Rental Property Update August 2009

This post is an update on my rental property in Philadelphia. In this section, I talk about my landlord experience – the good, the bad, and the ugly. All my posts that are related to the rental property can be found in the Rental Property section, including the bad tenant saga series).

In July the tenant paid rent on time. My property manager, Earl collected the rent payment and mailed me a check minus the service charges.  Except for one small issue, it was a quiet month.

Earl called me at the end of July and told that there was the problem with the Central Air Conditioning Unit. He recommended someone to fix the problem. It cost $95 and the problem was resolved. Earl paid for the bill and he would deduct it off my next month’s rent payment.

As long as things move along smoothly, I may eventually make up the losses incurred from my previous tenant. It would take some time, but hopefully this the beginning of a good income stream.

Below is a snapshot of rental income and rental fees since the new tenants have signed the lease.

Rent Payments
$900 June
$900 July
Total: $1,800

Fees
Real Estate Agent Service Fee for Finding Tenant $900 (one month’s rent)
Property Management – Service Fee: $0 June (first month free)
Property Management – Service Fee: $63 (7%) July
Total: $963

Net: $837

Note: All the expenses have not been included in this. Please see more recent posts to get a more accurate picture of the entire cash flow.

Read more:
Rental Property Update September 2009
Rental Property Update July 2009

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