Q1 2022

March 2022

Lingering maintenance expense are offsetting a generally positive month including more snow removal and some outstanding service charges for previous work.

Delinquency report shows most tenants current though we have one outstanding on current month. We continue to see inconsistent payment with one tenant though they do generally catch up prior to 90 day delinquency.

Tax filings and annual reports have been submitted for organization. 

Tenant Update

• First floor: $390 collected ($390 Feb, $700 Mar)
• Second Floor: $1,295 collected
• Third floor: $1,250 collected

Major Costs Summary

• Snow Removal ($215)
• Basement Door Sealing ($120)
• Electrical Repair ($195)
• RI Tax Filing ($400)
• Tax Services ($2,500)

Next / Todo

• None

February 2022

Snow removal, window repairs and plumbing repairs yielded a heavier than normal expense month. However, still net positive after collected rents. Unit 1 showed a delinquency early in the month but provided arrears for January and partial payment for February.

Late January into February the books have been closed and submitted to tax accounting for year end processing. Some questions came back to reconcile the books against actuals particularly Q1 prior to the setup of the corporate entity and bank account. Questions were all answered sufficiently and books proceed. 

Tax team completed tax organization, filing and produced K1s as needed. We proceeded with eFiling for submission. Additional guidance from tax accountant to be sure to update org entity filing with Massachusetts ($520) and submit RI filing RI 1065 V with payment for fee ($400). 

Tax team found a discrepancy in public tax system for the city where the previous owner is still listed for the purpose of tax records for both 72 and 76. We verified that the deed was properly recorded at the registry of deeds. Also, we verified that property tax was appropriately being escrowed and paid by mortgage company. Communicated with city Tax Assessor and they are actively going through a long running project to migrate to a new system and many properties are limbo. We shared with them what the appropriate owner details should be and they will ensure the new system reflects the appropriate owner in time.

Tenant Update

• First floor: $1,000 collected ($195 Jan, $805 Feb)
• Second Floor: $1,295 collected
• Third floor: $1,250 collected

Major Costs Summary

• Snow Removal ($270, $210)
• Window Repair ($295)
• Plumbing Repair ($225, $145)
• Annual MA Filing ($520)

Next / Todo

• Finalize taxes
• Reconcile delinquency report

January 2022

Another quiet month carrying standard expenses including primarily utilities and property management fees. General run rate of utilities and management fees yielding an average of $600 in expenses. 

Window repairs necessary and showing the need for many replacements. Bill will arrive in February and consideration for window replacements will be considered when units turn over. A few plumbing calls also popped up. During turn over of units plumbing should be reviewed to upgrade or perform preventative maintenance.

Tenant Update

• First floor: $2,300 collected ($200 Nov, $1,100 Dec, $1,000 Jan) 
• Second Floor: $1,295 collected
• Third floor: $1,250 collected

Major Costs Summary

• None

Next / Todo

• Year end accounting / Taxes