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
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)
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.)