Rental Property Empire Update #1

Wow. I do not remember the last time I talked about my rental properties on this blog or shared how we are doing income/expense wise. I guess it’s time I fill you guys in on how we are really doing. I tell you this as we close on our 7th rental property.

As you may already know we buy our rentals with cash, fix them up and rent them out. Any who, let’s see how we did last month.

Actual Quickbooks records

Actual Quick books records

 

The Good

We received full rent from all tenants except property “50.”

The Bad

Property “14” was just rented and we had to give up the full month’s rent ($800) to the property manager for a tenant placement fee.

The Ugly

We had too many expenses this month. From the tenant bringing bed bugs to “614,” which cost me money to property “50” going through a section 8 inspection and, of course, stuff needed to be fixed. To “692” have backed up water lines all the way to the main. We just got hit with a lot more repairs than I’m accustomed to in one month. Even with that said, we still came out a head by $1200 despite an abysmal month in repairs.

The Upside

Next month we won’t have any repairs and “14” will not have the tenant placement fee of $800 bucks.

All right, so that’s how we did in April, check back next month to see how we do in May.

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0 comments

  • It looks like you’ve done reasonably well given the special circumstances of the month. How in depth are those Section 8 inspections? Is it a once a year thing?

  • You really had an outstanding income for this month Dominique! It’s good to know that you received full rent from all tenants, but except property “50.” Maybe, next month you will have a lesser expense because you already had a lot more repairs this month.

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