Guess How Much Passive Income we made in July
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 month’s rent the 5th of this month and etc etc.
So… what goodies did I get in my inbox for this month?
July Rental Income
Keep in mind I/we (wife and I) have 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.
Michelle Obama – Property 1 (50) Income : $970
This was my very first property! My out of town real estate first love. She cost me 15k and I was petrified. I wasn’t until a few years in our marriage that I realized how special she was. I never found another Michelle.
K.Michelle – Property 2 (33) Income: $759.75
Named after a popular and who I feel is bipolar entertainer. This was my second property purchase and with the new / current property manager. Major problems from the 1st day we had this property.. also the previous tenant scrapped my boiler then complained it was getting cold in the house as winter approached. See.. only a crazy person would do that.
The rent on this property is short by $65.25 dollars. I have no clue why my tenant would stiff me almost $70 bucks, but it gets like that some times in this area. I’ll inquire about it.
Kelly Rowland – Property 3 (614) Income: $493.00
Named after the often forgotten member of Destiny’s child. There is nothing wrong with this property, she is amazing, but constantly gets outshined by Beyonce (property 4)
Now this property should be paying $1000 dollars, that’s rent + a pet fee, but these tenants have constantly
Beyonce – Property 4 (692) Income: $825
A relatively new addition to the team. She just produces every month without much non-sense (expenses or missed payments).
Finally I received the back rent on this property.
Nicki Minaj – Property 5 (54) Income: $0
The insides of this house are pink and we closed on a Friday. Coincidentally, Ms. Minaj wears a lot of pink and had a album titled Pink Friday.
Total Income: $3047.75
June Rental Expenses
Michelle Obama –Property 1 ( 50)- Expenses: $226.80
Toilet backup. The main issue with having older homes is that the plumbing absolutely is the worst. These homes constantly have plumbing issues.
K.Michelle – Property 2 (33) – Expenses: $0
Kelly Rowland – Property 3 (614) Expenses: $0
Beyonce – Property 4 (692) Expenses: $0
Nicki Minaj – Property 5 (54) Expenses:0
Property Management Fees: 10% of Total Rent or $304.78
Total Expenses: $531.58
This month was pretty good, despite Kelly Rowland being a thorn in my side. The good news is the current tenants lease is up on 9/1/2013 and I’ve instructed my property manager to get rid of them. I rather start fresh than deal with tenants who do not respect my processes. I wish them luck on finding a place that will take them in.
So how much did you really make in 5 minutes of work?