July we are celebrating our first month where the property is fully performing. Accounting does not fully reflect a month cash flow because a deposit was applied in June for first month. Otherwise, incurred some final expenses for making units rent ready such as misc repairs, final cleaning and tenant placements fees being activated. As a reminder, tenant placement fees are only paid once a year. So if for some reason a tenant does not work it in the next 12 months it won't be charged again.
Some miscellaneous repairs continue to pop up which is expected. This month includes electrical wiring repair for a fan (and the fan itself) as well as ongoing pest control. Additionally, some final bills were received from utility for vacant units. As a reminder here, tenants pay but final bills comes to the property owners.
Tenant Update
- First floor: $1,100 collected
- Second Floor: $0 collected (first month deposit was collected in June)
- Third floor: $1250 collected
- First floor: $1,100 collected
- Second Floor: $0 collected (first month deposit was collected in June)
- Third floor: $1250 collected
Major Costs Summary
- Unit 1: Electric Repair and Ceiling Fan Replacement ($425)
- Unit 2: Misc Repairs / Prep ($168)
- Unit 2: Tenant Placement Fee ($495)
- Unit 3: Tenant Placement Fee ($495)
Activities / Milestones
- Unit 2 Tenant Placed (Lease Executed, Deposit Secured)
- Unit 3 Rehab complete, Tenant Placed
- Unit 2 Tenant Placed (Lease Executed, Deposit Secured)
- Unit 3 Rehab complete, Tenant Placed
Next / Todo
- Finalize property insurance transfer
- Insurance inspection remediation
- Transfer mortgage bill pay to property management
- Note: We may retain facilitation until a larger reserve has been accumulated
- Finalize property insurance transfer
- Insurance inspection remediation
- Transfer mortgage bill pay to property management
- Note: We may retain facilitation until a larger reserve has been accumulated
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