Rental Property Update November 2009

By | November 20, 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).

October was a quiet month, so there is nothing to report about my tenants in the month of October.

Below is a snapshot of the rental income and fees since the new tenants have signed the lease in June 2009. Boston Renter suggested to add in my monthly expenses such as insurance, taxes and interest on the mortgage to see the true cash flow. I have added those numbers in this post. The net has been in the negative territory for some time, but appears to be growing out of it. See it for yourself.

Download – PDF file

Rent Payments
$900 Jun 2009
$900 Jul 2009
$900 Aug 2009
$900 Sep 2009
$900 Oct 2009
Total: $4,500

Fees
Real Estate Agent Service Fee for Finding Tenant $900 (one month’s rent)
Property Management – Service Fee: $0 Jun 2009 (first month free)
Property Management – Service Fee: $63 (7%) Jul 2009
Property Management – Service Fee: $63 (7%) Aug 2009
Property Management – Service Fee: $63 (7%) Sep 2009
Property Management – Service Fee: $54 (6%) Oct 2009
Total: $1,143

Repairs
Bathroom pipes check-up $30 Oct 2009

Mortgage Interest
$517.96 Jun 2009
$517.27 Jul 2009
$516.57 Aug 2009
$515.87 Sep 2009
$515.16 Oct 2009
Total: $2,582.83

Fire Insurance (All State) (paid $407.20 in Oct 2008 for one year)
$33.93 Jun 2009
$33.93 Jul 2009
$33.93 Aug 2009
$33.93 Sep 2009
Total: $135.72

Liability Insurance (All State) (paid $160 in Oct 2008 for one year)
$13.33 Jun 2009
$13.33 Jul 2009
$13.33 Aug 2009
$13.33 Sep 2009
Total: $53.32

Landlord Insurance (All State) (paid $573.74 in Oct 2009 for one year)
This new insurance includes Fire & Liability Insurance
$47.81 Oct 2009
Total: $47.81

Property Taxes
$112.58 Jun 2009
$112.58 Jul 2009
$112.58 Aug 2009
$112.58 Sep 2009
$112.58 Oct 2009
Total: $
562.9

Net: $-55.58

One thought on “Rental Property Update November 2009

  1. Pingback: Tweets that mention Rental Property Update November 2009 | Growing Money -- Topsy.com

Leave a Reply

Your email address will not be published. Required fields are marked *