For our real estate March was a busy month as we finally got some of the major outstanding maintenance works out of the way. Unfortunatly we were not able to complete everything we wanted to do. However, we both have two weeks off during the second half of April and a battle plan ready to get a lot of work done on our own home and the rentals! But let’s talk number first, here is our Real Estate Report – March 2017.
It was yet another good month with no vacancies and all rents paid on time. We really cannot complain as we have great tenants all around! This is where careful (and in our case also exensive) selection starts to pay off!
As you can see below our expenses were really high for the month. The primary reason is the installation of a mechanical ventilation installation system in one of the rental units. We already got the bill this month too, which also includes the purchase of the two mechanical ventilation units. We therefor expect another €400 bill for the installation of the second unit in labour costs and small materials. This bill should come in May.
We were a bit disappointed about the costs as they were a bit higher then expected (expected to be about €100-200 lower). Mr CF did help out to keep the costs in reign, but this will “only” save about 300-400 euro’s overall. Still, a good savings none-the-less and some valueable lessons learned in DYI skills.
Other expenses for the month are:
- Property taxes;
- Interest costs (mortgage and loan); and,
- Property management costs.
Real Estate Report – Overview and Forecast
We made a total of €1.070 in net rental income for the month of March (before taxes). The net cash-flow will come in around €650, signifianctly lower than last month. However cash-flow is expected to rebound in April (no major bills expected). Our total YTD rental income for 2017 is €5.415 (before taxes).
The (cash-flow) forecast for May is not very pretty because more property taxes, sewage and garbage removal bills are scheduled for payment. We will likley also see the bill for the moisture barrier installation (also scheduled for installatoin late April) and the second mechanical ventilation unit.
Still need to start work on the renovation of the outside walls for two other properties, but time is limited. This will really be a big bill that will wipe out two months of income easy. Aiming to get this work done around summer time to spread the effects on our cash-flow. In addition, the windows will also need to be painted at that time.
How did you do this month? Did you have any maintenance done on your own house? Or did you DIY lately?