Below are our monthly updates. (disclaimer: I am pulling the data out of our Quicken system. I may on occasion make category revisions, therefore the month by month updates may not tie exactly to the year to date or year end totals.)
Gross Revenue : +$2,695
Duplex Unit#1: $1,375
Duplex Unit#2: $1,320
House: $0 – This property gets a tenant mid March
Expenses : -$3,766
This breaks down to $1,885 in mortgages, and $33 in painting supplies.
Our House payment was $1,452 split between a first and second mortgage.
During the month we continued to get the house ready for rental, we spent $120 on paint and painting supplies. We spent $41 on cleaning supplies. And spent $173 on smoke detectors and other electrical supplies.
Utilities during the month were $62.
Monthly Profit : -$1,072
Duplex: $776 – Satisfied
House: -$1,848 – not satisfied…..continued duh
The property is almost there, it definitely took a lot longer to turn than it should have. One of the difficulties in buying and then moving every year or so is that it is draining to simultaneously move/unpack in your new house while spending effort to get your last house ready to rent. Especially as in this case we bought in November right before Thanksgiving and Christmas. In addition we did some remodeling to our new house and then did some painting and other work on our old house.
The good news is that March, knock on wood, is shaping up to be a lot better and we should hopefully see the earnings/cash flow of these rentals take shape.