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The top of this page displays a Dashboard Summary of all of my key performance metrics. Scroll down for a detailed month-by-month account.
august 2022 update (-$8,569)
Major negative month as we have a turnover that will end up costing over $20k. Ouchies.
march 2022 update (-$211)
Paid property taxes.
january 2022 update (-$3,571)
It turns out not all of the cap ex was paid for at the end of 2022. We had a bill from the PM’s handyman for some roof repair/replacement that he completed a few months ago. There are several sections to this roof and some was replaced by the handyman, while some was replaced by our actual roofer.
november 2021 update (-$2,062)
Paid for the rest of the roof.
october 2021 update (+$721)
We are starting to have some significant cap ex as we are replacing most of the roof. Next few months will be a little rough.
july 2021 update (+$1,930)
Paid property taxes but still made great cash flow. This property will continue to be volatile as we deal with quite a bit of deferred maintenance.
may 2021 update (+$29)
It’s been 6+ months and housing assistance are still not paying consistently. Whoever said Section 8 was “automatic money” was lying!
We have a tenant moving into the vacant commercial unit in June.
april 2021 update (+$3,593)
PM collected several months of rent from one of the housing assistance programs that was dragging its feet transferring payments to the new owner. This masked the fact that we paid property taxes this month as well.
In a few months we’ll have a commercial tenant in the one vacant unit. Should be a good year overall for this property.
march 2021 update (-$2,913)
Bad month due to paying $2500 property tax bill. Plus, still struggling to fill the one vacancy, as well as (my PM is) still setting up payments from 3 different government housing assistance agencies.
february 2021 update (+$1,734)
Amazing cash flow despite one vacancy in the commercial unit. No calls from our sign on the front yet!
january 2021 update (+$332)
Just a decent start to the year. As stated before, this will be an ongoing project this year. We still haven’t gotten payments from section 8 for one of the units. There is still a commercial vacancy. I decided to make lemonade out of lemons by putting up a giant “WE BUY HOUSES” sign in the window of the vacant commercial unit. I’m even considering renting it from myself (my homebuying business would pay rent to my rental business) but I haven’t pulled the trigger yet.
december 2020 update (+$1,432)
This is a 5 unit property with 4 garages in the back. 2 of the units are commercial, and 3 are residential. I acquired this as part of a massive 2020 1031 exchange. This is an absolute beast of a property in every sense (relative to my previous investments). The cash flow will be almost $1000/month once everything gets stabilized; however, we have inherited a host of issues. Current issues include:
1 commercial unit was vacated (with no notice) a week before I closed
Issues getting payments from Section 8 (btw this is my first section 8 property)
Issues contacting all the garage owners to get them to pay the new property manager
Significant deferred maintenance due to the last owner having an incompetent property manager
This will be a project for me, my property manager, and his handyman over the next 6-12 months but the property has huge potential.