My new upper-unit tenant moved in on October 1st, 2018.
Remember, the bottom unit was already occupied when I bought it and their lease runs through January of 2020 (they just renewed).
Welpppp.....it took a few months to get a full month of cash flow on this property (I'll explain why it took so long, shortly). But first, let's admire the beauty of bringing in more money than you spend.
In January 2019, I brought in $1,552.50 (after property management fees) and spent $935.86. I'll take that!!
Here's the breakdown
Property Management: $172.50
Principal, Interest, Taxes, Insurance: $935.86
Now, why did it take 3 months to get a fully performing property?
In October 2018, I had to pay my property manager a full month's rent ($875). This is part of our management agreement for any new lease.
In November 2018, I had a couple last repairs to take care of after the new tenant moved in, which prevented a clean cash-flowing month.
In December 2018, my LOWER unit tenant renewed their lease for another 12 months. I had to pay my property manager $299 for a renewed lease as part of the management agreement.
FINALLY, this month in January, I had a clean and fully performing asset! Well, I'm not quite sure what else to say now. My Third Property has been quite the journey. I learned a lot through this process of acquiring, renovating, and renting a new asset type (duplex), and I'm ALREADY excited to share news about my next investment, MY FOURTH PROPERTY.
To keep up to date on this property (and my full portfolio) check out my Month Rental Income Reports HERE!