Leaky toilets and noise complaints: Why I invest in real estate.

Leaky toilets and noise complaints: Why I invest in real estate.

One of my favorite things, is buying houses.  Sorry to startle you there, I’m sure you were expecting something harmless like drinking beers, playing fantasy football, or using my hand to un-jam the snow blower, all quality activities in their own right, but I rather like buying houses more then any of those other pastimes.  Generally speaking, I go for the ugly ones, they need bought too. I dress them up, and rent them out. I imagine it’s like being a pimp, except I’m dealing with property and not people,…

Real Estate Income Report – May 2017

Real Estate Income Report – May 2017

My real estate portfolio currently consists of 6 rental units.  The monthly reports highlight the income and expenses associated with each property as well as the total monthly profits or losses. May 2017 House 1: $950 House 2: $825 House 3: $850 House 4: $850 House 5: $850 House 6: $650 Total Income: $5,000 – Ahh, if only that was all profit.  Now for the expenses. (One tenant payed a $25 late fee, again :-)) Mortgages / Loans: $2,913 This number should remain the same throughout the year. Repairs: $140 – clogged…

Real Estate Income Report – April 2017

Real Estate Income Report – April 2017

My real estate portfolio currently consists of 6 rental units.  The monthly reports highlight the income and expenses associated with each property as well as the total monthly profits or losses. March 2017 House 1: $950 House 2: $825 House 3: $850 House 4: $850 House 5: $850 House 6: $650 Total Income: $5,000 – Ahh, if only that was all profit.  Now for the expenses. (One tenant payed a $25 late fee, hence the increase over last month) Mortgages / Loans: $2,913 This number should remain the same throughout the…

My 4th Rental Property

My 4th Rental Property

My 3rd property had been successfully renovated and rented.  I had payed cash, using my father’s line of credit, and once all the repairs were completed, I was able to acquire a mortgage for the property.  This allowed me to pay off my father’s line of credit. In the spring of 2013, I felt it was time to use this strategy again.  I stuck to my script and began looking at 3 bed / 1 bath properties.  With minimal searching, I was able to purchase a property for $43,500.  Unlike…

Real Estate Income Report – March 2017

Real Estate Income Report – March 2017

My real estate portfolio currently consists of 6 rental units.  The monthly reports highlight the income and expenses associated with each property as well as the total monthly profits or losses. March 2017 House 1: $950 House 2: $825 House 3: $850 House 4: $850 House 5: $850 House 6: $650 Total Income: $4,975 – Ahh, if only that was all profit.  Now for the expenses. Mortgages / Loans: $2,913 This number should remain the same throughout the year. Repairs: $0 Utilities: $0 Insurance: $0 Taxes: $2,441.08 Monthly Cash-flow: $-379.08 (this is…

Real Estate Income Report – February 2017

Real Estate Income Report – February 2017

My real estate portfolio currently consists of 6 rental units.  The monthly reports highlight the income and expenses associated with each property as well as the total monthly profits or losses. February 2017 House 1: $950 House 2: $825 House 3: $850 (+$25 late fee) House 4: $850 House 5: $850 House 6: $650 Total Income: $5,000 – Ahh, if only that was all profit.  Now for the expenses. Mortgages / Loans: $2,913 This number should remain the same throughout the year. Repairs: $0 Utilities: $0 Insurance: $196 One property had…

Real Estate Income Report – January 2016

Real Estate Income Report – January 2016

My real estate portfolio currently consists of 6 rental units.  The monthly reports highlight the income and expenses associated with each property as well as the total monthly profits or losses. January 2017 House 1: $950 House 2: $825 House 3: $850 House 4: $850 House 5: $850 House 6: $650 Total Income: $4,975 – Ahh, if only that was all profit.  Now for the expenses. Mortgages / Loans: $2,913 This number is slightly different then my December total due to adjustments to my escrow payments.  This happens each year…

Rental Income – Home Renovations

Rental Income – Home Renovations

So you took my recommendation and bought a solid, vacant, ugly house, and now you are wondering what’s next?  At my Fulton St. property (read this first) the first priority was to get the roof checked, since there were several patches of water damage on the walls and ceiling upstairs.  Second on the list was to get all the rattly wallpaper removed.  I know nothing about roofs, so I called around and got some estimates.  Within a week or two the roof was replaced, eliminating leaks and the prospect of water…

Financing Rental Property – My 3rd Property

Financing Rental Property – My 3rd Property

Our house on Madison St. was turning into a cozy little home, and our first rental property was reliably sending a rent check each month. I had attempted to convince my Dad to partner with me, but something held him back.  He just didn’t want to be a landlord, and honestly I think tenants would drive him nuts, so this was probably wise.  Thus, I thought our partnership was off.  Little did I know, but my mom was working on my behalf.  My parents having paid off their mortgage, were…

Real Estate Report Dec. 2016

Real Estate Report Dec. 2016

            My real estate portfolio currently consists of 6 rental units.  The monthly reports will highlight the income and expenses associated with each property as well as the total monthly profits or losses. December 2016 House 1: $950 House 2: $825 House 3: $850 House 4: $850 House 5: $850 House 6: $650 Total Income: $4,975 – Ahh, if only that was all profit.  Now for the expenses. Mortgages / Loans: $2,878 Repairs: $1,015 Monthly Cash-flow: $1,082 (this is a pre-tax number) But wait, there…