Monday, July 21, 2008
The first month’s figures from Multi #1 are in and things look to be progressing right on track. The improvements we plan to make have been started – new signage has been installed and the re-sealing of the entry parking lot has been completed. Other improvements are scheduled for the coming months. Occupancy is at 93% and management feels that traffic has been increasing and can rise to 94% or 95% over the next month. Figures are tracking pretty close to projections. I was going to list the projected and actual amounts, but since this is just the first month of ownership, the figures will be all out of whack. The first month's expenses do not include any mortgage payments and bills have not yet come due, so those expenses will not be included either. I'll wait another month to post a side-by-side comparison, as the figures should be closer to normal by then. Investors have not received any income from this property yet, as profits are being distributed quarterly. But so far, I am happy with what I see.