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)
Water Bill: $130.90
Total Profit for Anita: $949.10
Property 1
Apt 1 – Dharma’s Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $856
National Grid: $146.05
Repair Expenses: $907.15 ($696.55 Renovation + $210.60 Mouse Treatment)
Water Bill: 138.60
Total Profit: -$647.80
Property 2
Apt 1 - Tyrell: $0
Apt 2 - Nicolas: $625
Total Rents Received: $625
Mortgage: $764
Repair Expenses: $0
Water Bill: $250.25
Total Profit: -$389.25
Property 3
Apt 1 - Chucky: $435
Apt 2 – Thomas and Brie: $525
Apt 3 – Rory: $530
Apt 4 - Taniqua and Eugene: $535
Total Rents Received: $2025
Mortgage: $918
Repair Expenses: $0
National Grid: $57.21
Water Bill: $195.50
Total Profit: $854.29
Property 4
Tenant Latisha: $0 (July’s rent was paid in June)
Mortgage: NOTHING
Repair Expenses: $990 (concrete steps and mailbox and HVAC issue)
Total Profit: -$990
Lawn Maintenance: $90
Net Real Estate Profit for July 2016: -$1,262.76
Well… With no money coming from Property 4 or Tyrell’s apartment combined with the renovations of Property1, I knew I was gonna lose money this month. What’s funny is that I calculated my losses to be much greater than $1,262. But you see, that’s the joy of doing shit on my own.
The renovation for Property 1’s downstairs apartment cost a little under $700 in materials. Had I went with Handyman Alfonso’s $1500 labor estimate, it would have cost $2200. Even with a fair estimate of $500 in labor, the renovations would still cost over $1,000. I like this. Keeping costs for turnover repairs under $1,000 makes property management much more profitable.
I couldn’t believe that Nicholas of Property 2 was able to pay his rent on time. Two weeks before the deadline, he had a payment returned for insufficient funds. How the hell did he do it? Oh well. Eventually he’ll screw up and I’ll get him out. Normally I would root for the nice guy to stay as a tenant, but I want to raise the rent on that place. When I raised it from $600 to the $625 a couple years ago, I told Nicholas that I wouldn’t raise the rents again. Lesson learned: don’t make promises… especially when it comes to money. As far as Tyrell goes, we had an amicable split. He left the place in very good condition, so it should be easy to get it rental ready. I’m still gonna use him for windows and stuff, so I’m glad we were able to end it on a good note.
At Property 3, the electric bill was only $57. When I first bought the building, National Grid made me pay $340 as a deposit for a commercial account. The deposit is held for three years and, as long as payments are made on time, I get the money back to pay my future bills. So for the next couple of months I won't have to pay too much. Tenant-wise, Brie left Rory and is back with Thomas. Normally I wouldn’t give a flying shit, but her Public Assistance is tied into where she is living for that month. This makes it harder for me to track who should be paying what. Rory finished painting his apartment but I’m not gonna check his work. The thought of being in his apartment, knowing who he is and what he’s done, creeps me out. The less I deal with him, the harder it will be for me to remember why I want to throw him out.
Replacing the steps and installing the mailbox was part of my plan for Latisha’s $1800 security deposit and first month’s rent at Property 4. Whenever a tenant first moves in, I’d like to take that money and use it to make big repairs in the apartment that will last for years. The steps weren’t that big of a deal, but I knew it would drive me crazy if I didn’t take care of it. At some point, I’ll probably have to take care of that circuit breaker panel that’s all rusted out. That’ll be the next big repair, so I probably won’t start making money off Property 4 until October.
Property X was an interesting case in July. When I got my first check from Brie’s Public Assistance, it was supposed to be for just $250. Instead, it was for $1,625! There was another tenant whose name I didn’t recognize, and it turned out to be the upstairs tenants on Property X. Apparently the upstairs tenants applied and got approval for Public Assistance all the way back in February, so that check was to cover all the missed months. I was gonna get pissed off, because I know Alfonso told them that we don’t accept Public Assistance. But then I remembered that everything I tried at Property X failed. That place has never been so stable, and it was mostly because I was listening to Alfonso and ignoring my usual instincts. So I consulted with Alfonso and he said that we should accept it because they’re good tenants who keep the place clean and neat, to which I agreed. So, for the next few months, the upstairs tenants will be living rent free until time catches up with the payments.
August is all about playing catch up. I need my bank account to grow if I want any chance at trading stocks with a clear mind at the end of August. I also have to work on Tyrell’s apartment to get it rental ready. Handyman Ahkenaten gets another chance to learn new shit, and he’s definitely up for the challenge.
Apt 1- Black Family: $700
Apt 2 - Black Couple: $500 ( still owes $335)
Total Rents Received: $1200
Repair Costs: $120 (Alfonso Maintenance Fee)
Water Bill: $130.90
Total Profit for Anita: $949.10
Property 1
Apt 1 – Dharma’s Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $856
National Grid: $146.05
Repair Expenses: $907.15 ($696.55 Renovation + $210.60 Mouse Treatment)
Water Bill: 138.60
Total Profit: -$647.80
Property 2
Apt 1 - Tyrell: $0
Apt 2 - Nicolas: $625
Total Rents Received: $625
Mortgage: $764
Repair Expenses: $0
Water Bill: $250.25
Total Profit: -$389.25
Property 3
Apt 1 - Chucky: $435
Apt 2 – Thomas and Brie: $525
Apt 3 – Rory: $530
Apt 4 - Taniqua and Eugene: $535
Total Rents Received: $2025
Mortgage: $918
Repair Expenses: $0
National Grid: $57.21
Water Bill: $195.50
Total Profit: $854.29
Property 4
Tenant Latisha: $0 (July’s rent was paid in June)
Mortgage: NOTHING
Repair Expenses: $990 (concrete steps and mailbox and HVAC issue)
Total Profit: -$990
Lawn Maintenance: $90
Net Real Estate Profit for July 2016: -$1,262.76
Well… With no money coming from Property 4 or Tyrell’s apartment combined with the renovations of Property1, I knew I was gonna lose money this month. What’s funny is that I calculated my losses to be much greater than $1,262. But you see, that’s the joy of doing shit on my own.
The renovation for Property 1’s downstairs apartment cost a little under $700 in materials. Had I went with Handyman Alfonso’s $1500 labor estimate, it would have cost $2200. Even with a fair estimate of $500 in labor, the renovations would still cost over $1,000. I like this. Keeping costs for turnover repairs under $1,000 makes property management much more profitable.
I couldn’t believe that Nicholas of Property 2 was able to pay his rent on time. Two weeks before the deadline, he had a payment returned for insufficient funds. How the hell did he do it? Oh well. Eventually he’ll screw up and I’ll get him out. Normally I would root for the nice guy to stay as a tenant, but I want to raise the rent on that place. When I raised it from $600 to the $625 a couple years ago, I told Nicholas that I wouldn’t raise the rents again. Lesson learned: don’t make promises… especially when it comes to money. As far as Tyrell goes, we had an amicable split. He left the place in very good condition, so it should be easy to get it rental ready. I’m still gonna use him for windows and stuff, so I’m glad we were able to end it on a good note.
At Property 3, the electric bill was only $57. When I first bought the building, National Grid made me pay $340 as a deposit for a commercial account. The deposit is held for three years and, as long as payments are made on time, I get the money back to pay my future bills. So for the next couple of months I won't have to pay too much. Tenant-wise, Brie left Rory and is back with Thomas. Normally I wouldn’t give a flying shit, but her Public Assistance is tied into where she is living for that month. This makes it harder for me to track who should be paying what. Rory finished painting his apartment but I’m not gonna check his work. The thought of being in his apartment, knowing who he is and what he’s done, creeps me out. The less I deal with him, the harder it will be for me to remember why I want to throw him out.
 |
| Old Front Steps |
 |
| Side door w/ big hole and no step |
 |
| New step covering the hole |
 |
| New Front Step |
Replacing the steps and installing the mailbox was part of my plan for Latisha’s $1800 security deposit and first month’s rent at Property 4. Whenever a tenant first moves in, I’d like to take that money and use it to make big repairs in the apartment that will last for years. The steps weren’t that big of a deal, but I knew it would drive me crazy if I didn’t take care of it. At some point, I’ll probably have to take care of that circuit breaker panel that’s all rusted out. That’ll be the next big repair, so I probably won’t start making money off Property 4 until October.
Property X was an interesting case in July. When I got my first check from Brie’s Public Assistance, it was supposed to be for just $250. Instead, it was for $1,625! There was another tenant whose name I didn’t recognize, and it turned out to be the upstairs tenants on Property X. Apparently the upstairs tenants applied and got approval for Public Assistance all the way back in February, so that check was to cover all the missed months. I was gonna get pissed off, because I know Alfonso told them that we don’t accept Public Assistance. But then I remembered that everything I tried at Property X failed. That place has never been so stable, and it was mostly because I was listening to Alfonso and ignoring my usual instincts. So I consulted with Alfonso and he said that we should accept it because they’re good tenants who keep the place clean and neat, to which I agreed. So, for the next few months, the upstairs tenants will be living rent free until time catches up with the payments.
August is all about playing catch up. I need my bank account to grow if I want any chance at trading stocks with a clear mind at the end of August. I also have to work on Tyrell’s apartment to get it rental ready. Handyman Ahkenaten gets another chance to learn new shit, and he’s definitely up for the challenge.
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