net rents update
Highest month so far
First 2 months this year (with 2 vacancies) was running at $5100 average (NET) before paying mortgage
This month (all units full) I am at $7387 NEt (before mortgage)
I will continue to track this but hoping for a continued upward trend from last year and with better management I should have it
My management fee is lower w this new company 7% down to 5% of rents and repairs costs are MUCH LOWER (and less frequent) and I have increased collection of rents and late fees .. so so far so good. I am hoping the BIG turn around will be in finding better tenants who stay longer. This management company has placed 3 people so far for me (and all seem good but time will tell). One was a replacement tenant (turning over a unit with 6 days downtime!!) and 2 were just to fill vacancies.. one from an eviction. one with a new property.
Last year I had extreme vacancy and legal costs and lower rents because of it.
23 months to go to pay off these 2 3 units.. so I will use what I have learned and work w this management company to continue this upward trend so reach my goals
I think I will reach my net rents goal but still stuck somewhat with owing this $300k on my primary house I do not like owing that much and am wanting to find ways to get that paid down or owe less. BY 6/2018 at current trend. I will still owe like $260k which will make me feel uneasy to leave my higher dollar job or relax. I want that paid down considering (to less than 100k) and maybe then refinnance to a lower payment?
A lot can happen in 2 years though so onword!
Where do all these net rents go right now? My mortgage payment is $5094 for the 3 units and the rest I either pull out to add to savings or will start using to take care of these large improvements I want to do this year.. so I am not pulling from the homes yet
Net rents update-highest month so far.