I just received the latest monthly update for my investment in the apartment complex in Houston. Believe it or not, occupancy has increased AGAIN and is now at 97%. This is phenomenal and beyond my expectations. It surely cannot be maintained!
Total revenue has increased to over $195,000 last month, which is the highest revenue figure yet. As mentioned last month, rent concessions are down, which resulted in rental income increasing by about $7,000.
Some areas still ran over budget - admin expenses and landscaping. The increase in admin costs was due to one time charges for setting up check scanning direct deposit services. Landscaping was higher due to seasonal planting. Apartment turnover costs increased (but were still under budget) due to the increase in occupancy.
Net income for the property for the month was almost $25,000. A very nice month indeed!