rental income

Rental Property Update December 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).

Below is a snapshot of the rental income and fees since the new tenants have signed the lease in June 2009, until the end of November. I have included my monthly expenses such as insurance, taxes and interest on the mortgage, as suggested by Boston Renter. The net has finally turned positive in the report for this month, but this is not an accurate account for the year, because I have not included all the repair fees that I had paid before the tenant moved in.

Click here for the PDF file

Please note that PDF file does not include the principal payments on the mortgage, travel expenses, and all the water fees, which are still pending payment from the tenant.

In the next update, I will post an annual report that will include the income and expenses for all the months in the year. I will also include the renovation expenses to get a better overall picture.

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Rental Property Update November 2009

Rental Property Update November 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. (more…)

Rental Property Update October 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 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. (more…)

Rental Property Update September 2009

Philadelphia - Street ViewThis 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).

August was another quiet month from my tenants. My property manager, Earl collected the rent payment and mailed me a check for the rent minus his service charge.

I received a letter from my property insurance company, All State to renew the terms for another fiscal year. The premium for another year is $412.31. I thought I should try to see if I can get a cheaper premium plan, so I called All State. I asked about choosing a higher deductible, from $500 to $1000. The All State representative mentioned a new insurance plan is in the works. It will combine the benefits of CPL and fire, and it will be called the Landlord Policy. Unfortunately she could not get a quote from their system at the time and asked me to call back next time. All State said that they would mail me some information about the new plan. I decided to wait for it.

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. (more…)

Rental Property Update August 2009

Philadelphia - TreeThis 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. (more…)