Q4 2022

December 2022

Unit 3 on market has a handful of interest and applications. No viable candidates have passed screening yet. Financing application submitted and in underwriting. Porch work completed end of month to be billed in January.

Tenant Update

• First floor: $1,320 collected ($80 Oct, $1,195 Dec, $45 late fees) 
• Second Floor: $1,395 collected
• Third floor: $0 (vacant)

Major Costs Summary

• None

Next / Todo

• Obtain financing for porch repair
• Pay contractor for porch repair

November 2022

Unit 3 vacated without any issues. Unit was placed on market and saw limited interest at the end of the month. Selected and lined up contractor for porch repair with target start in December. Financing option exploration has begun. Minor repairs of basement window and concrete steps completed)

Tenant Update

• First floor: $1,600 collected ($85 Oct, $1,115 Nov) 
• Second Floor: $1,395 collected
• Third floor: $235 collected (pro rated)

Major Costs Summary

• None

Next / Todo

• Obtain financing for porch repair
• Schedule porch repair

 

October 2022

Unit 3 gave notice of vacancy due to a home purchase. Property management placing ads for new tenant. Insurance inspection yields a few minor repair needs and one major repair need. Major repair points to third floor porch railings.  After initial contractor inspection, the porch needs significant structural repair. We have been aware this was coming from initial home inspection but deferred the work during BRRR. Estimates coming in and scheduling work ASAP to maintain hazard insurance. Estimated project cost is $30k so seeking financing alternatives.

Tenant Update

• First floor: $1,600 collected ($490 Sep, $1,100 Oct) 
• Second Floor: $1,395 collected
• Third floor: $1,375 collected

Major Costs Summary

• None

Next / Todo

• Repair basement window and concrete steps
• Obtain financing for porch repair
• Schedule porch repair