How to Make 3641 Dollars in 5 minutes
I know I haven’t spoken about my rental properties in a while, the honest truth was:
I was in the middle of purchasing another rental property.
Remember my last article? You know the one about a landlord’s guide to understand government subsidized housing: Section 8? Yea that one, well this is the fruit of that labor or understanding.
Now that all that busy stuff is out the way, aside from the parenting, let’s talk about real estate again, folks.
My amazing property manager sends me very detailed reports around the 5th of every month.
Since, I get paid in 30 day arrears (1 month behind), in March, I get paid February’s rent and etc etc.
So… what goodies did I get in my inbox for March?
February Rental Income
Keep in mind I/we (wife and I) have 3 rental properties 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 : $893
This is the full rent amount
Property 2 Income: $2348
We received the full rent amount of $910, plus 2 months back pay from Section 8
Property 3 Income: $400
I’m not too sure why this number isn’t $850. I pinged my property manager on this one… it’s a bit light. My only guess is that Section 8 has yet to start sending their portion of the rent and will owe me back pay.
February Rental Expenses
Property 1 Expenses: Goose Egg – 0
Property 2 Expenses: Goose Egg- 0
Property 3 Expenses: $536.76
We had some minor stuff at property 3. The exact repairs were:
- Adjust door strike plates so a few doors could close property
- Re-hang bathroom door/cut door down to size
- Install 4 new power outlets
- Basement floor drain collapsed and needed to be fixed.
Property Management Fees: 10% or $334.10
So how much did you really make in 5 minutes?
After expenses I (I really need to start saying we) made $2740.14 before taxes/insurance/loans
Taxes/Insurance/Loans run around $700 per month, so we really only made $2000.00
I’ll take it… now I just hope we continue to have more zero dollar repair months.