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Final numbers on Property 7

May 18, 2014

Our tenants are all moved in on Property 7. This was our first vacancy in almost 18 months, so I was afraid we might be a bit rusty in our make-ready preparations. This was not the case. With the ample move-out notice from our tenants, the great condition they left the property, and the time of year we had no problems filling this vacancy.

Property 7 being 3 miles from our primary really helps. Our biggest burden was putting out the For Rent signs at a few intersections each day for 2 weekends. I always put out my signs early in the morning and take them down at sundown. I think this keeps us legal and they can sometimes disappear if you don’t pick them up. Our other big time spender was on deferred landscaping maintenance. Once we got started, it was tough to tell where to stop. This is a strong Class B Property renting at $1,250 per month, so we wanted to err on the over improvement side.

In an earlier post, I mentioned our total make-ready would probably run $500-$750. We still have an estimate for an outstanding utility bill, but we are north of those numbers. Below are the detailed totals.

17 exp summary

As you can see the heavy investment was in the landscaping. I am terrible at remembering to take before pictures, but below are a few. The carpets had a few spots, so we had them cleaned as well. We did not hold back any of the deposit as the carpets were not this clean when we rented to our previous tenants. Carpet is in about 40% of the property, but we will be evaluating alternatives at the next vacancy.

One nice thing was our tenants called us several days before they were supposed to move in on the 9th. They wanted to sign the lease and get the keys early as we had a great weather weekend and they were eager to start moving. This allowed us to start the rent ahead of our original plan. This shaved a few more days off of our vacancy period and equated to over $200.

Front May 2014

 

 

 

 front landscape b4front landscape After

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