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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.
july 2019 update (-$560)
Very bad month for this property as a refrigerator had to be replaced, plus a few other repairs.
June 2019 update (-$88)
Slightly negative this month as I was charged a fee by the PM for extending a lease. I was either unaware that they charged for this, or I forgot. It’s not cool…but, not a big deal in the grand scheme of things.
May 2019 update (+$392)
Still chugging along with no issues here. The tenants decided to extend their lease another 12 months, so that’s cool!
april 2019 update (+$1,491)
Wow. My Indy PM has a lot of integrity.
He found out they made a mistake during my last turnover (about 9 months ago). There was a bunch of charges to the tenant for repairs/cleanup and one of the charges didn’t make it into my account. Well, he found the issue and corrected it, and now I made an extra $1,000+.
This is awesome. Everyone makes mistakes, so I don’t blame them for that. The fact that they found the mistake and owned up to it without me even asking just reaffirms my confidence that these are good people to work with. A less honest PM could have kept that extra deposit for himself and I never would have known.
march 2019 update (+$208)
There was a minor maintenance issue this month (leaking dishwasher). Still made positive cash flow.
fEBRUARY 2019 UPDATE (+$392)
Another month with no issues.
january 2019 update (+$440)
Great start to the year, no issues.
December 2018 update (+$449)
Another month with no issues. Unfortunately, the large deck expense was the story of the year for this property, as well as the rest of the portfolio.
november 2018 update (+$449)
A nice rebound month for this property with no issues.
October 2018 Update (-$5,397)
As expected, I got hit with a large Capital Expense in the form of a brand new deck. The old one literally collapsed and I’m just glad no one got hurt.
September 2018 update (-$45)
I got hit with a few lingering expenses from the turnover this month. I’ve got a large CapEx expense coming up for this property (stay tuned) - very disappointing but necessary. This property continues to reinforce a few lessons: 1)Buy for cash flow, baby and 2) If you’re buying long distance, buy it turnkey and don’t try to be fancy.
august 2018 update (+$303)
Back in positive cash flow territory after going through the turnover expenses last month.
july 2018 update (-$1,072)
Expected down month for this property as it was vacant for a few weeks and also had some turnover expenses. The turnover repairs cost me about $500 but the total repairs totaled in the thousands - the majority of the bill was passed onto the prior tenants (which they paid promptly).
As expected, this property filled up fast with new tenants. I'll pay the tenant placement fee and this property will be cash flowing again soon.
June 2018 update (+$1,549)
As anticipated, big month due to the late payment coming in from last month, plus the current month.
The tenants are moving out at the end of this month and the property is being marketed. I received a very thorough and thoughtful email from my Indy property manager describing the turnover and anticipated timeline for getting a new tenant. Bottom line is the tenants were having some roommate issues which is why they were moving, and there are multiple highly qualified and interested prospective tenants. This should be filled in a week or two. What a big difference in the rental markets between Indianapolis and Central PA!
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.