Rental Property Update July 2009

By | July 29, 2009

Philadelphia WaterfrontThis 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).

June was one of the quietest months in a long time for the rental property. There was not many activities going on in the house. The tenant had paid the monthly rent of $900 in advance and everything seemed fine so far.

After my bad experience with the last tenant, I finally decided to hire Earl as my property manager. The property manager will add an extra layer between the tenant and myself, and it will help me free up my time. He will be in charge of collecting the rent, handling phone calls, dealing with tenant issues, etc. Earl charges a 7% service fee, which will be deducted from the monthly rent that he collects. The 7% service fee seems to be in the recent range, some property managers charge as  high as 10%.  Earl lives very close to my rental property, so can he walk over to the house if necessary. Earl has been my real estate agent for a few years now, and I have found him to be helpful, so I think it would be worth the service.

Monthly Rental Property Income and Expenses

Monthly Rent: $900
Property Management – Service Fee: 7% ($63)
Net Rent: $837

Read more:
Rental Property Update August 2009
Rental Property Update June 2009

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