June 2019 - Portfolio Update
Welcome to Jump In Real Estate's June 2019 rental income report! We're on a roll here as I had another clean month with limited expenses. I also got lucky on a vacant property being turned over super quickly.
The tenant in My Second Property had a lease that expired on June 8th. Well, technically it ended at the end of May, but I let my property manager know that I'd allow them to extended it into June in exchange for another full month of rent.
Luckily, I got a new tenant in that property and they signed their lease at the end of June! Check out my June Income Report below!
My First Property
I bought this single family house in December of 2016 and SOLD it in May of 2018. 2 Bed/1 Bath in a "C" Class neighborhood. NO JUNE INCOME. See how it performed HERE.
My Second Property
I bought this single family house in March of 2018. 2 Bed/1 Bath in a "B" Class neighborhood. It's currently rented on a 12-month lease.
As mentioned earlier, I had a tenant move out on June 8th (I had them pay a full months rent) and a new tenant moved in on June 28th. That means I got a little bonus rent from the new tenant as they paid prorated rent for 3 days.
Previous Tenant Rent: $995
New Tenant Pro-rated Rent: $99.51
Property Taxes: $216.32
Property Management: $98.51
Income ($1,094.51) - Expenses ($728.75) = $365.76
Cash Flow from My Second Property: $365.76
My Third Property
I bought this duplex in July of 2018. Both units are 2 Bed/1 Bath in a "B" Class neighborhood. The lower unit is currently rented to a young married couple and the upper unit is rented to a young professional.
Another very boring month...which I don't mind! I had no expenses other than mortgage, taxes, insurance, and property management. I love clean months!
Gross Rents: $1,725
Property Taxes: $221
Property Management fee: $172.50
Income ($1,725) - Expenses ($1,179.24) = $545.76
Cash Flow from My Third Property: $545.76
My Fourth Property
This is an 80-unit apartment complex in Louisville that a group of partners and I purchased. It was acquired for $2.25 million and we're investing $1.05 million into it over the next 7-9 months. Cash flow isn't expected until July of 2019.
I have yet to receive a June update from the partners running the deal. So, that's a little concerning. They've been late the past couple months on updates and I HATE lack of communication. I have to follow up with them ASAP. Cash flow is still not expected until Q3 of 2019.
FULL PORTFOLIO CASH FLOW: $911.52
It was great to have another clean and straight-forward month. I was admittedly worried about the vacancy of My Second Property, but luckily I got a new tenant in there quickly! Also, all my cash flow is going straight into my reserves for future expenses and I'll hope for another clean month in July.
***VERY IMPORTANT NOTE: even though I brought in positive cash flow after all my expenses, I'M NOT TOUCHING any of it! This income goes toward my next investment and any future expenses. I have a day job and side-hustles to cover my lifestyle :)
If I ever get to the point where I actually want to take the cash flow, I would still only take about half of it and save the remainder for future expenses. This is SUPER IMPORTANT! ALWAYS factor in future vacancy/repair/maintenance expenses. Make sure you know how to properly calculate cash flow HERE.
Let me know if you have any questions!
Hey Tyler - Congrats on the big cash flow month. Breaking $1k is going to be even better! It's amazing how fast this train starts to roll when you really start earning $$$. Its 1 house, 1 house, 1 house, 2 houses, 2 houses, 4 houses, 5 houses, 10 houses, holy crap!
7/22/2019 12:34:52 pm
Thanks Alex! It's been a great few months and I'm trying to get this cash flow number up over $1k soon. Once distributions from my syndication deal in Louisville start kicking in, I should be over that $1k mark!
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