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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.
may 2018 update (-$650)
Negative month only due to an issue with the rent being paid electronically. The payment came through but only after I received my deposit from the property manager. No big deal - I'll get it next month. This is real life!
April 2018 update (+$384)
Another great month with no issues, hoping to start to see some consistent cash flow with this property.
march 2018 update (+$384)
No issues for this property this month, all good!
february 2018 update (+$129)
Barely positive cash flow as we had a furnace repair. Reminder - this property was NOT purchased turnkey, which in hindsight was a mistake. My new rule is that long distance properties must be purchased turnkey.
January 2018 update (-$606)
Negative cash flow this month due to a bad plumbing repair. Hopefully the worst of the repairs are behind us.
december 2017 update (+$1,034)
Good month - on time payment and no repairs. Plus I had the added benefit of no mortgage payment this month! Since I refinanced in November, my first mortgage payment was on 1/1/18.
November 2017 Update (-$533)
No issues this month - just had negative cash flow due to some final payments on HELOC's and a private loan which I used to purchase the property initially. Now that the refinance is complete and a much better loan is in place, I'll be ready to cash flow positive going forward.
October 2017 update (-$1,744)
First update for this property - this property was acquired from a wholesaler in May, went through a little rehab, then tenanted in August. We FINALLY just completed the refinance, which is why it took so long to put together the final numbers.
The appraisal came in lower than expected $125K - so this is not a home run deal initially - but I think a primary homeowner would pay $150K for this property (if not now, in a few years). Please note I do not count that in my metrics above - the appraisal came in at $125K, so that is the value I record in my dashboard.
As you can see, cash flow has been unimpressive so far, but I expect it to improve for two reasons: number one, the refinance will lower my monthly interest payments (I was using HELOC's and private money for the purchase and rehab) and number two, there were some initial "make-ready" repairs that took place in the first few months.