Property X
Apt 1- Black Family: $675
Apt 2 - Black Couple: $500
Total Rents Received: $1175
Repair Costs: $183.63 ($120 management fee + $63.63 for maintenance)
Total Profit for Anita: $991.37
Property 1
Apt 1 - Nepalese Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $860
National Grid: $207.97
Repair Expenses: $693.14 (Bathroom sink installation and labor, roach treatment, mushroom vent cap)
Total Profit: $-361.11
Property 2
Apt 1 - Tyrell: $1100 ($250 owed)
Apt 2 - Nicolas: $660
Total Rents Received: $1760
Mortgage: $764
Repair Expenses: $0
Total Profit: $996
Property 3
Apt 1 - Chucky: $435
Apt 2 - Thomas and Brie: $545 ($15 owed)
Apt 3 - Rory: $515
Apt 4 - Taniqua and Eugene: $510 ($25 owed for next month)
Total Rents Received: $2,055
Mortgage: $918
Repair Expenses: $10.77 (Bedbug Treatment Jug)
National Grid: $428.87
Total Profit: $658.13
Net Real Estate Profit for March 2016: $1,293.02
My hope is to get at least $1000 a month from my properties. Considering that I have stable rents and no longer deal with the ups and downs of Property X, $1000 shouldn't be too difficult a number to reach. And speaking of Property X...
Property X
I'm finding it hard to believe that all it took for Property X to be a success was for me to back off, but the results are speaking for themselves. Both apartments have been occupied for five months now, and there has been very little issue with that place. I'm not sure what the net profit for the place is since I don't know how much my mom Anita pays in taxes and insurance, but I'd say she made around $750 out of that $991.37. That's some sexy profit right there.
Property 1
Naresh decided to pick March to remind me of a promise I made to him last year: replace the bathroom sink. So I bought the sink from Lowes, then had Handyman Alfonso deal with the installation. Even with him having to snake the drain, I still think his $216 labor charge was a bit much. Then Sebastian (upstairs tenant) sent me a text to say he's been dealing with roaches for the past few weeks. I don't think it's a coincidence that he started dealing with roaches at the same time the new Nepali tenants moved in. So I called the pest control people and got both apartments treated. Treating both apartments is the lesson I learned from Property X, when the upstairs Homos were getting roaches from the downstairs Africans. I didn't treat the downstairs apartment, the roach problem persisted, and the Homos left... leaving me with those worthless Africans that drained my wallet dry. I've got a very good thing going in Property 1, and I'm not gonna let bad management screw things up again.
Property 2
I filed an eviction against Tyrell, and he suddenly started paying the money owed. I'll be honest: I didn't expect him to come up with any of the money. I was ready to throw him out, but he's been coming through... slowly. His new job is paying steady income, and the weather has been good enough for him to start making money from his window side jobs again. Let's be clear, okay? I went against the rules in this situation. If a tenant can't make the rent by the end of the month, he/she has to be thrown out. But there was something about Tyrell's situation and his personality that gave me the confidence to break the rules, and my gamble just might pay off. As far as Nicholas goes, he looks to have stable money from now on, after moving in a roommate to help make the rent payments. He also has some sort of rental assistance going on too. Hmm. You know, I would love to have the upstairs apartment vacant so I can charge $125 more a month. But, like Tyrell, there's something about Nicholas' personality that encourages me keep him around. And if it works, why mess with it?
Property 3
Thomas and Brie had a bedbug problem, which forced them to throw out all their old furniture and buy new ones.I was scared that the bugs would spread to other apartments, so I bought a jug of bedbug treatment from Lowes to add to the stuff they were already doing. The good news is that the bedbug problem is gone. The bad news is two-fold: Thomas and Brie had to spend a lot of money replacing their furniture, and Thomas just got laid off from his job. Thankfully he made enough to pay rent and most of the late fee, but the concern is the future. Will his unemployment be enough to pay the $525 in rent? How long will it take for him to find another job? And what would happen if I had to throw him out? Of all the apartments at Property 3, Thomas' is the smallest and would require the most work to get a normal person in there... at least $6,000. I'll keep my eye on them closely, but hopefully they'll get back on their feet sooner rather than later.
In March, I got serious with online payments. I'm very happy to report that Property 1 is now paying their rent exclusively through Erent Payment. In April, I'm hoping to get Property 2 fully on board, but that mostly depends on how quickly the tenants can get back on track. Property 3's savages will be a challenge, but I don't mind taking it step by step. The good news is that I don't have to pay the $3 per transaction fee, as Eugene and Taniqua's late payments more than cover the cost for all my apartments monthly!
Other than the water bills and lawn maintenance fees, April should be another good month. Warmer weather will mean lower National Grid bills, and that means higher profits. Higher profits mean more help with paying for PRP #4's repairs, and that's always welcome.
Apt 1- Black Family: $675
Apt 2 - Black Couple: $500
Total Rents Received: $1175
Repair Costs: $183.63 ($120 management fee + $63.63 for maintenance)
Total Profit for Anita: $991.37
Property 1
Apt 1 - Nepalese Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $860
National Grid: $207.97
Repair Expenses: $693.14 (Bathroom sink installation and labor, roach treatment, mushroom vent cap)
Total Profit: $-361.11
Property 2
Apt 1 - Tyrell: $1100 ($250 owed)
Apt 2 - Nicolas: $660
Total Rents Received: $1760
Mortgage: $764
Repair Expenses: $0
Total Profit: $996
Property 3
Apt 1 - Chucky: $435
Apt 2 - Thomas and Brie: $545 ($15 owed)
Apt 3 - Rory: $515
Apt 4 - Taniqua and Eugene: $510 ($25 owed for next month)
Total Rents Received: $2,055
Mortgage: $918
Repair Expenses: $10.77 (Bedbug Treatment Jug)
National Grid: $428.87
Total Profit: $658.13
Net Real Estate Profit for March 2016: $1,293.02
My hope is to get at least $1000 a month from my properties. Considering that I have stable rents and no longer deal with the ups and downs of Property X, $1000 shouldn't be too difficult a number to reach. And speaking of Property X...
Property X
I'm finding it hard to believe that all it took for Property X to be a success was for me to back off, but the results are speaking for themselves. Both apartments have been occupied for five months now, and there has been very little issue with that place. I'm not sure what the net profit for the place is since I don't know how much my mom Anita pays in taxes and insurance, but I'd say she made around $750 out of that $991.37. That's some sexy profit right there.
Property 1
Naresh decided to pick March to remind me of a promise I made to him last year: replace the bathroom sink. So I bought the sink from Lowes, then had Handyman Alfonso deal with the installation. Even with him having to snake the drain, I still think his $216 labor charge was a bit much. Then Sebastian (upstairs tenant) sent me a text to say he's been dealing with roaches for the past few weeks. I don't think it's a coincidence that he started dealing with roaches at the same time the new Nepali tenants moved in. So I called the pest control people and got both apartments treated. Treating both apartments is the lesson I learned from Property X, when the upstairs Homos were getting roaches from the downstairs Africans. I didn't treat the downstairs apartment, the roach problem persisted, and the Homos left... leaving me with those worthless Africans that drained my wallet dry. I've got a very good thing going in Property 1, and I'm not gonna let bad management screw things up again.
Property 2
I filed an eviction against Tyrell, and he suddenly started paying the money owed. I'll be honest: I didn't expect him to come up with any of the money. I was ready to throw him out, but he's been coming through... slowly. His new job is paying steady income, and the weather has been good enough for him to start making money from his window side jobs again. Let's be clear, okay? I went against the rules in this situation. If a tenant can't make the rent by the end of the month, he/she has to be thrown out. But there was something about Tyrell's situation and his personality that gave me the confidence to break the rules, and my gamble just might pay off. As far as Nicholas goes, he looks to have stable money from now on, after moving in a roommate to help make the rent payments. He also has some sort of rental assistance going on too. Hmm. You know, I would love to have the upstairs apartment vacant so I can charge $125 more a month. But, like Tyrell, there's something about Nicholas' personality that encourages me keep him around. And if it works, why mess with it?
Property 3
Thomas and Brie had a bedbug problem, which forced them to throw out all their old furniture and buy new ones.I was scared that the bugs would spread to other apartments, so I bought a jug of bedbug treatment from Lowes to add to the stuff they were already doing. The good news is that the bedbug problem is gone. The bad news is two-fold: Thomas and Brie had to spend a lot of money replacing their furniture, and Thomas just got laid off from his job. Thankfully he made enough to pay rent and most of the late fee, but the concern is the future. Will his unemployment be enough to pay the $525 in rent? How long will it take for him to find another job? And what would happen if I had to throw him out? Of all the apartments at Property 3, Thomas' is the smallest and would require the most work to get a normal person in there... at least $6,000. I'll keep my eye on them closely, but hopefully they'll get back on their feet sooner rather than later.
In March, I got serious with online payments. I'm very happy to report that Property 1 is now paying their rent exclusively through Erent Payment. In April, I'm hoping to get Property 2 fully on board, but that mostly depends on how quickly the tenants can get back on track. Property 3's savages will be a challenge, but I don't mind taking it step by step. The good news is that I don't have to pay the $3 per transaction fee, as Eugene and Taniqua's late payments more than cover the cost for all my apartments monthly!
Other than the water bills and lawn maintenance fees, April should be another good month. Warmer weather will mean lower National Grid bills, and that means higher profits. Higher profits mean more help with paying for PRP #4's repairs, and that's always welcome.
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