apt 1 - Tyrell: $150 ($485 owed)
Apt 2 - Nicolas: $660
Total Rents Received: $810
Mortgage: $764
Repair Expenses: $0
Total Profit: $46
Property 3
Apt 1 - Chucky: $435
Apt 2 - Thomas and Brie: $525
Apt 3 - Rory: $515
Apt 4 - Taniqua and Eugene: $500
Total Rents Received: $1975
Mortgage: $918
Repair Expenses: $0
National Grid: $421.80
Total Profit: $635.20
Net Real Estate Profit for February 2016: $1,015.40
The big news for February was that Anita finally paid off the mortgage of Property X. She called me on the 17th very excited and happy. I pretended to be congratulatory and happy for her, but I really don’t see what’s good about paying off a piece of shit property like Property X. If that place was peaceful without the constant problems, she could make at least $850 a month from there. But with the constant repair issues combined with the tenant turnover, I wouldn’t be surprised if she only made an average of $500 a month from that place. But who knows, maybe things will work out. Either way, paying off the mortgage in 7 years is impressive, and Anita has set her retirement up very well. Rental income from Property X and her Nigeria properties combined with her pension and social security should allow her to live out her golden years comfortably.
As far as the tenants of Property X goes, things are starting to get shaky. The downstairs people are good, but the next door neighbors are trying to scare them out of the apartment with stories of past tenants. The upstairs tenants paid rent late this month. They kept trying to convince Handyman Alfonso to accept Public Assistance, but he stood his ground. I would only accept it if they fall on hard times or something, but they’re just trying to hustle some “extra bread”. I have no problems with hustling, but we let them know before they moved in that we don’t accept PA. So, in three months, they’ve been late twice. Not a good start, but Alfonso wants to give them a chance. Whatever.
Property 1’s new Nepali family seems to be working out fine. As I feared, however, the giggling and singing has stopped. They’re not angry or anything, but it’s not as blissful an environment as there was when the baby was around. And the mother of the family really seems to not like me. At first I thought it was just the "black" thing, but I stepped back and took a look at her situation. She just moved from Nepal to the United States. She rented the 3 bedroom house across the street at first, but the amenities sucked and the landlord didn’t want to fix anything. So now she lives in a smaller 2 bedroom apartment. And, to top it off, there’s a big dark-skinned landlord that sleeps underneath her and her two teenage daughters in the basement like a troll. When African-Americans are portrayed on TV like this:
... I can understand how she probably feels. Thankfully, there’s nothing I'm willing to do about this. I'll just continue being a good landlord and live my life. Oh, and I should definitely keep a good eye on my mental issues. If that woman sees a naked landlord wandering around the streets in the morning as her daughters sleep, I’m pretty sure they’ll be moving out the next day.
As far as Property 2 goes... well, what can I say? I gambled and lost. Nicholas paid his rent plus late fee, but Tyrell only paid $150 out of the $635 we agreed on, and he only wrapped one of the windows (which he did just this Saturday). To top it off, he said he'll need me to buy more material to wrap the windows because he miscalculated how much he'd need. Ugh. I promised myself I wouldn't let a tenant end the month owing money, yet here I am. I'm not sure what to do here. Tyrell says he'll have the rest of February's rent on Friday, and then he'll pay $375 twice to cover the $750 owed for March. With an $18 an hour job, he should be able to pull it off. But... but I don't care. He gets no more chances. I already feel like a douchebag having learned the same lesson yet again. If a tenant owes by the end of the month, it means trouble. They'll have to play catch up while owing the new month's rent. It's Chris 2.0, and I've seen it over and over and over again, yet I took this risk because he gave me a deal on window wraps. You know, the window wraps that he had just started two days ago? The wraps that he'll need me to spend more money on just to finish? Yeah, those wraps. So I'm not gonna pay any money for more window wrapping material. He said that he'll pay for it himself to honor the agreement, but I don't care at this point. I'll just make sure he pays February's rent, and then throw his ass out if he can't pay March's rent by the 31st. And no more rent carrying over into the following month. I'm tired of looking stupid.
Property 3’s been quiet as usual, but Eugene and Taniqua actually paid on time this month. I was kinda getting used to that extra $35 late fee every month, but I’d honestly rather have them pay on time.
Next month is all about setting up the online payments for tenants. At first I was gonna go with Chase Quick Pay since it’s easier to sign up for, but then I remembered my post that compared Quick Pay to Erent Payment. The tenants have a hard time signing up? Fuck ‘em! I’ll do it with them just to make it gets done right. I want to start receiving electronic payments by April, and it would be nice to get ALL tenants to do it. I’m not sure how I’m gonna do that with 84-year-old Chucky from Property 3, but we’ll see how it plays out. Considering that it’s winter, this was a good month of profits.
Apt 1- Black Family: $675
Apt 2 - Black Couple: $520 ($15 owed)
Total Rents Received: $1192
Repair Expenses + Maintenance Fee: $385.46 ($265.46 + $120)
Total Profit for Anita: $806.54
Property 1
Apt 1 - Nepalese Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $860
National Grid: $205.80
Repair Expenses: $0
Total Profit: $334.20
Property 2
Apt 1 - Tyrell: $150 ($485 owed)
Apt 2 - Nicolas: $660
Total Rents Received: $810
Mortgage: $764
Repair Expenses: $0
Total Profit: $46
Property 3
Apt 1 - Chucky: $435
Apt 2 - Thomas and Brie: $525
Apt 3 - Rory: $515
Apt 4 - Taniqua and Eugene: $500
Total Rents Received: $1975
Mortgage: $918
Repair Expenses: $0
National Grid: $421.80
Total Profit: $635.20
Net Real Estate Profit for February 2016: $1,015.40
The big news for February was that Anita finally paid off the mortgage of Property X. She called me on the 17th very excited and happy. I pretended to be congratulatory and happy for her, but I really don’t see what’s good about paying off a piece of shit property like Property X. If that place was peaceful without the constant problems, she could make at least $850 a month from there. But with the constant repair issues combined with the tenant turnover, I wouldn’t be surprised if she only made an average of $500 a month from that place. But who knows, maybe things will work out. Either way, paying off the mortgage in 7 years is impressive, and Anita has set her retirement up very well. Rental income from Property X and her Nigeria properties combined with her pension and social security should allow her to live out her golden years comfortably.
As far as the tenants of Property X goes, things are starting to get shaky. The downstairs people are good, but the next door neighbors are trying to scare them out of the apartment with stories of past tenants. The upstairs tenants paid rent late this month. They kept trying to convince Handyman Alfonso to accept Public Assistance, but he stood his ground. I would only accept it if they fall on hard times or something, but they’re just trying to hustle some “extra bread”. I have no problems with hustling, but we let them know before they moved in that we don’t accept PA. So, in three months, they’ve been late twice. Not a good start, but Alfonso wants to give them a chance. Whatever.
Property 1’s new Nepali family seems to be working out fine. As I feared, however, the giggling and singing has stopped. They’re not angry or anything, but it’s not as blissful an environment as there was when the baby was around. And the mother of the family really seems to not like me. At first I thought it was just the "black" thing, but I stepped back and took a look at her situation. She just moved from Nepal to the United States. She rented the 3 bedroom house across the street at first, but the amenities sucked and the landlord didn’t want to fix anything. So now she lives in a smaller 2 bedroom apartment. And, to top it off, there’s a big dark-skinned landlord that sleeps underneath her and her two teenage daughters in the basement like a troll. When African-Americans are portrayed on TV like this:
... I can understand how she probably feels. Thankfully, there’s nothing I'm willing to do about this. I'll just continue being a good landlord and live my life. Oh, and I should definitely keep a good eye on my mental issues. If that woman sees a naked landlord wandering around the streets in the morning as her daughters sleep, I’m pretty sure they’ll be moving out the next day.
As far as Property 2 goes... well, what can I say? I gambled and lost. Nicholas paid his rent plus late fee, but Tyrell only paid $150 out of the $635 we agreed on, and he only wrapped one of the windows (which he did just this Saturday). To top it off, he said he'll need me to buy more material to wrap the windows because he miscalculated how much he'd need. Ugh. I promised myself I wouldn't let a tenant end the month owing money, yet here I am. I'm not sure what to do here. Tyrell says he'll have the rest of February's rent on Friday, and then he'll pay $375 twice to cover the $750 owed for March. With an $18 an hour job, he should be able to pull it off. But... but I don't care. He gets no more chances. I already feel like a douchebag having learned the same lesson yet again. If a tenant owes by the end of the month, it means trouble. They'll have to play catch up while owing the new month's rent. It's Chris 2.0, and I've seen it over and over and over again, yet I took this risk because he gave me a deal on window wraps. You know, the window wraps that he had just started two days ago? The wraps that he'll need me to spend more money on just to finish? Yeah, those wraps. So I'm not gonna pay any money for more window wrapping material. He said that he'll pay for it himself to honor the agreement, but I don't care at this point. I'll just make sure he pays February's rent, and then throw his ass out if he can't pay March's rent by the 31st. And no more rent carrying over into the following month. I'm tired of looking stupid.
Property 3’s been quiet as usual, but Eugene and Taniqua actually paid on time this month. I was kinda getting used to that extra $35 late fee every month, but I’d honestly rather have them pay on time.
Next month is all about setting up the online payments for tenants. At first I was gonna go with Chase Quick Pay since it’s easier to sign up for, but then I remembered my post that compared Quick Pay to Erent Payment. The tenants have a hard time signing up? Fuck ‘em! I’ll do it with them just to make it gets done right. I want to start receiving electronic payments by April, and it would be nice to get ALL tenants to do it. I’m not sure how I’m gonna do that with 84-year-old Chucky from Property 3, but we’ll see how it plays out. Considering that it’s winter, this was a good month of profits.
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