Property X
Apt 1- Black Family: $700
Apt 2 - Black Couple: $500 (still owes $335)
Total Rents Received: $1200
Repair Costs: $120 (Alfonso Maintenance Fee)
Total Profit for Anita: $1,080
Property 1
Apt 1 - Nepalese Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $856
National Grid: $160.09
Repair Expenses: $4.80 (Great Stuff to plug holes)
Total Profit: $379.11
Property 2
Apt 1 - Tyrell: $1410
Apt 2 - Nicolas: $660 (rent + late fee)
Total Rents Received: $2070
Mortgage: $764
Repair Expenses: $0
Total Profit: $1,306
Property 3
Apt 1 - Chucky: $435
Apt 2 - Thomas: $1,120 ($560 + $560, rent and late fees for May and June)
Apt 3 – Rory and Brie: $530
Apt 4 - Taniqua and Eugene: $560 (rent + late fee + May’s remainder)
Total Rents Received: $2,645
Mortgage: $918
Repair Expenses: $100.41 (5 gallon bucket of paint for Rory and Brie)
National Grid: $204.86
Total Profit: $1,421.73
Property 4
Tenant Latisha: $1800 (Security Deposit and July’s rent)
Mortgage: NOTHING
Repair Expenses: $633.21 (materials and labor for move-in repairs)
National Grid: $56.31
Total Profit: $1,110.48
Lawn Maintenance: $160
Net Real Estate Profit for June 2016: $4,057.32
Can I say it? Can I? Okay, here we go… HEY NOW! Over 4K?! This is the most amount of rental income I’ve EVER made in a month. This more than makes up for my paltry May earnings.
At Property X, I’ve had it with the black couple. They paid June’s rent but still owe May’s. I’m waiting until the first full week in July before I file an eviction. Evicting them for $335 wouldn’t do anything, but adding July’s rent to the eviction makes it less likely that they’ll be able to pay. After hearing how they dodge Handyman Alfonso’s phone calls, I already know where their tenancy is headed, so I don’t want them owing thousands of dollars before I get rid of them. It’s either they pay the entire amount owed by the court appointed date or they get the hell out. If it wasn’t for that damned one-year lease Alfonso convinced me to have them sign, they would have been out by now (month-to-month lease termination).
At Property 1, the Nepali tenants will be leaving at the beginning of July. In a 5-day period, I have to get the place rental ready before the new Nepali people move in. So far, I have to get the walls painted and the floors sanded and polyurethaned. I also want my pest control guy to go through that place and FINALLY get rid of those mice. I’m hoping that everything will cost around $500, but it may be more.
At Property 2, Tyrell has been informed that July is his last month as a tenant. He's been relentless in suggesting loopholes around my fake management company's rules, but I'm not budging. I’m letting him stay the entire month to save up money to find a place, using his security deposit to cover $500 of July's $715 owed. I’d throw him out on his ass, but I’d like to stay on good terms with Tyrell. I plan to use him for windows in the future and, less importantly, I like the guy. He somehow paid the large $1410 debt he owed, so why not give him July to build up enough money to get a decent place to live? He can pay the remaining $215 balance through a discount on the next window job. As for Nicholas, he knows his tenancy is over if he’s late one more time. And I get the feeling he’s gonna be late in July. Erent Payment does a really cool thing, where they send the landlord any notice they sent to the tenant. So they let me know last week that he didn’t have the sufficient $35 to pay the late fee for this month. Knowing that he has less than $35 in his bank account less than two weeks before July’s $625 is due, it's likely that his ass will probably be late.
At Property 3, things are slowly getting back to normal. I was very happy to find out that Thomas found a new job. Before he lost his job, his rent was the first in every month. In fact, he was usually the first to pay and was consistent for almost 3 straight years. So I’m removing the late fee for July specifically so he can get back on his feet, and I can get those on-time payments again. Rory and Brie will continue looking for a 2-bedroom, and they asked me to get them paint so they can paint the walls before they leave. Look, I highly doubt a convicted attempted rapist and a welfare bum will be able to find a landlord in a good area who’ll take them in. But if someone does, GREAT! I’d like to erase those losers from my life and get human tenants in Rory’s newly painted apartment. I also have to get Alfonso to cement the holes at the base of the property, as mice have found a way to get in by breaking through the pest control company's foam.
July is gonna be a tough. No rent from Tyrell. No rent from Latisha. Half rent from the new Nepali tenants, which will most likely be negated to get the place rental ready for the new tenants. Water bills. But the large amount of money I made this month should cover not only May and June, but July as well to keep me on track to average $1,000 a month from rental income in 2016. In order to prove I can really do this real estate game right, I absolutely have to make $12,000 in rental income by the end of this year. If I don't reach that goal, I'll never be able to convince myself that I'm good enough at property management to live off rental income without help from job income.
P.S.: I don't think I've ever gone this deep into the following month before writing a property earnings report. I've been... hmm. Things haven't been easy but I think I'm good to go. I'll write one or two posts a day until I catch up. Getting these posts out of my head and published will definitely make me feel better..
Apt 1- Black Family: $700
Apt 2 - Black Couple: $500 (still owes $335)
Total Rents Received: $1200
Repair Costs: $120 (Alfonso Maintenance Fee)
Total Profit for Anita: $1,080
Property 1
Apt 1 - Nepalese Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $856
National Grid: $160.09
Repair Expenses: $4.80 (Great Stuff to plug holes)
Total Profit: $379.11
Property 2
Apt 1 - Tyrell: $1410
Apt 2 - Nicolas: $660 (rent + late fee)
Total Rents Received: $2070
Mortgage: $764
Repair Expenses: $0
Total Profit: $1,306
Property 3
Apt 1 - Chucky: $435
Apt 2 - Thomas: $1,120 ($560 + $560, rent and late fees for May and June)
Apt 3 – Rory and Brie: $530
Apt 4 - Taniqua and Eugene: $560 (rent + late fee + May’s remainder)
Total Rents Received: $2,645
Mortgage: $918
Repair Expenses: $100.41 (5 gallon bucket of paint for Rory and Brie)
National Grid: $204.86
Total Profit: $1,421.73
Property 4
Tenant Latisha: $1800 (Security Deposit and July’s rent)
Mortgage: NOTHING
Repair Expenses: $633.21 (materials and labor for move-in repairs)
National Grid: $56.31
Total Profit: $1,110.48
Lawn Maintenance: $160
Net Real Estate Profit for June 2016: $4,057.32
Can I say it? Can I? Okay, here we go… HEY NOW! Over 4K?! This is the most amount of rental income I’ve EVER made in a month. This more than makes up for my paltry May earnings.
At Property X, I’ve had it with the black couple. They paid June’s rent but still owe May’s. I’m waiting until the first full week in July before I file an eviction. Evicting them for $335 wouldn’t do anything, but adding July’s rent to the eviction makes it less likely that they’ll be able to pay. After hearing how they dodge Handyman Alfonso’s phone calls, I already know where their tenancy is headed, so I don’t want them owing thousands of dollars before I get rid of them. It’s either they pay the entire amount owed by the court appointed date or they get the hell out. If it wasn’t for that damned one-year lease Alfonso convinced me to have them sign, they would have been out by now (month-to-month lease termination).
At Property 1, the Nepali tenants will be leaving at the beginning of July. In a 5-day period, I have to get the place rental ready before the new Nepali people move in. So far, I have to get the walls painted and the floors sanded and polyurethaned. I also want my pest control guy to go through that place and FINALLY get rid of those mice. I’m hoping that everything will cost around $500, but it may be more.
At Property 2, Tyrell has been informed that July is his last month as a tenant. He's been relentless in suggesting loopholes around my fake management company's rules, but I'm not budging. I’m letting him stay the entire month to save up money to find a place, using his security deposit to cover $500 of July's $715 owed. I’d throw him out on his ass, but I’d like to stay on good terms with Tyrell. I plan to use him for windows in the future and, less importantly, I like the guy. He somehow paid the large $1410 debt he owed, so why not give him July to build up enough money to get a decent place to live? He can pay the remaining $215 balance through a discount on the next window job. As for Nicholas, he knows his tenancy is over if he’s late one more time. And I get the feeling he’s gonna be late in July. Erent Payment does a really cool thing, where they send the landlord any notice they sent to the tenant. So they let me know last week that he didn’t have the sufficient $35 to pay the late fee for this month. Knowing that he has less than $35 in his bank account less than two weeks before July’s $625 is due, it's likely that his ass will probably be late.
At Property 3, things are slowly getting back to normal. I was very happy to find out that Thomas found a new job. Before he lost his job, his rent was the first in every month. In fact, he was usually the first to pay and was consistent for almost 3 straight years. So I’m removing the late fee for July specifically so he can get back on his feet, and I can get those on-time payments again. Rory and Brie will continue looking for a 2-bedroom, and they asked me to get them paint so they can paint the walls before they leave. Look, I highly doubt a convicted attempted rapist and a welfare bum will be able to find a landlord in a good area who’ll take them in. But if someone does, GREAT! I’d like to erase those losers from my life and get human tenants in Rory’s newly painted apartment. I also have to get Alfonso to cement the holes at the base of the property, as mice have found a way to get in by breaking through the pest control company's foam.
July is gonna be a tough. No rent from Tyrell. No rent from Latisha. Half rent from the new Nepali tenants, which will most likely be negated to get the place rental ready for the new tenants. Water bills. But the large amount of money I made this month should cover not only May and June, but July as well to keep me on track to average $1,000 a month from rental income in 2016. In order to prove I can really do this real estate game right, I absolutely have to make $12,000 in rental income by the end of this year. If I don't reach that goal, I'll never be able to convince myself that I'm good enough at property management to live off rental income without help from job income.
P.S.: I don't think I've ever gone this deep into the following month before writing a property earnings report. I've been... hmm. Things haven't been easy but I think I'm good to go. I'll write one or two posts a day until I catch up. Getting these posts out of my head and published will definitely make me feel better..
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