Property X
Apt 1- Black Family: $700
Apt 2 – Consuela: $600
Total Rents Received: $1,300
Property Expenses: $180 (Maintenance + Lawn Care)
Total Profit for Anita: $1,120 [2017: -$99.05]
It's nice to see that at least one of the properties I manage doesn't give me problems, even if it's not my own. Anita is really making good money with this place and, with the taxes paid until next year, the last months of this year should be very good for her.
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Sebastian: $875
Total Rents Received: $1,400
Mortgage: $840
National Grid: $107.70 [2017: $113.37]
Property Expenses: $0
Total Profit: $452.30 [2017: $453.63]
Naresh tried one last time to get the Nepalis to stay in the apartment by telling me that they are in the process of getting their citizenship and prefer to stay until the end of the year with higher rent. I would have been okay with that if it weren't for the roach incident. I went upstairs to check out the roach problem in Sebastian's apartment, and his kitchen had a disgusting amount of roaches that made their way upstairs for the Nepali apartment. I simply cannot risk losing a 5 year tenant who's willing to pay $875 to stay in a 3 bedroom apartment by himself. That takes a ton of stress off of me, as an upstairs 3-bedroom apartment usually attracts families with kids, making it very difficult to rent out the downstairs apartment. So the Nepalis will be gone by the end of October. My hope is to get the place rented out for at least $725.
Property 2
Apt 1 – Andy and Kia: $750
Apt 2 - Edward and Gabby: $750
Total Received: $1,500
Mortgage: $754
Property Expenses: $0
Total Profit: $746 [2017: $1,131.27]
I finally found out why the downstairs bathroom ceiling leaks sometimes. Whenever Gabby takes a bath in the upstairs apartment, the water reaches the overflow drain and there's a defect somewhere in the overflow plate. So I bought something for the overflow plate that should fix the problem. Andy and Kia decided to stay until the end of October, so I'll make sure the leak is fixed before I move anyone in. Seriously, that's the only problem Property 2 has. I must say that I'm proud of myself though. Alfonso couldn't figure out the downstairs leak but I was able to. Maybe all this real estate stuff is helping me diagnose problems to the point that I won't need help troubleshooting. Wouldn't that be nice?
Property 3
Apt 1 – Danny and Maria: $700
Apt 2 – Emily: $670
Apt 3 – Rory: $585
Apt 4 – VACANT
Total Rents Received: $1,955
Mortgage: $882
Property Expenses: $1,239.43
National Grid: $238.51 [2017: $185.46]
Total Profit: -$404.94 [2017: $1,483.71]
With Josh gone, I decided to finally remodel the sink area of that bad looking kitchen.
I probably could have gotten away with just cleaning the place and putting it up for rent, but with all the money I'm losing with Property 5, I figure I should get it over with now. Hopefully I can get the place rented out in October because I can definitely use the money.
Property 4
Tenant Latisha: $900
Mortgage: $608
Property Expenses: $0
Total Profit: $292 [2017: -$579.29]
Chillin'. Just chillin.
Property 5
Apt 1 – VACANT
Apt 2 – Rich: $500
Apt 3 – VACANT
Apt 4 – VACANT
Total Rents Received: $500
Mortgage: $1,048
Property Expenses: $7,942.35 (Materials for Apartments 1, 3, and attic, Alfonso labor, Boyd Labor, Dumpster rental)
Total Profit: -$8,490.35
I decided to try a new handyman to get Properties 1 and 3 renovated, as Handyman Alfonso was in Virginia for his nephew's funeral. I advertised on Craigslist (which now costs $3), and Handyman Boyd had a good price of $1500 for both apartments. He started off good, but ended up taking two days off because his wife stole his truck and phone, so he couldn't call me and missed work. Not wanting to deal with his ghetto issues, I told him to leave and I will end up finishing the job. Boyd wasn't bad, so I'll probably use him for simple jobs until I can trust him again for multiple day jobs.
Alfonso did a great job framing the attic apartment, setting the stage for the electric and HVAC to be done. Having no contact with the electrician who screened my call, I asked Gonzalez for a recommendation. Gonzalez called me a few days later and found my old electrician Floyd! Floyd was the one I had in mind when I thought about electric work on the apartment, so I was very happy to find him again. It turned out that he changed his number and thought he gave all his clients the new one... but forgot about me. So we met up and he agreed to do the job. Now I have everyone I need to get the job done... all I need now is the money to pay these guys.
Lawnmowing Services: $160
Net Real Estate Profit for September 2018: -$7,564.99 [2017: $2,624.35]
September was a bad month. I was prepared to lose money, but I had no idea I was gonna max out both my credit card AND my business line of credit so early into the attic renovations. And what happens when you max out your credit?
Yeah, that really sucked. But I'm glad that things are moving forward heading into October. Electrician Floyd and HVAC Gonzalez should be done at the end of next week, so Handyman Alfonso can come in and do all the work needed to finish the apartment.While he does this, my job is to get three... or possibly four apartments rented out before the end of October.
Andy and Kia of Property 2 should be gone sometime this week, and I think I can rent that out as is. I'll also use that opportunity to tell prospective tenants about the available apartments in Property 5. With any luck, I can use the vacant apartment of Property 2 to lure people in to the two vacant apartments of Property 5. As for Property 3's not-so-good-looking vacant apartment? I'll have to hope that the closer I get to winter, the more forgiving prospective tenants will be about moving into a utilities included apartment, ignoring the lackluster renovation.
If I had the money, I'd do some more renovation and really hook up that kitchen and bathroom. But times are gonna be tough for the next couple of months, so I'll have to get by with whatever I've got.
Apt 1- Black Family: $700
Apt 2 – Consuela: $600
Total Rents Received: $1,300
Property Expenses: $180 (Maintenance + Lawn Care)
Total Profit for Anita: $1,120 [2017: -$99.05]
It's nice to see that at least one of the properties I manage doesn't give me problems, even if it's not my own. Anita is really making good money with this place and, with the taxes paid until next year, the last months of this year should be very good for her.
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Sebastian: $875
Total Rents Received: $1,400
Mortgage: $840
National Grid: $107.70 [2017: $113.37]
Property Expenses: $0
Total Profit: $452.30 [2017: $453.63]
Naresh tried one last time to get the Nepalis to stay in the apartment by telling me that they are in the process of getting their citizenship and prefer to stay until the end of the year with higher rent. I would have been okay with that if it weren't for the roach incident. I went upstairs to check out the roach problem in Sebastian's apartment, and his kitchen had a disgusting amount of roaches that made their way upstairs for the Nepali apartment. I simply cannot risk losing a 5 year tenant who's willing to pay $875 to stay in a 3 bedroom apartment by himself. That takes a ton of stress off of me, as an upstairs 3-bedroom apartment usually attracts families with kids, making it very difficult to rent out the downstairs apartment. So the Nepalis will be gone by the end of October. My hope is to get the place rented out for at least $725.
Property 2
Apt 1 – Andy and Kia: $750
Apt 2 - Edward and Gabby: $750
Total Received: $1,500
Mortgage: $754
Property Expenses: $0
Total Profit: $746 [2017: $1,131.27]
I finally found out why the downstairs bathroom ceiling leaks sometimes. Whenever Gabby takes a bath in the upstairs apartment, the water reaches the overflow drain and there's a defect somewhere in the overflow plate. So I bought something for the overflow plate that should fix the problem. Andy and Kia decided to stay until the end of October, so I'll make sure the leak is fixed before I move anyone in. Seriously, that's the only problem Property 2 has. I must say that I'm proud of myself though. Alfonso couldn't figure out the downstairs leak but I was able to. Maybe all this real estate stuff is helping me diagnose problems to the point that I won't need help troubleshooting. Wouldn't that be nice?
Property 3
Apt 1 – Danny and Maria: $700
Apt 2 – Emily: $670
Apt 3 – Rory: $585
Apt 4 – VACANT
Total Rents Received: $1,955
Mortgage: $882
Property Expenses: $1,239.43
National Grid: $238.51 [2017: $185.46]
Total Profit: -$404.94 [2017: $1,483.71]
With Josh gone, I decided to finally remodel the sink area of that bad looking kitchen.
 |
| Only had enough to replace the kitchen sink when I wanted to take that whole disgusting cabinet down. |
Property 4
Tenant Latisha: $900
Mortgage: $608
Property Expenses: $0
Total Profit: $292 [2017: -$579.29]
Chillin'. Just chillin.
Property 5
Apt 1 – VACANT
Apt 2 – Rich: $500
Apt 3 – VACANT
Apt 4 – VACANT
Total Rents Received: $500
Mortgage: $1,048
Property Expenses: $7,942.35 (Materials for Apartments 1, 3, and attic, Alfonso labor, Boyd Labor, Dumpster rental)
Total Profit: -$8,490.35
I decided to try a new handyman to get Properties 1 and 3 renovated, as Handyman Alfonso was in Virginia for his nephew's funeral. I advertised on Craigslist (which now costs $3), and Handyman Boyd had a good price of $1500 for both apartments. He started off good, but ended up taking two days off because his wife stole his truck and phone, so he couldn't call me and missed work. Not wanting to deal with his ghetto issues, I told him to leave and I will end up finishing the job. Boyd wasn't bad, so I'll probably use him for simple jobs until I can trust him again for multiple day jobs.
Alfonso did a great job framing the attic apartment, setting the stage for the electric and HVAC to be done. Having no contact with the electrician who screened my call, I asked Gonzalez for a recommendation. Gonzalez called me a few days later and found my old electrician Floyd! Floyd was the one I had in mind when I thought about electric work on the apartment, so I was very happy to find him again. It turned out that he changed his number and thought he gave all his clients the new one... but forgot about me. So we met up and he agreed to do the job. Now I have everyone I need to get the job done... all I need now is the money to pay these guys.
Lawnmowing Services: $160
Net Real Estate Profit for September 2018: -$7,564.99 [2017: $2,624.35]
September was a bad month. I was prepared to lose money, but I had no idea I was gonna max out both my credit card AND my business line of credit so early into the attic renovations. And what happens when you max out your credit?
 |
| 4 months ago, my Transunion score was over 800. And now... for shame. |
Yeah, that really sucked. But I'm glad that things are moving forward heading into October. Electrician Floyd and HVAC Gonzalez should be done at the end of next week, so Handyman Alfonso can come in and do all the work needed to finish the apartment.While he does this, my job is to get three... or possibly four apartments rented out before the end of October.
Andy and Kia of Property 2 should be gone sometime this week, and I think I can rent that out as is. I'll also use that opportunity to tell prospective tenants about the available apartments in Property 5. With any luck, I can use the vacant apartment of Property 2 to lure people in to the two vacant apartments of Property 5. As for Property 3's not-so-good-looking vacant apartment? I'll have to hope that the closer I get to winter, the more forgiving prospective tenants will be about moving into a utilities included apartment, ignoring the lackluster renovation.
If I had the money, I'd do some more renovation and really hook up that kitchen and bathroom. But times are gonna be tough for the next couple of months, so I'll have to get by with whatever I've got.
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