I’m still playing catch up and trying to get back up to speed on things. It’s almost February and I haven’t even posted my Goals for 2014 yet. I’m slacking and must snap out of it! Here’s an update on the cash flow income for December.
Without further ado:
Rental Property #1
Rental Property #1 continues to perform very well. The tenant was current every month for 2013 (and 2012), which leaves an awesome impression on my mind. 🙂 To show a token of my appreciation, I awarded this tenant two gift cards for the Christmas holiday. The first gift card was $100 for dinner at the Cheesecake Factory. The second was a $50 gift card for gifts at Amazon.com. Both expenses show up on this month’s report, but even then, the property still cash flowed over $300, so I’m more than happy to do it.
Rental Property #2
Similar to Rental Property #1, this property has been performing well all year. Granted, this particular property doesn’t cash flow too well, but that’s partially due to the fact that I only put 20% downpayment on this rental. Further, I rented it out below market price. So far, I haven’t regretted the decision because I landed some awesome tenants who always pay on time each and every month. Similar to the first rental, I elected to give these tenants two gift cards for Christmas. The first card was $50 to Black Angus and the second was a $100 gift card to Amazon.com. Having great tenants is very important to me… I will do what it takes to keep them. I believe good behavior deserves to be rewarded.
Rental Property #3
The first floor tenant in Chicago has been outstanding. She has been current each and every month, and that’s always music to my ears. Since she has only been living there for about half a year, I decided to award her a simple $50 gift card to Amazon.com.
The second floor tenant, on the other hand, hasn’t paid rent since October! I’m a pretty patient guy, but even this is starting to get a little ridiculous. All I get are excuses after excuses after excuses. This has got to stop at some point, and we are getting closer and closer to starting the eviction process. Luckily, this is a Section 8 tenant, so a large portion of my rent is guaranteed each month. In this case, 92% of it, so I still collected $1064. Bad news for her, no gift cards!
Overall, I’m still very pleased with the performance of my Chicago 2-flat. Getting over $800 in cash flow is a-ok in my book!
Rental Property #4
I paid the lease up fee last month, so December was the first month where I got to collect a full month’s rent for Rental Property #4. Awesome! It feels good to finally have all properties firing on all cylinders. The tenant paid on time, and there were no maintenance issues this month. So, the only bills were the mortgage/escrow and property management fee. I pocketed over $500 this month which is something I can very much get used to on a monthly basis. Fingers crossed!
Total cash flow for December was $1892.55. That’s pretty cool, I think. I’m getting closer to hitting the coveted $2000/month mark.
Once Rental Property #5 closes, I should be in well excess of that. By the end of 2014, who knows, maybe we’ll be right on the cusp of $3000/month. Of course, a lot of things would have to go right to make that happen… So, let’s not get carried away and dream too far into the future. Still, $2000/month in the short-term would be a wonderful achievement. Let’s do it!