July Rental Income Report
July was an expensive month this will happen a couple times a year. It’s what I prepare for and what I’m always telling people to be aware about. I had a few expenses this month.
Lets start with the income:
The income was the same as the last report all units paid in full and current!
Quad: Metro-Detroit $800 each unit, $3,200 Total. 1 unit moved out and we updated. We will now ask $1000 for the updated unit.
Duplex 1: Metro-Detroit $1000 each unit $2,000 Total.
Duplex 2: Metro-Detroit $1000 each unit $2,000 Total.
Duplex 3: Metro-Detroit $1000 each unit $2,000 Total.
SFH 1: Metro-Detroit $1200 This is the house where the AC needed to be replaced.
SFH 2: Metro-Detroit $1200
Condo 1: Chicago 1 Bed $1000
Condo 2: Chicago 1 Bed $1850
Condo 3: Chicago Studio $1100
Gross Total: $15,550
I received an email from my property manager. On one of my SFHs the AC went out. This happened last summer too and I knew the AC unit was old. We had tech go out there and check it out and just as I suspected we need to replace the unit. This is understandable because I knew the unit was really old.
In my quad I had a tenant move out. I’m getting way under market rents in this building, so I did some updating to get a new lease at $1000 a month.
We should be able to get this leased out again this summer.
Stock cabinets from Lowe’s and Formica counter tops. New shelving on opposite wall. All new light fixtures throughout unit.
Whole unit painted, tub glazed and new curtain surround installed.
Around another $3,000
This month had over $6,000 in updates to the units. Plus the principal, interest, HOA, tax, insurance, and grass on 2 buildings. It was an expensive month. Again, this is why Im always preaching about having a strong cash reserve. Cash doesn’t pay anything in savings now, it’s just basically a hedge against bad months like this or to be used in an extreme emergency. With the updates I should be able to get more rents in the future, so it will have all worked out.