April 2013 Rental Property Report

My amazing property manager sends me very detailed reports around the 5th of every month.

Since, we get paid in 30 day arrears (1 month behind), we get paid last months rent the 5th of this month and etc etc.

So… what goodies did I get in my inbox for this month?

April Rental Income

Keep in mind I/we (wife and I) have 3 rental properties (about to be 4) in which I manage with about 5 minutes a month from VA. The rental properties are 700 miles away, and I’m totally reliant on the team I put in place and my PMP skills to run this effectively.

Property 1 Income : $493

This is short $400 bucks! I’m not sure why tenants think they won’t get evicted. A 3 day notice to quit paperwork was in the mail, then the tenant shows up with the back rent and this month’s rent. Unfortunately, I won’t see it until next month.  We are not evicting…. yet.

Property 2 Income: $910

This is full rent

Property 3 Income: $1,211

Full Rent (850) + DSS owed back rent.

Total Rent: $2614.00

April Rental Expenses

Property 1 Expenses:  $192

Property 2 Expenses:  $40.11

Property 3 Expenses: $337.11

Tenant placement fee: $393.00

Property Management Fees: 10% or $182.80

Total Expenses: $1146.00

I can’t stop the property management fee or the tenant placement fee, that’s just apart of the deal, but the repairs are starting to get on my last nerve. We had radiator and broiler issues at the properties this month for some reason. The upside to this is, if those major appliances are repaired now,  then we won’t have to handle them in the near future.

So how much did you really make in 5 minutes?

After all these expense we bought in $1468. However, we had some tenants pay late, which means I’m getting paid that money next month.

I’ll take it… now we just need to add more properties to the mix and limit the repairs.

If you want more information about my deal check out my one on one real estate sessions by clicking this link

0 comments

  • Great job! We just started with our first rental, so i’m interested to see how things go for us.

  • Thanks.. What type of rental did you get Single family or multi-family?

  • Nice progress! At least you have a few properties to help you diversify from having a completely bad month. I’m hoping to see some dividends from my real estate limited partnership by Q3 or Q4. More on that soon.

  • Corey,

    What type of properties did you buy in the partnership and what is your expected rate of return? As for us.. we are going with all single family homes. We hope to close on 2 more in April and might pick up 2 more before the summer is out to get 7 homes total.

  • LaTisha /

    How did you find your property manager? I’m looking to get my first property in the next year but trying to figure out how I can remove myself as much as possible from the day to day.

  • The best place to find a property manager is a referral from a real estate agent or real estate attorney.

  • […] in the last rental property update I told you that this was $400 bucks short? Well the tenants sent my money promptly following the 3 […]

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