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Home > $20K Update - Property Management/Spring Cleaning Update

$20K Update - Property Management/Spring Cleaning Update

April 28th, 2016 at 06:41 am

Yikes I haven't posted in ten days!

Things are good here, busy as always! There were 2 empty apts. at my parents rental so we have been working hard advertising, taking phone calls and showing the units. We now have someone moving into one of them as of May 1, and the other one as soon as it is ready as they are still finishing up some repairs and putting in new flooring. It has been quite a process so I am glad it is nearly done and everyone will be settled in soon.

MO and I went to my old house (rental #1) and did some serious yard work last weekend. Raking up leaves for hoouurrsss. The lawn there needs some serious TLC, lots of bare spots and we were hoping to put some lawn seed down last weekend, but it was too windy, and now we are at home an hr away, but besides that it has been rainy, windy and gloomy everyday. Hopefully we can get working on that more soon.

During the week we worked on getting our garage organized a little bit. I still have a lot of boxes in there from the move that I need to go through. Frown But we at least got a lot of garbage taken out of there and some general organization started. Goal for next week will be to go through a chunk of the boxes and to get the old fridge washed out (FINALLY!) and up for sale.

We also bought a riding lawn mower! We knew we would need one as our yard at our new home is very large, and also for doing our Property Management work at my parents rental. We were lucky enough to find one on our local FB Sales Page for only $350!! What a steal! Of course it is used, but my husband looked up the same mower on line, and just the bins for the mower cost $300 new! So we are very excited about getting that deal! We are also looking to buy a tiller as I want to have a garden, that may be pushed back to next year since it is almost May now and we never seem to stop being busy, but I think it would be good for us to own a tiller as we have lots of properties/projects.

This savings update isn't entirely accurate as we have been siphoning off funds from savings to the Appliances Loan so we can pay it off quickly and be done with that. I will update savings with those withdrawals after next weekend. Next weekend we are going to a Garth Brooks concert and may be taking money out of savings for that as well, so then we will have a more accurate picture of where we stand with savings, and hopefully have the Appliances Loan gone!

Current Balance $7,570.00
+$25.00 My Payday to Appliances Loan Payoff
+$25.00 My Payday to Our Savings
+$25.00 MO Payday to Our Savings
+$65.00 Coin
+$600.00 Rent from Rental #1
Balance $8,310.00

Local Savings $1945.00
GC Savings $4,825.00
Capital 360 Savings (US) $180.00
Capital 360 Savings (Appliances Payback Account)$105.00
Capital 360 Savings (Rental Deposit Account) $1255.00
Total Savings = $8,310.00

52 Week Challenge
2016 - Week 13 $66 (total) + $12 +$13 (deposit)=$91
(Weeks 46-52 are also paid already $343)

3 Responses to “$20K Update - Property Management/Spring Cleaning Update”

  1. guppy Says:

    If I can ask, how much do you clear each month on the rentals? We have two rentals as well. One we plan to make into our vacation home years from now and the other was our previous home that we decided to rent instead of sell because financially it seemed to make more sense. The one we break even on and the other we bring in a little over 400 a month (after paying the mortgage). I'm interested to see how it all works out come tax time next year. Just wondering how you acquired your properties and how that's been working out for you. Smile

  2. Banker Gurl Says:

    Rental #1 - The mortgage is $682.96 per month, and we get $1250 a month in rent.
    Rental #2 - The mortgage is $768.00 per month, and we get $1200 a month in rent.
    We could probably get up to $1500 a month for #2, but we are renting to my BIL so don't feel any need to raise the rent. Smile
    We also have 2 guys living in the basement of the house we live in, and they pay $400 a month each to rent rooms, and they have their own bathroom and living room (they are cousins so comfortable sharing living space).

  3. guppy Says:

    Wow, that's great! Sounds like you guys are doing pretty well.

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