Property X
Apt 1- Black Family: $700
Apt 2 – NEW TENANT - Consuela: $600
Total Rents Received: $1300
Repair Costs: $1078.17 (Water Heater, Upstairs apartment renovation, $70 Maintenance Fee)
Remaining Taxes Paid: $290.88
Lawnmowing Fee: $15
Total Profit for Anita: -$99.05 (Will be deducted from October’s Profits)
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $833
National Grid: $113.37
Repair Expenses: $0
Total Profit: $453.63
Property 2
Apt 1 – NEW TENANT- Nicholas II: $1500
Apt 2 – Edward and Gabby: $750
Total Rents Received: $2,250
Mortgage: $754
Repair Expenses: $364.73
Total Profit: $1,131.27
Property 3
Apt 1 - Chucky: $435
Apt 2 – NEW TENANT- Toby: $1310 ($650 sec dep + $660 October Rent)
Apt 3 – Rory: $530
Apt 4 - Taniqua and Eugene: $570 ($70 LATE FEE)
Total Rents Received: $2,845
Mortgage: $887
Repair Expenses: $298.83 (Mailbox, electric work, keys, $160 for Alfonso)
National Grid: $185.46
Total Profit: $1,483.71
Property 4
Tenant Latisha: $900
Repair Expenses: $39.29 (Patch and paint hole)
Taxes: $1440
Total Profit: -$579.29
Lawnmowing Fee: $75
Total Application Fees Collected: $210
Net Real Estate Profit for September 2017: $2,624.32
Profit. Sweet profit.
Property X
I made a deal with Handyman Alfonso. If he got the vacant apartments of Properties X and 3 for a higher rent, I would give him half the security deposit plus the increase from the previous rent. So he would get $400 ($300 half security deposit + $100 increase in rent from last tenant) if he got the apartment at Property X rented out for $600. After a few losers, he found a decent tenant who actually worked, and I approved the application. When she came in, she only had $1100 and Alfonso agreed to accept her anyway. I’ve learned the hard way that people who don’t have the full amount at signing never work out, but Property X is his management. So I just took my mom’s cut and left him to get the rest from Consuela.
We also had to replace the water heater for the downstairs apartment, which really pissed me off since it was relatively new. If I had kept the warranty I probably could have had it fixed/replaced for free, but no such luck. So this time I made sure to take a picture of the water heater warranty so that I don’t have to pay for a new one when it inevitably breaks down. That’s what I’m doing for all the big appliances I buy from now on. The pictures go into the appropriate property’s file folder and then I won’t have to worry about that shit anymore.
Property 1
Other than the tree getting cleaned up and the fenced getting fixed, Property 1 was nice and boring. Boring means no issues, and that means more profit. I like boring.
Peripherally, however, I discovered something about the former tenant Naresh. In the month of September, I had 3 vacant apartments and told Naresh about all of them. In all three cases, he couldn’t get a tenant. He had a bunch of bullshit excuses, but he’s not the immigrant connection I thought he was. I’ll need to find my own way to get into the immigrant community because Naresh ain’t shit. And the people he does have contact with are some cheap (and therefore worthless) motherfuckers.
Property 2
Since I had to do a lot of painting in September, I wanted good quality paint that I could use to do the jobs as quickly as possible. Alfonso recommended a local paint store, where I was to ask for a five gallon bucket of contractor-grade white paint. The PPG Speedhide brand was what they gave me and it was awesome. It was so thick that I only had to do one coat, having enough for both vacant apartments. And the price of $99.50 for 5 gallons was crazy, especially considering I'd have to pay almost twice as much for the same quality from more well known brands like Olympic and Valspar. Alfonso has been using this stuff for over 25 years, and I can see why. This will be the only white interior paint I’ll ever use. Period.
Renting out Gianna’s old apartment was actually kinda fun. It started out with two applications: one was a single woman who worked two jobs and made 84K a year, and a single guy with a kid who could barely afford the apartment. Obviously the 84K girl was the frontrunner, and I wasn’t getting any other serious offers. On the day I was to tell her that she got the apartment, three applicants came out of nowhere and applied for the apartment. One of them was a Nepali family. As soon as I saw them, my eyes lit up. Nepalis?! Interested in an apartment with a high rent?! It turned out that their mother-in-law lived close by, so it would be ideal for them as they both work. I needed another day to process their application, so I told the 84K woman that the approval would take another day since it’s between her and someone else. I woke up the next morning to a text from her, stating that she got approved for another apartment and has to take it. I didn’t really care at the time because I had my Nepali applicants, and couldn’t wait to get them approved.
I called their landlord expecting to hear glowing reviews, like I would have for my Nepalis. Unfortunately, he stated that they paid late all the time, and that he had to have the place treated for bedbugs TWICE! Ugh! And I knew he was telling the truth because they wanted to move in on a fucking payment plan! So I had to eliminate them and, having already lost the 84K woman, my options sucked. Only one person actually had the money to move in, so I approved the single guy with a kid… Nicholas II. I have no idea how long his tenancy will last, but I’m hoping he'll be there at least through the winter.
Property 3
After months of vacancy, I got the apartment rented out. Let me emphasize a word in that last statement: I got the apartment rented out… not Alfonso. I made the same deal with him that I did for Property X, but the only applicants he brought to me were dudes fresh out of prison and welfare bums. Someone emailed me about making an appointment to see the place and Alfonso was busy, so I decided to show the place myself. The guy, Toby, showed up with his dog and I realized that Toby was a homo. He had just moved back to Smalltown from a different state, having only $7,000 and proof that he’s looking for work in his favor. But for me, having a second chance with a gay tenant brought it all together and he was approved the next day. I went over to his place to sign the lease, and his place was immaculate. And I mean clean as fuck! I have very high hopes for his tenancy, especially since he's already started a new job. And, if he has ANY problems with Rory, I'll be more than happy to throw Rory out... even if he's not at fault.
Apt 1- Black Family: $700
Apt 2 – NEW TENANT - Consuela: $600
Total Rents Received: $1300
Repair Costs: $1078.17 (Water Heater, Upstairs apartment renovation, $70 Maintenance Fee)
Remaining Taxes Paid: $290.88
Lawnmowing Fee: $15
Total Profit for Anita: -$99.05 (Will be deducted from October’s Profits)
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $833
National Grid: $113.37
Repair Expenses: $0
Total Profit: $453.63
Property 2
Apt 1 – NEW TENANT- Nicholas II: $1500
Apt 2 – Edward and Gabby: $750
Total Rents Received: $2,250
Mortgage: $754
Repair Expenses: $364.73
Total Profit: $1,131.27
Property 3
Apt 1 - Chucky: $435
Apt 2 – NEW TENANT- Toby: $1310 ($650 sec dep + $660 October Rent)
Apt 3 – Rory: $530
Apt 4 - Taniqua and Eugene: $570 ($70 LATE FEE)
Total Rents Received: $2,845
Mortgage: $887
Repair Expenses: $298.83 (Mailbox, electric work, keys, $160 for Alfonso)
National Grid: $185.46
Total Profit: $1,483.71
Property 4
Tenant Latisha: $900
Repair Expenses: $39.29 (Patch and paint hole)
Taxes: $1440
Total Profit: -$579.29
Lawnmowing Fee: $75
Total Application Fees Collected: $210
Net Real Estate Profit for September 2017: $2,624.32
Profit. Sweet profit.
Property X
I made a deal with Handyman Alfonso. If he got the vacant apartments of Properties X and 3 for a higher rent, I would give him half the security deposit plus the increase from the previous rent. So he would get $400 ($300 half security deposit + $100 increase in rent from last tenant) if he got the apartment at Property X rented out for $600. After a few losers, he found a decent tenant who actually worked, and I approved the application. When she came in, she only had $1100 and Alfonso agreed to accept her anyway. I’ve learned the hard way that people who don’t have the full amount at signing never work out, but Property X is his management. So I just took my mom’s cut and left him to get the rest from Consuela.
We also had to replace the water heater for the downstairs apartment, which really pissed me off since it was relatively new. If I had kept the warranty I probably could have had it fixed/replaced for free, but no such luck. So this time I made sure to take a picture of the water heater warranty so that I don’t have to pay for a new one when it inevitably breaks down. That’s what I’m doing for all the big appliances I buy from now on. The pictures go into the appropriate property’s file folder and then I won’t have to worry about that shit anymore.
Property 1
 |
| No more fallen tree! The company that manages the next door vacant house actually removed the tree and fixed the fence. Finally, someone does their job and I don't have to clean up after someone else's mess. |
Other than the tree getting cleaned up and the fenced getting fixed, Property 1 was nice and boring. Boring means no issues, and that means more profit. I like boring.
Peripherally, however, I discovered something about the former tenant Naresh. In the month of September, I had 3 vacant apartments and told Naresh about all of them. In all three cases, he couldn’t get a tenant. He had a bunch of bullshit excuses, but he’s not the immigrant connection I thought he was. I’ll need to find my own way to get into the immigrant community because Naresh ain’t shit. And the people he does have contact with are some cheap (and therefore worthless) motherfuckers.
Property 2
 |
| This is PPG's contractor grade Speedhide Interior Enamel Eggshell white paint. |
Since I had to do a lot of painting in September, I wanted good quality paint that I could use to do the jobs as quickly as possible. Alfonso recommended a local paint store, where I was to ask for a five gallon bucket of contractor-grade white paint. The PPG Speedhide brand was what they gave me and it was awesome. It was so thick that I only had to do one coat, having enough for both vacant apartments. And the price of $99.50 for 5 gallons was crazy, especially considering I'd have to pay almost twice as much for the same quality from more well known brands like Olympic and Valspar. Alfonso has been using this stuff for over 25 years, and I can see why. This will be the only white interior paint I’ll ever use. Period.
Renting out Gianna’s old apartment was actually kinda fun. It started out with two applications: one was a single woman who worked two jobs and made 84K a year, and a single guy with a kid who could barely afford the apartment. Obviously the 84K girl was the frontrunner, and I wasn’t getting any other serious offers. On the day I was to tell her that she got the apartment, three applicants came out of nowhere and applied for the apartment. One of them was a Nepali family. As soon as I saw them, my eyes lit up. Nepalis?! Interested in an apartment with a high rent?! It turned out that their mother-in-law lived close by, so it would be ideal for them as they both work. I needed another day to process their application, so I told the 84K woman that the approval would take another day since it’s between her and someone else. I woke up the next morning to a text from her, stating that she got approved for another apartment and has to take it. I didn’t really care at the time because I had my Nepali applicants, and couldn’t wait to get them approved.
I called their landlord expecting to hear glowing reviews, like I would have for my Nepalis. Unfortunately, he stated that they paid late all the time, and that he had to have the place treated for bedbugs TWICE! Ugh! And I knew he was telling the truth because they wanted to move in on a fucking payment plan! So I had to eliminate them and, having already lost the 84K woman, my options sucked. Only one person actually had the money to move in, so I approved the single guy with a kid… Nicholas II. I have no idea how long his tenancy will last, but I’m hoping he'll be there at least through the winter.
Property 3
After months of vacancy, I got the apartment rented out. Let me emphasize a word in that last statement: I got the apartment rented out… not Alfonso. I made the same deal with him that I did for Property X, but the only applicants he brought to me were dudes fresh out of prison and welfare bums. Someone emailed me about making an appointment to see the place and Alfonso was busy, so I decided to show the place myself. The guy, Toby, showed up with his dog and I realized that Toby was a homo. He had just moved back to Smalltown from a different state, having only $7,000 and proof that he’s looking for work in his favor. But for me, having a second chance with a gay tenant brought it all together and he was approved the next day. I went over to his place to sign the lease, and his place was immaculate. And I mean clean as fuck! I have very high hopes for his tenancy, especially since he's already started a new job. And, if he has ANY problems with Rory, I'll be more than happy to throw Rory out... even if he's not at fault.
Once again, Eugene and Taniqua waited until the very last day to pay rent. With the November rent hike on the horizon, I don't hold out much hope of them paying on time in November. That would suck because I really do like their black asses, but I care about money too much to go another year with late payments EVERY MONTH. Three years is enough, I think.
Property 4
The squirrels are gone, the hole has been patched and painted, and the $1400+ tax bill has been paid. Hopefully this place goes back to tranquility and my favorite tenant can get back to normal living.
I’m very proud of myself. I did the painting at two of the vacant apartments, then got all three rented out in 30 days. Real estate is definitely my thing. But even though I’m back to 100% occupancy, I’ll have to wait til November to really get that money. October should have low profits since two of my tenants are new and have already paid in September. As long as there aren’t big repair costs, I’m fine with any profit after two months of losses.
P.S.: I want to talk about what happened at Property 2, but I think that needs a post of its own. Maybe this weekend...
Property 4
The squirrels are gone, the hole has been patched and painted, and the $1400+ tax bill has been paid. Hopefully this place goes back to tranquility and my favorite tenant can get back to normal living.
I’m very proud of myself. I did the painting at two of the vacant apartments, then got all three rented out in 30 days. Real estate is definitely my thing. But even though I’m back to 100% occupancy, I’ll have to wait til November to really get that money. October should have low profits since two of my tenants are new and have already paid in September. As long as there aren’t big repair costs, I’m fine with any profit after two months of losses.
P.S.: I want to talk about what happened at Property 2, but I think that needs a post of its own. Maybe this weekend...
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