Already the last post of this month. Man, time flies! It was a fun but busy month. So let’s quickly have a look at the Real Estate Report – May 2017.
Still no surprises here, same tenants, same income, all on time again! The usual income overview is provided below:
As you can see below our expenses were quite high for the month, this was as expected due to taxes/sewage fees due and the maintenance bill. It cannot be unicorns and rainbows all months 🙂
The expenses for the month include:
- Insurance (for buildings and liability);
- Interest costs (mortgage and loan);
- Property Taxes/Sewage (3 out of 5 properties);
- Maintenance/repair costs (bill for mechanical ventilation unit placement); and,
- Property management costs.
More property taxes, sewage and garbage fees are scheduled to arrive in the coming two months. They are not as bad as this month though, fortunately.
Real Estate Report – Overview and Forecast
We made a total of €1.417 in net rental income for the month of May (before taxes). The net cash-flow will come in around €1.100. Our total YTD rental income for 2017 is €9.098 (before taxes).
Because it has been dry (both inside the one apartment and outside) there currently is no moisture or mold issue on the one unit. But this will come again once fall comes around. However, we are still struggling to find the right tools for the installation of the vapour barrier. We need to cut through 20cm of stone to install the barrier. But most available tools only go as deep as 10-15cm. Our contractor is still looking around, but due to the good economy he is busy as can be. Story to be continued.
Have not made much progress with trying to setup a sale of one unit, nor have we looked at work on the outside wall either. Need to review our options here soon as paintwork is due too. Really need to make a decision on what we will do going forward. Problem is there are few interesting opportunities out there right now, prices are going up everywhere and deals are hard to find. Perhaps it is better to keep the unit for now, fix the outside and try again next year (will look better and be worth more this way too). Many things going on right now.
How was your May from an RE perspective?