Rental Income 2016-04

Gross Revenue : +$5,629

Duplex Unit#1: $1,375.

Duplex Unit#2: $2,640…a funny thing happened on the way to the forum.

Well, we thought our downstairs tenants had re-upped their lease thru the spring of 2017.  Found out they thought otherwise when a real estate agent called me for a tenant verification. The lease said they were under contract until May of 2017, it is clear today’s youth thinks differently than my generation about the importance of someones word and a signed contract.  Never once would I have even thought about ending a contract that I could pay early just on a whim (in this case these guys wanted to live with their buddy on a lake).

You can hold a tenants feet to the fire, I mean we could have enforced the contract, but do you really want to go a year with an adversarial relationship with your tenant?  Not really.  So we settled on letting them out early if they paid a fee of a months rent to cancel the contract.  So instead of the normal $1,320, we ended up getting twice that this month, but will have nothing coming in next month.  More detail on this later.

House: $1,614 – This reflects a half months rent, (tenant moved in mid month in March.  They paid first March in full and the April is then a partial month.), plus a $250 non refundable pet deposit.  Next month we will be back to regular payments of $2,200/month

Expenses : -$4,152

Duplex: -$2,177

This breaks down to $2,167 for our mortgage, and $10 for Office Supplies and Gas (mowing).  The water and trash bill didn’t hit in April.  (we will likely have two water bills next month)

House: -$1,976

Our House payment was $1,976 split between a first and second mortgage.

 

Monthly Free Cash Flow : $1,477

Duplex: $1,838 – Satisfied…well sort of, out tenant moves out in May, and we will look to do something else.  (stay tuned)

House: -$362 – expected but not yet satisfied…next month we will have a full month rent, and hopefully we can get some traction.

 

(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.)