November Landlord report
As of October 2018, I am separating income received from Stocks versus passive income received from rental property. This is a way to simplify my tracking of dividend received compare to my goal to reach FIRE. Although both will contribute to reaching that goal. I will also gear this post toward anything relate to being a landlord and how much time it takes and expenses and my overall experience dealing with tenants.
$65/hour managing this property
Let us review last month report as landlord. Again last month saw a positive cash flow as landlord. Property #1 has 4 units, 3 of the four paid on time for a total of $3700.00. The fourth (4th) unit we finally had a day in court after I execute the eviction process. I did made one mistake by not looking at the expiration date on the execution. So this cost me two weeks, I had to go back to court and to get another hearing and ask the judge for another execution.
On November 13, 2018, I head back to court and the judge finally grant me an execution. I immediately had the sheriff serve the execution and schedule an eviction for the following Monday. The tenant finally moved out on November 15th. The tenant had already paid First and last and security deposit. Overall the court grant me the security deposit for late payments and last. This closed the tenant account still owing me $620.00 in past due account. I could go to small courts to get this final payment, but it would be a waste of my time at this point, better to move on.
Overall, I pocket security deposit for the month, so total income for the month equal $4700.00.
Income $4700.00
Expenses :
Mortgage -$2171.00
Utilities -$263.17
Material for upgrades -$380.00
Total Expenses -$2814.17
Cash Flow $1885.83
Overall another solid month $1885.83. I spend a total of 29 hours last month managing this building, that is $65 an hour pay.
The time spent here includes some updates needed for the unit for a turnaround before it is placed back in the market for rent. I still will need 3 to 4 more weeks before I can complete this project. As I will only dedicate 2 days out of my week , when I am not working on my full time job.
Still a positive cash flow for the month. The proceeds are being put to work in the market, savings account for a new property and I am also tapping into the account to pay for my other expenses at the moment.
What is your excuses for not being a landlord? $65 a hour Job!
Thanks for visiting!
Dividend Pursuit
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