At last!
APRIL
Property X
Apt 1- Black Family: $700
Apt 2 - Black Couple: $500
Total Rents Received: $1200
Repair Costs: $120
Total Profit for Anita: $1,080 (paid 1070.84 to Anita for some reason)
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $833
National Grid: $177.40
Repair Expenses: $0
Total Profit: $389.60
Property 2
Apt 1 – Gianna: $785 ($35 LATE FEE)
Apt 2 – Edward and Gabby: $750
Total Rents Received: $1,535
Mortgage: $754
Repair Expenses: $35 (Alfonso Labor for leaking basement pipe)
Total Profit: $746
Property 3
Apt 1 - Chucky: $435
Apt 2 – VACANT
Apt 3 – Rory: $530
Apt 4 - Taniqua and Eugene: $535 ($35 LATE FEE)
Total Rents Received:$1,500
Mortgage: $887
Repair Expenses: $351.18 (Renovation materials)
National Grid: $445.31
Total Profit: -$183.49
Property 4
Tenant Latisha: $900
Repair Expenses: $0
Total Profit: $900
Lawnmowing Service: $130
Net Real Estate Profit for April 2017: $1,852.11
MAY (Water Bills are from April, Paid in May)
Property X
Apt 1- Black Family: $700
Apt 2 - Black Couple: $500
Total Rents Received: $1200
Repair Costs: $120 (Alfonso Maintenance Fee)
Water Bill: 70.23
Lawn Mowing: $30
Total Profit for Anita: $979.77 (I paid Anita $1,009.77... forgot about lawn mowing)
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $833
National Grid: $177.40
Water Bill: $91.64
Repair Expenses: $0
Total Profit: $297.96
Property 2
Apt 1 – Gianna: $785 ($35 LATE FEE)
Apt 2 – Edward and Gabby: $750
Total Rents Received: $1,535
Mortgage: $754
Repair Expenses: $0
Water Bill: 127.05
Total Profit: $653.95
Property 3
Apt 1 - Chucky: $435
Apt 2 – VACANT
Apt 3 – Rory: $530
Apt 4 - Taniqua and Eugene: $535 ($35 LATE FEE)
Total Rents Received:
Mortgage: $887
National Grid: $440.55
Repair Expenses: $595.55 (Dump Labor and Fees [$500], inflatable mattress, caulk)
Water Bill: $207.90
Total Profit: -$631
Property 4
Tenant Latisha: $900
Repair Expenses: $0
Water Bill: $45.81
Total Profit: $854.19
Lawnmowing Service: $130
Net Real Estate Profit for May 2017: $1,045.10
JUNE
Property X
Apt 1- Black Family: $700
Apt 2 - Black Couple: $500
Total Rents Received: $1200
Repair Costs: $420 ($1200 - $220 [lawyer fee] - $120 [Alfonso maintenance] - $80 [eviction filing] )
Lawn Mowing: $60 (May's Fee included)
Total Profit for Anita: $720
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $833
National Grid: $144.58
Repair Expenses: $0
Total Profit: $422.42
Property 2
Apt 1 – Gianna: $750
Apt 2 – Edward and Gabby: $750
Total Rents Received: $1,500
Mortgage: $754
Repair Expenses: $353.81 (mouse treatment, metal trash can, labor to fix upstairs door and toilet leak)
Total Profit: $392.19
Property 3
Apt 1 - Chucky: $435
Apt 2 – VACANT
Apt 3 – Rory: $530
Apt 4 - Taniqua and Eugene: $535 ($35 LATE FEE)
Total Rents Received: $1,500
Mortgage: $887
Repair Expenses: $70.60 (Minor renovation materials, paint supplies, mouse bait and Great Stuff)
National Grid: $241.95
Total Profit: $300.45
Property 4
Tenant Latisha: $900
Repair Expenses: $0
Total Profit: $900
Lawnmowing Service: $130
Net Real Estate Profit for June 2017: $1,885.06
JULY
Property X
Apt 1- Black Family: $700
Apt 2 - Black Couple: $500
Total Rents Received: $1200
Repair Costs: $120
Water Bill: $136.85
Lawn Mowing: $30
Total Profit for Anita: $913.15
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $833
National Grid: $112.68
Repair Expenses: $106.84 ($11.84 Storm Door Closer + $30 Handyman Scott labor + $65 Fridge repair)
Water Bill: $94.14
Total Profit: $253.34
Property 2
Apt 1 – Gianna: $820 ($70 LATE FEE)
Apt 2 – Edward and Gabby: $750
Total Rents Received: $1,570
Mortgage: $754
Repair Expenses: $119.01 ($117.66 [Porch paint supplies] + $1.35 [30 Day Notice for Gianna])
Water Bill: $136.85
Total Profit: $560.14
Property 3
Apt 1 - Chucky: $435
Apt 2 – VACANT
Apt 3 – Rory: $530
Apt 4 - Taniqua and Eugene: $570 ($70 LATE FEE)
Total Rents Received: $1,535
Mortgage: $887
Repair Expenses: $2,161.09
National Grid: $179.96
Water Bill: $180.76
Total Profit: -$1,873.81
Property 4
Tenant Latisha: $900
Repair Expenses: $80.63 ($20.39 Kitchen Sink strainers + $10.24 Animal Mesh + $50 Labor Fee)
Water Bill: $45.81
Total Profit: $773.56
Lawnmowing Service: $170
Net Real Estate Profit for July 2017: -$456.77
I finally tracked all my receipts down and can finally do this post...
Property X
The downstairs family who pay $700 are good people. They always pay on time and Alfonso doesn’t have to hunt them down for payment. The upstairs couple, on the other hand, pay late every month even though they have Public Assistance that pays half of their rent! But the final straw was when the downstairs family started having problems with them. I couldn’t let those late-rent-paying bastards mess with stable on-time payments. So in July I filed for their eviction. It got a bit messy but, in the end, they paid their rent and will get a 30-day notice to be out by the end of August. It was kinda cute how they started a petition to stay in the apartment, getting signatures from people in the neighborhood and all. They even tried to contact me, but I pretended they had the wrong number. As much I can can respect their desire to stay, I can't respect them not being able to make timely payments of just $250 a month. Alfonso should be able to get more than $500 for the one and a half bedroom apartment, which would mean more money for Anita.
Property 1
Ever since Dharma and her family moved in, I had constant issues with the fact that they have a big family that comes by all the time. The amount of traffic that comes in and out of that place makes it difficult for me to get the same type of quiet time like I did with the previous tenant Naresh. The first thing I did was to use the My Fault philosophy. This situation was my fault because I chose to live in the basement to save money. The second thing was to use the Mirror Theory. Throwing them out won’t guarantee that the next tenants will be any better and, other than the traffic, they are great tenants. For months I had been complaining and angry, but the Mirror Theory doesn’t allow complaining… just problem solving. I looked at the situation and realized the best solution was to hold a meeting with them, the former tenant Naresh who recommended them, and myself. I told them that the rent is $525 because that apartment is a special situation with me living downstairs. I told them that they aren’t doing anything wrong, but there needs to be less traffic in the house. I told them that I like them as much as I liked Naresh and believed we could work things out based on my new schedule. I told them from 9:30am to noon I'm trading, and I go to sleep at around 10pm. And since then, it's been wonderfully peaceful. I get my quiet mornings and nights, while they get the weekends to bring their family over while I'm at work. Lovely!
Property 2
Gianna had to go. I could probably forgive the late rent payments, but she was just so fucking annoying. The new $1500 rental income gets destroyed every month with her consistent complaining about little things. I also hated that she was one of those people that got comfortable with paying rent late. Even when I added an extra $35 to the late fee if it goes past the 15th, and she STILL paid late. I had a plan when I moved her in. I was tired of spending my money on repairs, so I moved in a tenant who I knew would only last a few months. I used her money to finish repairs, and now it's time for her to get the fuck out. I gave her a 30 day notice and she should be out by the end of August. Edward and Gabby seem to be working out great, and I'd like the next tenants to be just like them.
Property 3
Obviously, the glaring issue for Property 3 is the vacant apartment. Besides me not giving a fuck, it made things worse when Alfonso got swamped with outside projects and did almost nothing after getting rid of the garbage.The only reason why I lost money in July was that it was the first month that I actually got serious about finishing the vacant apartment. Thankfully, it looks like this will be the last month of vacancy for that place.
Property 4
Latisha is awesome. She's easily one of the best tenants I've ever had, and she restored my faith in having black tenants (just a little). Everything was going great with her until July, when she called me about birds in the wall. I went over to check it out and saw that there was an actual bird's nest INSIDE THE WALL. The mother pecked through the wall so she could make more room for the nest and her babies. So we pushed the nest back inside and covered the hole with plywood. According to animal control, the babies should leave in a few weeks once they have the strength to fly on their own. So I'll give them a little time. But if that mother causes any more damage to that wall, I'll have to call animal control to remove them and seal the outside area that the mother bird came from. I don't care if they're not human, you don't pay rent I'll throw you and your fucking nest out of here.
And that was that. Well, not exactly. Things changed once I applied the Mirror Theory to my rental business. I felt that I should be making more money from these properties as I'm preparing to quit work altogether. The answer was easy to see... charge more money for rent. So I started with Property X, throwing out the couple who always paid late. With the vacant apartment set to be finished in August, I can now test whether Alfonso can get the places rented out for higher prices. If he can do it, then I'll feel comfortable giving another 30 notice to Eugene and Taniqua near the end of August. I'll also increase Rory's rent to $600 from $530. I told him that I may be raising the rent and it'll start in November, and he said he might move out. Wow. I will no longer be landlord to a convicted pedophile, and I'll get more money? What a fucking threat!
For the next few months, I won't be making much with all the people I'm throwing out. Money is gonna be tight but, by November, I should be doing very well. I will have maximized all my rentals and repaired them to the point that renovations between tenancies should cost around $500. That means profits every single month moving forward. Beautiful stuff. It feels good to finally start getting things under control with this whole real estate thing. I may end up making the same as I made last year from the properties... maybe a little less, but I'm setting myself up for an incredible 2018 with renovated apartments and maximized rental income.
P.S.: When writing this post and gathering all the totals, I was surprised that I had averaged over $1,000 a month from April through July. It really seemed as if I had made no money, but I guess I did.
APRIL
Property X
Apt 1- Black Family: $700
Apt 2 - Black Couple: $500
Total Rents Received: $1200
Repair Costs: $120
Total Profit for Anita: $1,080 (paid 1070.84 to Anita for some reason)
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $833
National Grid: $177.40
Repair Expenses: $0
Total Profit: $389.60
Property 2
Apt 1 – Gianna: $785 ($35 LATE FEE)
Apt 2 – Edward and Gabby: $750
Total Rents Received: $1,535
Mortgage: $754
Repair Expenses: $35 (Alfonso Labor for leaking basement pipe)
Total Profit: $746
Property 3
Apt 1 - Chucky: $435
Apt 2 – VACANT
Apt 3 – Rory: $530
Apt 4 - Taniqua and Eugene: $535 ($35 LATE FEE)
Total Rents Received:$1,500
Mortgage: $887
Repair Expenses: $351.18 (Renovation materials)
National Grid: $445.31
Total Profit: -$183.49
Property 4
Tenant Latisha: $900
Repair Expenses: $0
Total Profit: $900
Lawnmowing Service: $130
Net Real Estate Profit for April 2017: $1,852.11
MAY (Water Bills are from April, Paid in May)
Property X
Apt 1- Black Family: $700
Apt 2 - Black Couple: $500
Total Rents Received: $1200
Repair Costs: $120 (Alfonso Maintenance Fee)
Water Bill: 70.23
Lawn Mowing: $30
Total Profit for Anita: $979.77 (I paid Anita $1,009.77... forgot about lawn mowing)
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $833
National Grid: $177.40
Water Bill: $91.64
Repair Expenses: $0
Total Profit: $297.96
Property 2
Apt 1 – Gianna: $785 ($35 LATE FEE)
Apt 2 – Edward and Gabby: $750
Total Rents Received: $1,535
Mortgage: $754
Repair Expenses: $0
Water Bill: 127.05
Total Profit: $653.95
Property 3
Apt 1 - Chucky: $435
Apt 2 – VACANT
Apt 3 – Rory: $530
Apt 4 - Taniqua and Eugene: $535 ($35 LATE FEE)
Total Rents Received:
Mortgage: $887
National Grid: $440.55
Repair Expenses: $595.55 (Dump Labor and Fees [$500], inflatable mattress, caulk)
Water Bill: $207.90
Total Profit: -$631
Property 4
Tenant Latisha: $900
Repair Expenses: $0
Water Bill: $45.81
Total Profit: $854.19
Lawnmowing Service: $130
Net Real Estate Profit for May 2017: $1,045.10
JUNE
Property X
Apt 1- Black Family: $700
Apt 2 - Black Couple: $500
Total Rents Received: $1200
Repair Costs: $420 ($1200 - $220 [lawyer fee] - $120 [Alfonso maintenance] - $80 [eviction filing] )
Lawn Mowing: $60 (May's Fee included)
Total Profit for Anita: $720
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $833
National Grid: $144.58
Repair Expenses: $0
Total Profit: $422.42
Property 2
Apt 1 – Gianna: $750
Apt 2 – Edward and Gabby: $750
Total Rents Received: $1,500
Mortgage: $754
Repair Expenses: $353.81 (mouse treatment, metal trash can, labor to fix upstairs door and toilet leak)
Total Profit: $392.19
Property 3
Apt 1 - Chucky: $435
Apt 2 – VACANT
Apt 3 – Rory: $530
Apt 4 - Taniqua and Eugene: $535 ($35 LATE FEE)
Total Rents Received: $1,500
Mortgage: $887
Repair Expenses: $70.60 (Minor renovation materials, paint supplies, mouse bait and Great Stuff)
National Grid: $241.95
Total Profit: $300.45
Property 4
Tenant Latisha: $900
Repair Expenses: $0
Total Profit: $900
Lawnmowing Service: $130
Net Real Estate Profit for June 2017: $1,885.06
JULY
Property X
Apt 1- Black Family: $700
Apt 2 - Black Couple: $500
Total Rents Received: $1200
Repair Costs: $120
Water Bill: $136.85
Lawn Mowing: $30
Total Profit for Anita: $913.15
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $833
National Grid: $112.68
Repair Expenses: $106.84 ($11.84 Storm Door Closer + $30 Handyman Scott labor + $65 Fridge repair)
Water Bill: $94.14
Total Profit: $253.34
Property 2
Apt 1 – Gianna: $820 ($70 LATE FEE)
Apt 2 – Edward and Gabby: $750
Total Rents Received: $1,570
Mortgage: $754
Repair Expenses: $119.01 ($117.66 [Porch paint supplies] + $1.35 [30 Day Notice for Gianna])
Water Bill: $136.85
Total Profit: $560.14
Property 3
Apt 1 - Chucky: $435
Apt 2 – VACANT
Apt 3 – Rory: $530
Apt 4 - Taniqua and Eugene: $570 ($70 LATE FEE)
Total Rents Received: $1,535
Mortgage: $887
Repair Expenses: $2,161.09
National Grid: $179.96
Water Bill: $180.76
Total Profit: -$1,873.81
Property 4
Tenant Latisha: $900
Repair Expenses: $80.63 ($20.39 Kitchen Sink strainers + $10.24 Animal Mesh + $50 Labor Fee)
Water Bill: $45.81
Total Profit: $773.56
Lawnmowing Service: $170
Net Real Estate Profit for July 2017: -$456.77
I finally tracked all my receipts down and can finally do this post...
Property X
The downstairs family who pay $700 are good people. They always pay on time and Alfonso doesn’t have to hunt them down for payment. The upstairs couple, on the other hand, pay late every month even though they have Public Assistance that pays half of their rent! But the final straw was when the downstairs family started having problems with them. I couldn’t let those late-rent-paying bastards mess with stable on-time payments. So in July I filed for their eviction. It got a bit messy but, in the end, they paid their rent and will get a 30-day notice to be out by the end of August. It was kinda cute how they started a petition to stay in the apartment, getting signatures from people in the neighborhood and all. They even tried to contact me, but I pretended they had the wrong number. As much I can can respect their desire to stay, I can't respect them not being able to make timely payments of just $250 a month. Alfonso should be able to get more than $500 for the one and a half bedroom apartment, which would mean more money for Anita.
Property 1
Ever since Dharma and her family moved in, I had constant issues with the fact that they have a big family that comes by all the time. The amount of traffic that comes in and out of that place makes it difficult for me to get the same type of quiet time like I did with the previous tenant Naresh. The first thing I did was to use the My Fault philosophy. This situation was my fault because I chose to live in the basement to save money. The second thing was to use the Mirror Theory. Throwing them out won’t guarantee that the next tenants will be any better and, other than the traffic, they are great tenants. For months I had been complaining and angry, but the Mirror Theory doesn’t allow complaining… just problem solving. I looked at the situation and realized the best solution was to hold a meeting with them, the former tenant Naresh who recommended them, and myself. I told them that the rent is $525 because that apartment is a special situation with me living downstairs. I told them that they aren’t doing anything wrong, but there needs to be less traffic in the house. I told them that I like them as much as I liked Naresh and believed we could work things out based on my new schedule. I told them from 9:30am to noon I'm trading, and I go to sleep at around 10pm. And since then, it's been wonderfully peaceful. I get my quiet mornings and nights, while they get the weekends to bring their family over while I'm at work. Lovely!
Property 2
Gianna had to go. I could probably forgive the late rent payments, but she was just so fucking annoying. The new $1500 rental income gets destroyed every month with her consistent complaining about little things. I also hated that she was one of those people that got comfortable with paying rent late. Even when I added an extra $35 to the late fee if it goes past the 15th, and she STILL paid late. I had a plan when I moved her in. I was tired of spending my money on repairs, so I moved in a tenant who I knew would only last a few months. I used her money to finish repairs, and now it's time for her to get the fuck out. I gave her a 30 day notice and she should be out by the end of August. Edward and Gabby seem to be working out great, and I'd like the next tenants to be just like them.
Property 3
Obviously, the glaring issue for Property 3 is the vacant apartment. Besides me not giving a fuck, it made things worse when Alfonso got swamped with outside projects and did almost nothing after getting rid of the garbage.The only reason why I lost money in July was that it was the first month that I actually got serious about finishing the vacant apartment. Thankfully, it looks like this will be the last month of vacancy for that place.
Property 4
Latisha is awesome. She's easily one of the best tenants I've ever had, and she restored my faith in having black tenants (just a little). Everything was going great with her until July, when she called me about birds in the wall. I went over to check it out and saw that there was an actual bird's nest INSIDE THE WALL. The mother pecked through the wall so she could make more room for the nest and her babies. So we pushed the nest back inside and covered the hole with plywood. According to animal control, the babies should leave in a few weeks once they have the strength to fly on their own. So I'll give them a little time. But if that mother causes any more damage to that wall, I'll have to call animal control to remove them and seal the outside area that the mother bird came from. I don't care if they're not human, you don't pay rent I'll throw you and your fucking nest out of here.
And that was that. Well, not exactly. Things changed once I applied the Mirror Theory to my rental business. I felt that I should be making more money from these properties as I'm preparing to quit work altogether. The answer was easy to see... charge more money for rent. So I started with Property X, throwing out the couple who always paid late. With the vacant apartment set to be finished in August, I can now test whether Alfonso can get the places rented out for higher prices. If he can do it, then I'll feel comfortable giving another 30 notice to Eugene and Taniqua near the end of August. I'll also increase Rory's rent to $600 from $530. I told him that I may be raising the rent and it'll start in November, and he said he might move out. Wow. I will no longer be landlord to a convicted pedophile, and I'll get more money? What a fucking threat!
For the next few months, I won't be making much with all the people I'm throwing out. Money is gonna be tight but, by November, I should be doing very well. I will have maximized all my rentals and repaired them to the point that renovations between tenancies should cost around $500. That means profits every single month moving forward. Beautiful stuff. It feels good to finally start getting things under control with this whole real estate thing. I may end up making the same as I made last year from the properties... maybe a little less, but I'm setting myself up for an incredible 2018 with renovated apartments and maximized rental income.
P.S.: When writing this post and gathering all the totals, I was surprised that I had averaged over $1,000 a month from April through July. It really seemed as if I had made no money, but I guess I did.
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