I write this post with a belly full of burgers, so I gotta make this quick before I pass out. I really like this new energy I have, and it mostly has to do with this amazing 70 degree weather. This is my kind of weather and I'm starting to feel like myself again. I'd be very happy if I can get all my posts out by the end of next week, which shouldn't be a problem if I keep feeling like this. Anyway...
Property X
Apt 1- Black Family: $700
Apt 2 - Black Couple: $500
Total Rents Received: $1200
Repair Costs: $160 (Alfonso Maintenance Fee + Lawn Maintenance)
Total Profit for Anita: $1,040
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $856
National Grid: $156.94
Repair Expenses: $0
Total Profit: $387.06
Property 2
Apt 1 – NEW TENANT Gina: $750
Apt 2 - Nicholas: $625
Total Rents Received: $1,375
Mortgage: $764
Repair Expenses: $1,391.56
Total Profit: -$780.56
Property 3
Apt 1 - Chucky: $435
Apt 2 – Thomas and Brie: $560 ($525 + $35 LATE FEE)
Apt 3 – Rory: $530
Apt 4 - Taniqua and Eugene: $535($500 + $35 LATE FEE)
Total Rents Received: $2060
Mortgage: $918
Repair Expenses: $230 (New Refrigerator)
National Grid: $158.29
Total Profit: $753.71
Property 4
Tenant Latisha: $900
Mortgage: NOTHING
Repair Expenses: $730 (Central air repair [480] + Freon recharge [250] )
Total Profit: $170
Lawn Maintenance: $150
Net Real Estate Profit for August 2016: $380.21
The renovations at Property 2 were draining, but it didn’t kill my wallet. In fact, I really liked how the costs came out. After all, much of the $1,391.56 was the purchase of one-time items like the stainless steel refrigerator and the Ryobi circular saw/drill set with bits. In fact, take those two items away and the total cost of the renovation was around $800. The new tenant Gianna paid the $750 security deposit, then paid the rest on September 1st. I usually don’t allow that but, like I said in an earlier post, I didn’t care. I just needed someone in there and I was too tired to do another repair in that empty apartment.
At Property 4, the central air conditioning wasn’t working. So I called the HVAC guy whom Damon referred me to, and he said it was a wiring issue with the thermostat. The guy fixed it, the AC worked, and everything was fine. Three days later, Latisha called and said the central air wasn’t working again. I called the HVAC guy again but he was too busy, so he told me to check the furnace air filter… which didn’t make sense to me. Why the fuck would a central air conditioner not working have to do with furnace filters? So I called Forrest, an electrician referred to me by Sam. Forrest let me know there were two problems: there was no power going to the central air unit, and the motor in the unit was bad. How the FUCK did a licensed HVAC not see that a central air unit had a bad motor?! The asshole just wanted the quick buck and didn’t give a damn. So Forrest came in to fix the issue and, in September, he’s scheduled to replace the entire circuit breaker unit. I was supposed to do this before Latisha moved in, but I prefer doing it with her money rather than mine. Property 4 should start making a good profit starting in October.
Property 1 is doing fine as usual, but I really fucking hate living in that basement. And living there makes me hate Dharma and her family even though they’re not doing anything wrong. They vacuum the floor, invite friends over, listen to the TV and talk at a reasonable volume, and walk around. But being in the basement means that I hear everything, and all noises get amplified with me living directly under them. I’m trying to keep it together but it’s getting too much. It makes me really want to find a new place to live as soon as possible. Speaking of finding a new place to live, Thomas and Brie of Property 3 are having problems again.
Brie says that she and Tom are both bi-polar which makes it impossible to live together, so she's planning to move out soon. I wouldn’t care about this whole drama, except that Thomas is having trouble finding a full time job and the only guaranteed money coming from that apartment is Brie’s Public Assistance. I dunno, maybe Thomas can get on PA before Brie moves out… IF she moves out.This is the risk I took buying a place like Property 3. I've definitely made good money on this investment overall, but I should start thinking about an exit strategy for that place. Fixing up that apartment would cost far too much money to make it worth the paltry $525 per month in rents.
So that’s pretty much it for August. I’m just happy that the renovations are over and I'm back to 100% occupancy. After two months of half-assed apartment fix-ups, I can use the break to put the focus back on me... where it always belongs.
Property X
Apt 1- Black Family: $700
Apt 2 - Black Couple: $500
Total Rents Received: $1200
Repair Costs: $160 (Alfonso Maintenance Fee + Lawn Maintenance)
Total Profit for Anita: $1,040
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $856
National Grid: $156.94
Repair Expenses: $0
Total Profit: $387.06
Property 2
Apt 1 – NEW TENANT Gina: $750
Apt 2 - Nicholas: $625
Total Rents Received: $1,375
Mortgage: $764
Repair Expenses: $1,391.56
Total Profit: -$780.56
Property 3
Apt 1 - Chucky: $435
Apt 2 – Thomas and Brie: $560 ($525 + $35 LATE FEE)
Apt 3 – Rory: $530
Apt 4 - Taniqua and Eugene: $535($500 + $35 LATE FEE)
Total Rents Received: $2060
Mortgage: $918
Repair Expenses: $230 (New Refrigerator)
National Grid: $158.29
Total Profit: $753.71
Property 4
Tenant Latisha: $900
Mortgage: NOTHING
Repair Expenses: $730 (Central air repair [480] + Freon recharge [250] )
Total Profit: $170
Lawn Maintenance: $150
Net Real Estate Profit for August 2016: $380.21
The renovations at Property 2 were draining, but it didn’t kill my wallet. In fact, I really liked how the costs came out. After all, much of the $1,391.56 was the purchase of one-time items like the stainless steel refrigerator and the Ryobi circular saw/drill set with bits. In fact, take those two items away and the total cost of the renovation was around $800. The new tenant Gianna paid the $750 security deposit, then paid the rest on September 1st. I usually don’t allow that but, like I said in an earlier post, I didn’t care. I just needed someone in there and I was too tired to do another repair in that empty apartment.
At Property 4, the central air conditioning wasn’t working. So I called the HVAC guy whom Damon referred me to, and he said it was a wiring issue with the thermostat. The guy fixed it, the AC worked, and everything was fine. Three days later, Latisha called and said the central air wasn’t working again. I called the HVAC guy again but he was too busy, so he told me to check the furnace air filter… which didn’t make sense to me. Why the fuck would a central air conditioner not working have to do with furnace filters? So I called Forrest, an electrician referred to me by Sam. Forrest let me know there were two problems: there was no power going to the central air unit, and the motor in the unit was bad. How the FUCK did a licensed HVAC not see that a central air unit had a bad motor?! The asshole just wanted the quick buck and didn’t give a damn. So Forrest came in to fix the issue and, in September, he’s scheduled to replace the entire circuit breaker unit. I was supposed to do this before Latisha moved in, but I prefer doing it with her money rather than mine. Property 4 should start making a good profit starting in October.
Property 1 is doing fine as usual, but I really fucking hate living in that basement. And living there makes me hate Dharma and her family even though they’re not doing anything wrong. They vacuum the floor, invite friends over, listen to the TV and talk at a reasonable volume, and walk around. But being in the basement means that I hear everything, and all noises get amplified with me living directly under them. I’m trying to keep it together but it’s getting too much. It makes me really want to find a new place to live as soon as possible. Speaking of finding a new place to live, Thomas and Brie of Property 3 are having problems again.
Brie says that she and Tom are both bi-polar which makes it impossible to live together, so she's planning to move out soon. I wouldn’t care about this whole drama, except that Thomas is having trouble finding a full time job and the only guaranteed money coming from that apartment is Brie’s Public Assistance. I dunno, maybe Thomas can get on PA before Brie moves out… IF she moves out.This is the risk I took buying a place like Property 3. I've definitely made good money on this investment overall, but I should start thinking about an exit strategy for that place. Fixing up that apartment would cost far too much money to make it worth the paltry $525 per month in rents.
So that’s pretty much it for August. I’m just happy that the renovations are over and I'm back to 100% occupancy. After two months of half-assed apartment fix-ups, I can use the break to put the focus back on me... where it always belongs.
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