Hello there – welcome to another “Landlord Report”. This monthly report will share my experiences as a landlord. The report will show EVERYTHING related to my rental properties and life as a landlord…. This report will actually capture the past two months; I have been busy and could not keep my regular posting schedule.
I will discuss the rents that I collected, mortgage payments, and other ‘landlord items’. Other topics may include repairs, finding new tenants and any other items that might randomly pop up. The report will also share how much money I made and the amount of time (hours) it took. I want to show the world being a landlord is a wonderful thing.
Throughout this process I aim to be as transparent as possible. Being a landlord and owning rental property is a wonderful way to earn (mostly) passive income and allow you to buy back your time faster. Please feel free to contact me with any questions – happy to provide insight.
The Landlord Report – August 2017
This month was rather uneventful. August marked another perfect month (a month with no expenses or repairs) for my rental portfolio.
The table below outlines all my income and expenses for the past month month:
As you can see, August was a great month for my rental property portfolio. Rental property #1 and rental property #2 had perfect months. Rental property #3 also had a perfect month; the expense item is my share of the utilities for the property.
Rental Property #1
Rental Property #1 Summary
In summary, rental property #1 – earned $381.76 and I spent 5 minutes of my time collecting the rent. How? Well, I had dinner at a restaurant down the street and stopped by on my way home. My mortgage debt dropped by $701.94 from my monthly mortgage payment. When considering principal reduction, I came out ahead $1,083.70; not bad for 5 minutes of time.
Rental Property #2
The tenants paid their rent of $4,000 in full and on time. Rent collection required me walking downstairs to get my morning cup of coffee. There were no repairs or expenses this month, which is AWESOME! And something that happens more frequently than you might think. Next month will require a bit of yard work; thankfully the weather will be mild.
Rental Property #2 Summary
In summary, rental property #2 – earned $1,591.43**. I spent maybe 10 minutes of my time depositing the checks with my smart phone. As a result, I earned $1,591.43 for 10 minutes of effort!!! July 2017 was a
great awesome PERFECT month for rental property #2. Does this income beat your day job?
My mortgage debt decreased $714.11. When factoring paying down my debt, rental property #2 made me $2,305.54.
**I also live in the house and get paid to live here. Pretty sweet right? House Hacking is awesome.
Rental Property #3
This was the second full month for rental property #3. The utilities were much higher this month and I am hoping it was an anomaly.
One of the units utilities are included in their rent and I pay the water bill for the entire building. This expense costs me $270.85.
In summary, rental property #3 – earned $1,554.07 and I spent only an hour of my time managing this property.
Rental Property #3’s mortgage debt also decreased $401.51. When factoring paying down my debt, I earned $1,946.58
In summary, I spent less than 20 minutes of my time maintaining my portfolio of rental properties. Rental property #3 utility bills will be interesting to observe. I decided to have one unit with utilities included. The other tenant pays for their utilities (except water). This experiment may be a bit costly but we shall see.
In August, my rental properties provided me with $3,518.26 in cash flow. There is nothing like (mostly) passive income. My mortgage debt decreased $1,817.56 last month which further increased my net worth. Factoring in repayment of debt and cash flow, my rental properties earned me $5,335.82. What else can you spend 20 minutes and make this kind of income? Being a landlord sounds pretty good, right?