Property X
Apt 1- Black Family: $700
Apt 2 – Consuela: $600
Total Rents Received: $1,300
Property Expenses: $210 (Alfonso Fee + Bush Removal + Lawn Mowing)
Total Profit for Anita: $1,090 [2017: $550]
Once again, this place has proven to be a good money maker for Anita. It really gives me the inspiration to pay off Property 3 so that I can enjoy higher income for relatively little work. I still have to get Alfonso to replace the windows that Anita wanted done, but he'll be pretty busy for the next couple of months so that may not happen until after the winter.
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1,400
Mortgage: $840
National Grid: $136.40 [2017: $122.02]
Property Expenses: $232.20 (Pest control - Roaches)
Total Profit: $191.40 [2017: $333.79]
While on vacation in Brooklyn, I get a text from Sebastian stating that he's spotted roaches in his kitchen. The roaches started popping up soon after I left for vacation, which means those moron Nepalis decided to have dirty people over since they knew I was gone. That made me miserable. Even though I didn't find any roaches in my basement apartment, the thought of roaches in any of my properties makes me sick. So I paid those pest control people to do both apartments, and they basically said that the roaches were coming from the food that the Nepalis bring in. They shop at those immigrant stores that carry roach eggs and that's most likely the culprit. I seriously can't wait for them to leave at the end of October. Sebastian called me a couple weeks later to say that the roaches were still there, so I called the pest people gaian to do a better treatment that's covered under the 4-month warranty. Once they leave, I plan to do a final treatment before I move someone else in. And there's a very good chance that the next tenants will NOT be immigrants. The only way I see myself renting to immigrants again is if I buy a property in a crappy neighborhood where I can only get immigrants. Low taxes and median rents should leave enough profit to spend around $400 a year on roach treatments.
I also went over to the tax assessment department to find out why Property 1's taxes are so high. It turns out that the sidewalk they did back in 2009 is in its final year of payments. I can pay the remaining $540 off before the next tax assessment in July of 2019. With higher rents coming from the downstairs apartment and lower property taxes overall, Property 1 might actually turn out to make as much per month as Property 2.
Property 2
Apt 1 – Andy and Kia: $0 (paid in July)
Apt 2 - Edward and Gabby: $750
Total Received: $750
Mortgage: $754
Property Expenses: $0
Total Profit: -$4 [2017: -$2]
On August 31st, Andy said that he and Kia are moving out at the end of September. Kia wants to be closer to family so they're taking advantage of my month-to-month lease policy. I originally signed people to month-to-month leases so that I can get rid of bad tenants easier. No matter what a bad tenant can say in court, the judge will only ask why the fuck they are still there after the lease is over and rule in my favor. But having good tenants leave so quickly is a real pain in the ass, so from now on I'm signing new tenants to six-month leases. That gives a decent amount of profit and, if they turn out to be bad tenants, I won't have to wait a year to assuredly throw them out.
Property 3
Apt 1 – Danny and Maria: $0 (paid in July)
Apt 2 – Emily: $670
Apt 3 – Rory: $585
Apt 4 – Josh: $175 ($485 returned security deposit)
Total Rents Received: $1,430
Mortgage: $882
Property Expenses: $243 (Pest control - Mice)
National Grid: $211.36 [2017: $199.11]
Total Profit: $93.64 [2017: -$2,595.19]
Josh left the apartment in almost the same condition it was in when he moved in. The kitchen still looks like crap, so I'm having Alfonso do the kitchen cabinets and then I'll try to get it rented out. Since he'll be quite busy with Property 5, I may have to wait until October to get the place rented. There was mouse problem in Apartment 1, but Danny and Mara were cool about it as I got the pest control people to come in and do their thing. I really have to remember to cover their foam fill-ins with hard cement. Mice eat through the foam in a matter of months and I have to end up calling those overpriced pest control over and over again.
Property 4
Tenant Latisha: $900
Mortgage: $608
Property Expenses: $0
Total Profit: $292 [2017: $666.02]
Nothing new. Stable rent from a stable tenant. I'm somewhat considering raising the rent to $950, but not right now. Should Latisha move out for any reason, I'm definitely gonna try and get it to $950. I'm not gonna risk losing an awesome tenant like Latisha over $50.
Property 5
Apt 1 – VACANT
Apt 2 – Rich: $400
Apt 3 – VACANT
Apt 4 – Tom: $500 (MOVED OUT)
Total Rents Received: $900
Mortgage: $1,048
Property Expenses: $206.97 (Eviction fee + Lawyer Fee)
Total Profit: -$354.97
That idiot Tom texted me a day before the court date to ask if there's anything he can do to avoid the eviction, saying that he's wiling to stick to the original deal of paying $500 and leaving at the end of the month. And that's exactly what happened. When I met up with him at the end of the month to get the keys, I was expecting him to be a real asshole. But he was really nice about it and had his ex-wife helping him move out. Once he left, Alfonso and I inspected the place and realized something. Tom's apartment won't need too much work because his massive amount of junk left the place in very good condition, especially the floor.
Ras also moved out in the same way. He left the place in good condition and even saved a check that was sent for me and gave it to me when we met to exchange keys.
Destiny was the only asshole, who broke the downstairs window as she left. But whatever. The apartments are finally empty and I can get started on a renovation that I've been waiting to do since June.
Lawnmowing Services: $160
Net Real Estate Profit for August 2018: $58.07 [2017: -$1,747.38]
Not a bad month and I actually had a profit, but September is where I start losing real money. Once Alfonso is done with the framing of the attic apartment, I have to get the electricians and Gonzalez to do the electric work and the HVAC respectively. If everyone can get their jobs done in September, that will give me time to get Alfonso to work on Property 3's vacant apartment. With not much work needed in Ras' and Tom's apartments, I may give the work to someone other than Alfonso. I hate doing the handyman interviews that lead to no-shows and high estimates, but I really need to have options other than Alfonso. The work in those apartments is relatively easy, so I shouldn't have to pay too much in labor. I'm not expecting to get any of the apartments rented out in September, so I expect the losses to be heavy. But the reward will be more than worth it... I hope.
P.S.: I know I suck at posting these reports on time (should have been posted on September 1st), but... hmm, I was gonna make an excuse but the truth is that I was being lazy. September's report should be much closer to October 1st as I begin to gear up for the next couple of incredibly hectic months.
Apt 1- Black Family: $700
Apt 2 – Consuela: $600
Total Rents Received: $1,300
Property Expenses: $210 (Alfonso Fee + Bush Removal + Lawn Mowing)
Total Profit for Anita: $1,090 [2017: $550]
Once again, this place has proven to be a good money maker for Anita. It really gives me the inspiration to pay off Property 3 so that I can enjoy higher income for relatively little work. I still have to get Alfonso to replace the windows that Anita wanted done, but he'll be pretty busy for the next couple of months so that may not happen until after the winter.
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1,400
Mortgage: $840
National Grid: $136.40 [2017: $122.02]
Property Expenses: $232.20 (Pest control - Roaches)
Total Profit: $191.40 [2017: $333.79]
While on vacation in Brooklyn, I get a text from Sebastian stating that he's spotted roaches in his kitchen. The roaches started popping up soon after I left for vacation, which means those moron Nepalis decided to have dirty people over since they knew I was gone. That made me miserable. Even though I didn't find any roaches in my basement apartment, the thought of roaches in any of my properties makes me sick. So I paid those pest control people to do both apartments, and they basically said that the roaches were coming from the food that the Nepalis bring in. They shop at those immigrant stores that carry roach eggs and that's most likely the culprit. I seriously can't wait for them to leave at the end of October. Sebastian called me a couple weeks later to say that the roaches were still there, so I called the pest people gaian to do a better treatment that's covered under the 4-month warranty. Once they leave, I plan to do a final treatment before I move someone else in. And there's a very good chance that the next tenants will NOT be immigrants. The only way I see myself renting to immigrants again is if I buy a property in a crappy neighborhood where I can only get immigrants. Low taxes and median rents should leave enough profit to spend around $400 a year on roach treatments.
I also went over to the tax assessment department to find out why Property 1's taxes are so high. It turns out that the sidewalk they did back in 2009 is in its final year of payments. I can pay the remaining $540 off before the next tax assessment in July of 2019. With higher rents coming from the downstairs apartment and lower property taxes overall, Property 1 might actually turn out to make as much per month as Property 2.
Property 2
Apt 1 – Andy and Kia: $0 (paid in July)
Apt 2 - Edward and Gabby: $750
Total Received: $750
Mortgage: $754
Property Expenses: $0
Total Profit: -$4 [2017: -$2]
On August 31st, Andy said that he and Kia are moving out at the end of September. Kia wants to be closer to family so they're taking advantage of my month-to-month lease policy. I originally signed people to month-to-month leases so that I can get rid of bad tenants easier. No matter what a bad tenant can say in court, the judge will only ask why the fuck they are still there after the lease is over and rule in my favor. But having good tenants leave so quickly is a real pain in the ass, so from now on I'm signing new tenants to six-month leases. That gives a decent amount of profit and, if they turn out to be bad tenants, I won't have to wait a year to assuredly throw them out.
Property 3
Apt 1 – Danny and Maria: $0 (paid in July)
Apt 2 – Emily: $670
Apt 3 – Rory: $585
Apt 4 – Josh: $175 ($485 returned security deposit)
Total Rents Received: $1,430
Mortgage: $882
Property Expenses: $243 (Pest control - Mice)
National Grid: $211.36 [2017: $199.11]
Total Profit: $93.64 [2017: -$2,595.19]
Josh left the apartment in almost the same condition it was in when he moved in. The kitchen still looks like crap, so I'm having Alfonso do the kitchen cabinets and then I'll try to get it rented out. Since he'll be quite busy with Property 5, I may have to wait until October to get the place rented. There was mouse problem in Apartment 1, but Danny and Mara were cool about it as I got the pest control people to come in and do their thing. I really have to remember to cover their foam fill-ins with hard cement. Mice eat through the foam in a matter of months and I have to end up calling those overpriced pest control over and over again.
Property 4
Tenant Latisha: $900
Mortgage: $608
Property Expenses: $0
Total Profit: $292 [2017: $666.02]
Nothing new. Stable rent from a stable tenant. I'm somewhat considering raising the rent to $950, but not right now. Should Latisha move out for any reason, I'm definitely gonna try and get it to $950. I'm not gonna risk losing an awesome tenant like Latisha over $50.
Property 5
Apt 1 – VACANT
Apt 2 – Rich: $400
Apt 3 – VACANT
Apt 4 – Tom: $500 (MOVED OUT)
Total Rents Received: $900
Mortgage: $1,048
Property Expenses: $206.97 (Eviction fee + Lawyer Fee)
Total Profit: -$354.97
That idiot Tom texted me a day before the court date to ask if there's anything he can do to avoid the eviction, saying that he's wiling to stick to the original deal of paying $500 and leaving at the end of the month. And that's exactly what happened. When I met up with him at the end of the month to get the keys, I was expecting him to be a real asshole. But he was really nice about it and had his ex-wife helping him move out. Once he left, Alfonso and I inspected the place and realized something. Tom's apartment won't need too much work because his massive amount of junk left the place in very good condition, especially the floor.
 |
| Underneath Tom's dirty carpet was a sweet surprise: original hardwood flooring in excellent condition! I'll never understand why people cover up beautiful hardwood floors with carpet. |
Ras also moved out in the same way. He left the place in good condition and even saved a check that was sent for me and gave it to me when we met to exchange keys.
 |
| I thought I would have to spend a ton of money on kitchens, but the one in Ras' apartment is near perfect. |
Destiny was the only asshole, who broke the downstairs window as she left. But whatever. The apartments are finally empty and I can get started on a renovation that I've been waiting to do since June.
Lawnmowing Services: $160
Net Real Estate Profit for August 2018: $58.07 [2017: -$1,747.38]
Not a bad month and I actually had a profit, but September is where I start losing real money. Once Alfonso is done with the framing of the attic apartment, I have to get the electricians and Gonzalez to do the electric work and the HVAC respectively. If everyone can get their jobs done in September, that will give me time to get Alfonso to work on Property 3's vacant apartment. With not much work needed in Ras' and Tom's apartments, I may give the work to someone other than Alfonso. I hate doing the handyman interviews that lead to no-shows and high estimates, but I really need to have options other than Alfonso. The work in those apartments is relatively easy, so I shouldn't have to pay too much in labor. I'm not expecting to get any of the apartments rented out in September, so I expect the losses to be heavy. But the reward will be more than worth it... I hope.
P.S.: I know I suck at posting these reports on time (should have been posted on September 1st), but... hmm, I was gonna make an excuse but the truth is that I was being lazy. September's report should be much closer to October 1st as I begin to gear up for the next couple of incredibly hectic months.
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