Property X
Rents Collected: $14,320 (2017: $13,700)
Repair Costs: $2,926.80 (2017: $3540.52)
Water Bills: $530.01 (2017: $335.43)
2018 Property X Net Earnings: $10,863.19 (2017: $8,704.12)
Property X Comment: Like 2017, 2018 was profitable for Anita with stable tenants until the end. Even with the downstairs empty and the looming tax increase due to the city's sidewalk replacement, I'm expecting good profits for Property X and higher rent for the downstairs apartment.
Property 1
Rents Collected: $15,950 (2017: $16,800)
Mortgage Payments: $10,052 (2017: $9,996)
Repair Costs: $2,303.23 (2017: $676.28)
Water Bills: $381.24 (2017: $372.50)
National Grid Bill Totals: $2,084 (2017: $1,842.77)
2018 Property 1 Net Earnings: $1,139.53 (2017: $3,918.05)
Property 1 Comment: I took a risk. After years of stable profits from the Sebastian/Nepali combo, I got rid of the Nepalis in favor of tenants who can pay at least $200 more. While I have very little faith that ghetto Denise will work out, I still believe it was the right thing to do and I'll be justified once I get a good tenant in there.
Property 2
Total Rents Collected: $17,155.91 (2017: $15,960)
Mortgage Payments: $9,060 (2017: $9,048)
Repair Costs: $1,129.09 (2017: $5,528.60)
Water Bills: $373.72 (2017: $477.21)
2018 Property 2 Net Earnings: $6,593.10 (2017: $977.19)
Property 2 Comment: Property 2 is my model property. Once I got the apartments in great condition and the major house renovations taken care of, I was able to get stable profit even when there's turnover. Back in 2013 I believed that the key to profitable properties is mastering the turnover, and Property 2 has proven me right. If I can get all my apartments in the same shape, I'll no longer have those high turnover costs and will make much more money than before.
Property 3
Total Rents Collected: $23,655 (2017: $22,000)
Mortgage Payments: $10,584 (2017: $10,644)
Repair Costs: $10,176.57 (2017: $6,854.98)
Water Bills: $680.89 (2017: $762.10)
National Grid Bill Totals: $3,954.80 (2017: $3,847)
2018 Property 3 Net Earnings: -$1,741.26 (2017: -$87.79)
Property 3 Comment: Redoing Chucky's apartment was a massive renovation, and it's very possible that I overpaid for it. I mean, no apartment should cost more than $2,000 to renovate... labor and materials included. I still have Apartment 4 to renovate in 2019, but I'm expecting good profits at last from Property 3 this year. The key is to find a balance between the kind of tenants that can co-exist in four one-bedroom apartments in a not-so-great neighborhood.
Property 4
Rents Collected: $10,800 (2017: $10,000)
Mortgage: $3,648 ($608/month starting July)
Repair Costs: $763.84 (2017: $1,086.14)
Water Bills: $217.36 (2017: $169.06)
2018 Property 4 Net Earnings: $6,170.80 (2017: $6,046.29)
Property 4 Comment: The single family home does it again. I still find it crazy that this little house has made me more money than Properties 1, 3, and 5 combined. With a full year of mortgage payments in 2019, I'm expecting annual profits in the $2,000 range from here on out. Nevertheless, as long as this place continues to make me money I'll keep it. And a lot of that has to do with the fantastic Latisha who has been a remarkably reliable and low-maintenance tenant. Wish I could clone that broad...
Property 5
Rents Collected: $5,800
Mortgage: $6,288
Repair Costs: $34,219.37
Water Bills: $377.50
National Grid: $8.28
2018 Property 5 Net Earnings: -$35,093.15
Property 5 Comment: Shit dude, the rents didn't even cover the mortgage! Most of the money spent went towards the attic apartment. Were it not for the attic apartment, I would have made an overall profit for 2018. I could have used that money to get all the apartments finished and rented out, with money left over to redo the roof... but I'd have to stay in that fucking basement apartment and I just couldn't do it anymore. I still have more labor and materials to pay for, including the renovation of Apartment 4. The attic should be completed by the end of February, followed by Apartment 4 the following month. So far, the purchase of Property 5 has been a massive failure, but I expect things to get much better once the attic apartment is finished and apartments rented out.
Lawn Mowing Services: $1,000
Total Real Estate Income for 2018: -$23,930.98 (2017: $10,853.74)
Well, I said I was gonna lose money in 2018 and did just that. Almost $24,000 gone, and all for an attic apartment. I don't know if it was worth it or not... That question will be answered this year once I start living in it.
Rents Collected: $14,320 (2017: $13,700)
Repair Costs: $2,926.80 (2017: $3540.52)
Water Bills: $530.01 (2017: $335.43)
2018 Property X Net Earnings: $10,863.19 (2017: $8,704.12)
Property X Comment: Like 2017, 2018 was profitable for Anita with stable tenants until the end. Even with the downstairs empty and the looming tax increase due to the city's sidewalk replacement, I'm expecting good profits for Property X and higher rent for the downstairs apartment.
Property 1
Rents Collected: $15,950 (2017: $16,800)
Mortgage Payments: $10,052 (2017: $9,996)
Repair Costs: $2,303.23 (2017: $676.28)
Water Bills: $381.24 (2017: $372.50)
National Grid Bill Totals: $2,084 (2017: $1,842.77)
2018 Property 1 Net Earnings: $1,139.53 (2017: $3,918.05)
Property 1 Comment: I took a risk. After years of stable profits from the Sebastian/Nepali combo, I got rid of the Nepalis in favor of tenants who can pay at least $200 more. While I have very little faith that ghetto Denise will work out, I still believe it was the right thing to do and I'll be justified once I get a good tenant in there.
Property 2
Total Rents Collected: $17,155.91 (2017: $15,960)
Mortgage Payments: $9,060 (2017: $9,048)
Repair Costs: $1,129.09 (2017: $5,528.60)
Water Bills: $373.72 (2017: $477.21)
2018 Property 2 Net Earnings: $6,593.10 (2017: $977.19)
Property 2 Comment: Property 2 is my model property. Once I got the apartments in great condition and the major house renovations taken care of, I was able to get stable profit even when there's turnover. Back in 2013 I believed that the key to profitable properties is mastering the turnover, and Property 2 has proven me right. If I can get all my apartments in the same shape, I'll no longer have those high turnover costs and will make much more money than before.
Property 3
Total Rents Collected: $23,655 (2017: $22,000)
Mortgage Payments: $10,584 (2017: $10,644)
Repair Costs: $10,176.57 (2017: $6,854.98)
Water Bills: $680.89 (2017: $762.10)
National Grid Bill Totals: $3,954.80 (2017: $3,847)
2018 Property 3 Net Earnings: -$1,741.26 (2017: -$87.79)
Property 3 Comment: Redoing Chucky's apartment was a massive renovation, and it's very possible that I overpaid for it. I mean, no apartment should cost more than $2,000 to renovate... labor and materials included. I still have Apartment 4 to renovate in 2019, but I'm expecting good profits at last from Property 3 this year. The key is to find a balance between the kind of tenants that can co-exist in four one-bedroom apartments in a not-so-great neighborhood.
Property 4
Rents Collected: $10,800 (2017: $10,000)
Mortgage: $3,648 ($608/month starting July)
Repair Costs: $763.84 (2017: $1,086.14)
Water Bills: $217.36 (2017: $169.06)
2018 Property 4 Net Earnings: $6,170.80 (2017: $6,046.29)
Property 4 Comment: The single family home does it again. I still find it crazy that this little house has made me more money than Properties 1, 3, and 5 combined. With a full year of mortgage payments in 2019, I'm expecting annual profits in the $2,000 range from here on out. Nevertheless, as long as this place continues to make me money I'll keep it. And a lot of that has to do with the fantastic Latisha who has been a remarkably reliable and low-maintenance tenant. Wish I could clone that broad...
Property 5
Rents Collected: $5,800
Mortgage: $6,288
Repair Costs: $34,219.37
Water Bills: $377.50
National Grid: $8.28
2018 Property 5 Net Earnings: -$35,093.15
Property 5 Comment: Shit dude, the rents didn't even cover the mortgage! Most of the money spent went towards the attic apartment. Were it not for the attic apartment, I would have made an overall profit for 2018. I could have used that money to get all the apartments finished and rented out, with money left over to redo the roof... but I'd have to stay in that fucking basement apartment and I just couldn't do it anymore. I still have more labor and materials to pay for, including the renovation of Apartment 4. The attic should be completed by the end of February, followed by Apartment 4 the following month. So far, the purchase of Property 5 has been a massive failure, but I expect things to get much better once the attic apartment is finished and apartments rented out.
Lawn Mowing Services: $1,000
Total Real Estate Income for 2018: -$23,930.98 (2017: $10,853.74)
Well, I said I was gonna lose money in 2018 and did just that. Almost $24,000 gone, and all for an attic apartment. I don't know if it was worth it or not... That question will be answered this year once I start living in it.
Despite the heavy losses, 2018 was a decent year. The big positive for me was finding another reliable handyman in Jerry. His prices are a little higher than Alfonso's, but he does good work and knows how to handle doing multiple jobs at the same time. I'll definitely be putting him to work in 2019, as I still have Property 3's vacant apartment for him to do. Alfonso is on a tear right now where he's working hard, but this usually doesn't last. Once he drops off, I can have Handyman Jerry pick up the slack.
The goal for 2019 is to make paycheck retirement livable as I'm paying off my incredibly high debts. My vacation to Brooklyn Mike's Shangri-La ends February 8th, at which point I'll have to decide how long I can keep that job. Ideally, I'd like to keep it until all my apartments are rented out, but I'm most likely gonna get fired by my new annoying boss. Once the jobs are done, I'll really have to cut costs if I want to make any meaningful dent in my debt balance. With any luck, I'll have 75% of my debts paid off by the end of 2019, a finished attic apartment, and rentals that are in low-turnover-cost condition like the ones at Property 2. If that can happen, then I have a feeling that all the sacrifices I made in 2018 will have been worth it.
P.S.: Yeah, I know this post was a little late, but I'm on vacation at Brooklyn Mike's for fuck's sake. I'm trying to not even think about the properties for the next two weeks! Nevertheless, I'm glad I posted this because I can now give Tax Guy Ross what he needs to do my taxes and get me some much needed money...
P.S.: Yeah, I know this post was a little late, but I'm on vacation at Brooklyn Mike's for fuck's sake. I'm trying to not even think about the properties for the next two weeks! Nevertheless, I'm glad I posted this because I can now give Tax Guy Ross what he needs to do my taxes and get me some much needed money...
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