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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.
november 2021 update (-$2,490)
We paid a maintenance bill amounting for several thousand worth of misc. work that was performed over the last 12 months.
october 2021 update (-$568)
Paid for the new tenant lease up fee.
september 2021 update (+$1,058)
Filled a vacant unit for $300 more than the last tenant was paying! Gotta love rent appreciation.
june 2021 update (-$136)
Had to replace an appliance in one of the units.
may 2021 update (+$531)
Another great month. That’s a pretty graph right there.
april 2021 update (+$573)
All quiet.
march 2021 update (+$507)
All good here.
february 2021 update (+$608)
Another good month.
january 2021 update (+$573)
No issues.
december 2020 update (+$445)
No problem here, the ghost in the basement has been treating us nicely!
november 2020 update (+$433)
Another good, quiet month.
october 2020 update (+$1,985)
October was more treats than tricks from the Haunted House. The bank gave us a huge escrow refund for the flood insurance that we paid for back in July, giving us a nice big boost.
september 2020 udpate (+$504)
Nice quiet month bringing us back in line with expectations. Hoping that Halloween doesn’t make the ghost more active ;)
august 2020 update (-$538)
We had to do about $1000 worth of repairs, plus we got a new fire insurance policy on this one. All of the back and forth brought us into the negative again.
july 2020 update (-$116)
No issues again, but we did switch flood insurance and pay for the policy which made us negative this month.
june 2020 update (+$377)
No issues, cash flow came in a bit low due to a billing mix-up with the water company.
may 2020 update (+$609)
No issues again.
april 2020 update (+$571)
Another great month. I expect partnership properties will outperform my other properties over time. This is due to a few factors: superior rehab (less maintenance, better tenants) plus property management is pseudo in-house (conducted by my partner). He is much more selective with tenant placement and uses his own crew to do maintenance calls.
march 2020 update (+$567)
Nice month, first month of pure cash flow with no repairs for this property.
February 2020 update (-$12)
First update on my first PARTNERSHIP property! This is a 2 unit that reportedly has a friendly(?) ghost living in the basement (according to previous owner, neighbors and contractors). :)
This place turned out really nice but we grossly underestimated rehab (it can happen very easily). The good news is we are getting better at getting properties at the right price and getting much more accurate with rehab estimates. As you can see from the numbers, after paying for all expenses including partnership fees (explained below), we have negative appreciation on this property. In other words, the total paid ended up being more than the property was worth. Totally not ideal for a BRRRR property. These final numbers ended up looking more like a turnkey investment.
Since this is a partnership, a few notes on our compensation structure: we pay ourselves up-front fees for acquisition (that goes to me) and construction management (that goes to my contractor). Those up front fees are considered “cash in the deal” even though technically that’s going back to us. Ideally, we want ZERO cash in the deal AFTER paying fees. We want to have our cake and eat it too. Also, we are paying ourselves management fees (similar to property management, except it’s going to me and my partner and not a 3rd party manager). The leftover, bottom line cash flow AFTER paying fees is split 50/50. In the interest of keeping things as clean and clear as possible, I will be reporting on the total bottom line cash flow on the individual property pages, and on the portfolio page that will include my 50% cut of the cash flow, plus my management fee.