Rental Property Report for February 2010

By | March 8, 2010

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).

Roof Repair

My real estate property manager, Earl called and reported that there was a small leak on the roof of my house. He said that Philadelphia had tons of snow and the amount of snow caused a lot of roofs to leak. He told me that the problem should be addressed as soon as possible before more rain or snow comes.

I told him to get some quotes for different roofers. He called me back and said that he check with several roofers. He recommended a roofer that lives a few doors down by him. He said that he had hired him and he did a great job on his roof.

As for the price, he claimed he checked with several roofers and they charged $500 – 600, but the roofer he recommended charged $450. He said that he negotiated the price with him and brought it down to $350. Another $350 out of my pockets. So I gave him the green signal to go with the roofer he recommended.

Water Bills

The water bills are in my name. Usually I would pay the water bills first and then send copies of the bill to the tenant. The tenant had not been proactively paying the water bills. They sent me a few checks and the amounts are different from the amounts due on the bills. I had no idea where they would come up with the numbers.

I create a spreadsheet that detailed the water bill charges and the amounts that they had paid. The total water bill charges came out to $589.69 and the total amount I had received from them was $283.00. The difference was $306.69. I sent them a copy of the spreadsheet and copies of all the water bills.

Billing Date    Water Bill Charges
7/15/2009    71.99
8/18/2009    75.32
9/16/2009    80.09
10/16/2009    80.09
11/17/2009    75.32
12/15/2009    70.55
1/15/2010    70.55
2/16/2010    65.78
Total     $589.69

Date    Tenant Paid Amount
10/16/2009    102.00
10/16/2009    40.00
12/17/2009    81.00
2/1/2010    60.00
Total     $283.00

NET     $(306.69)

Overcharge from Property Manager

My property manager, Earl charges a percentage of the rent for his services. He would usually deduct the amount from the rent check and send me another check, less his fees. The monthly rent is $900 and the property management fee is 6%, which comes out to $54.

For this month, my tenant had also made an check of $60 for water payment. So the total amount paid to me was $960. Earl had taken a 6% cut of the entire amount of $960, instead of only the rent amount of $900. In other words, he had charged a fee on the water bill, which he should not have done. He had charged a total of $57.60, an overcharge of $3.60. Granted the overcharge was small, but I was not happy with the sneaky tactics.

I called and told him that I had noticed an extra charge on his services for the same rent amount. And I said that we had agreed that the property management fee is a percentage of the rent check, excluding the water payments. He said yes. When I told him that he had overcharged me on the fees, he said that he was human and he would make mistakes too. He asked if it was only a few dollars. I said yes and then I said that I would let it go.

Monthly Income and Expenses for February 2010


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