June 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?
June Rental Income
Keep in mind I/we (wife and I) have 4 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 (614) Income : $893
The tenants on this property paid their normal rent this time, but they keep on stiffing me on the pet fee ($100). Fortunately, the $100 bucks isn’t enough for me to evict over. However, they won’t get a dime of their security deposit back, I can tell you that.
Property 2 (50) Income: $820
The rent on this property is $90 short. That’s a weird amount to be short by. Looks like I have to follow up with the property manager.
Property 3 (33) Income: $713.20
The full rent on this property is $850, but for some reason I received $713.20. Another property I have to ask my property manager about.
Property 4 (692) Income: $1650
Finally I received the back rent on this property.
Total Income: $4076.20
June Rental Expenses
Property 1 Expenses: $0
Property 2 Expenses: $0
Property 3 Expenses: $773.56
Man here we freaking go again. Property 3 has sucked for the last 2 months with repairs.
1. cut back and remove nailers too tight to galv. pipe/cleanup/break out mortar above pipe. removed large section of galvanized line. repaired ceiling
2. try to snake and plunge tub
3. snake main clean
Property 4 Expenses: $164.37
1. toilet leaking/repaired toilet-and repaired ceiling below
Property Management Fees: 10% of Total Rent or $407.62
Total Expenses: $1345.55
I am still ticked off about the repairs on Property #3. This property has been a thorn in my side since I purchased it, but when I look at my portfolio I feel great about the total return. I’ve learned that I’m going to have to deal with sewer issues as long as I’m in this area, unless I get newer homes or spend the money to upgrade the plumbing (not worth it)
So how much did you really make in 5 minutes of work?