All rents in. I am SO THRILLED with this new company. They enforce late fees. rents come in sooner. I am hoping for less vacancy and faster filling of units (I will decide if that improved by year end but I think it will)
Tax results today. My accountant says betweeen $5-10k and was going to work on them again.. Appointment is at 10am.. So fingers crossed for the 10k figure. I took out $14k from my $15k emergency fund for rentals to pay for the siding, roofs, driveways, seeding work. Good investment I think. not done yet. the rain/snow has delayed things. That is ok with me as it gives me more time to pay. My tax refund will go towards that and then predicting 2-3 months to rebuild my fund up
Suburban rust fix should be done TODAY. excited to see it. again I was referred to a long time client of my accountant so I am sure it will be done right or fixed if not. no one wants to make their accountant look bad.
I looked at my #s again and not sure what I wrote before but I fixed an error in my spreadsheet and hre is what it is
IF the homes/units were paid off I would have made the following
Last year I actually got LESS RENT than 2014 I think due to vacancy poor management . just nightmares. The only reason my net was more was because of less repair costs
2014 was my big fix up-repair-improve year
and this year I am targetting $60k This year before the subtraction of the $22k improvements (which will show this month) I was at $18k net for Jan-Feb-March. this subtraction will take it down to negative and then I have April thru end of year to make that back up and reach $60k. I get rents deposited on the 15th of each month
I really want to get it up to $70-80k a year..
Next year will try for higher.. key factors are vacancy , repairs, time to fill vacant units
Thrilled with new managment company. bringing me to new heights and making me see and think my 5 year goal can be a reality
Literally I am starting to wonder. hey should I do a career change, take some classes.. feels like the world is opening up.. investigating hobbies.. all of that
Hope to hear on that Section 8 rent increase this week or early next. This is on that home I was going to sell then got some advice from here and others and decided just to keep it. it is fixed up, rented, new manager says it will not be hard to rent. so why not keep it.. and if I can get a rent increase of $100 or more with the current tenant .. even better!
I know I am not at June 2018 yet (5 year goal end date) and there are still upcoming challenges but it feels like I am OVER THE HUMP and no longer climbing the mountain but managing my way downward.
Updates on rentals