July 2015 Income/ Expense Report

posted in: Home, Rental/Dividend Income | 2

Alright well I said it, I am getting back on this horse lets dive right into the numbers!

Work Income: $2675.37

Rental Income: $1825.00

Total July 2015 Income: $4500.37

Expenses

Mortgage (PITI): $1137.01

Student Loans: $260.24

Coffee/Food: $498.29

Entertainment: $333.13

Gym: $60

Clothes: $240.60

Trash: $33.82

P.O. Box (12 months): $82.00

Misc: $3.64

Total july 2015 Expenses: $2389.09

Savings Rate: 46.9%

 

To be honest as I was going through all of my expenses I was kind of ashamed of how much I had spent this month but it was a pleasant surprise seeing my savings rate so close to 50%! Granted July had 5 pay days for us where as august only has 4 but I have made significant changes to my spending habits since July so I suspect we will come in right around 50% again.

I gotta admit having all 3 apartments rented out has been incredible as far as income generation is concerned. My initial investment, down payment plus closing costs was somewhere around 13k, and I am cash flowing $700 per month after my mortgage is paid… which is also paid by my tenants… 😀

This coming week I will be looking at an owner financed duplex… its a 2 bedroom and a 1 bedroom… I dont know if its right for me though, after owning a few one bedrooms I have found that there is more of a tenant pool for 2 and 3 bedrooms. Not that i’ve had any trouble finding tenants.

One thing I have been terrible at is collecting rent. I have been able to collect all rent for every month so far but I haven’t really had a system in place to collect everything the first of the month and i’ve been a little lax about my tenants paying a little late. After I post this I will be looking at online services that allow tenants to pay online.

All in all though, money is coming in and life has been pretty good! Cant wait to see how August turns out!

 

2 Responses

  1. Very cool that you’re getting quite a bit of income from your rental properties. That’ll go a long way in achieving FI.

    • When I originally bought it, it was a little distressed and quite a bit of sweat labor to get it up and running. But now its one of the greatest things ive ever done!

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