Rent Update, June 2011, Collected 97.06% of rent, 4 opening...
Just back from vacation, I am try to catch up all the paperwork today..
June, has been a challenge month, we lost 3 tenants, and may continue to lose 3 more in July, but because we been so busy on other things, we didn't even lease out any for the whole month.
The Meth house is finally finish decontamination, local health department released back to us, total cost, near 8k.
June 11, surprisingly, we got another property burn down, still working with insurance company to settle it, they fronted up 25k for initial clean up.
June 9, we partnered (I am only 28% equity) with others, form an LLC, won this 40 unit complex in a sheriff sale, final bid was 820k + 10% = 902k. deal was closed June 30, now we in control of 40 more units.
This property should go 1.2mil fire sale price right now, market listing should be 1.4-1.5mil, avg per door is $22,550, while market price per door is $38k.
I expect this deal will give us 100% return of equity within 5 years.
07/09 97.5%
08/09 95.4%
09/09 88.7%
10/09 91.6%
11/09 95.1%
12/09 92.5%
01/10 97.6%
02/10 104.6%
03/10 94.55%
04/10 90.3%
05/10 106.8%
06/10 93.4%
07/10 97.5%
08/10 93.8%
09/10 99.15%
10/10 100.8%
11/10 91.8%
12/10 89.9%
01/11 90.3%
02/11 95.6%
03/11 100.2%
04/11 98.44%
05/11 101.3%
06/11 97.06%
