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 September, I received a call from my property manager, Earl about a flooding problem in the house. The tenant’s daughter took a bath on the second floor and water leaked down to the first floor.
I called my contactor to look at the issue. He was the guy I usually called and had helped me with the last flood. The contractor went to the house a few days later. He filled the tub with water to simulate a bath but no water leaked. I guess it was good news to know that it didn’t happen again.
The contractor tried to charge me $50 for his time. The flooding would not have been a problem if he had fixed it on the last job. I told him that I would give him $30 for his time and I said that I would call him if the flooding issue happened again. He said it $30 was better than nothing.
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 is not so pretty. See for yourself.
$900 Jun 2009
$900 Jul 2009
$900 Aug 2009
$900 Sep 2009
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
$517.96 Jun 2009
$517.27 Jul 2009
$516.57 Aug 2009
$515.87 Sep 2009
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
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
$112.58 Jun 2009
$112.58 Jul 2009
$112.58 Aug 2009
$112.58 Sep 2009