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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.
october 2018 update (-$659)
Tenants moved in, all expenses and lease-up fees are paid, time to start cash flowing again next month.
september 2018 update (-$601)
The property was vacant this month with a dip in rental demand after the start of the school year, coupled with an increase in our tenant qualification standards. We’ve got tenants coming in next month on a 18 month lease. This was an annoying vacancy, but much easier to swallow in a cheaper property with a cheaper mortgage.
august 2018 update (-$601)
Tenants have been officially evicted and the property is being marketed for rent. The security deposit and last month's rent should cover the turnover expenses with possibly some leftover. Let's hope we find a (quality!) tenant soon so we can start cash flowing again.
july 2018 update (-$601)
Wow, didn't take long for the tenants to stop paying! This tenant is being evicted and should be out in a few weeks. I had a discussion with my property manager about tenant quality and we both agreed we need to raise our standards. I'm concerned about the overall pool of tenants in this area now.
Here's a little bit of silver lining: my property manager collected both first and LAST month's rent up front. This means I'll get the last month's rent plus security deposit when they finally move out. This should soften the blow and hopefully cover the missed payments plus a little bit of turnover expenses.
June 2018 update (+$524)
First update for Lightning #2, now that the property is filled with a tenant and I made the first mortgage payment this month. No issues this month!
To learn more about how lightning can strike twice, click here.