Phoenix condo – 2nd year operation (2011)
No comments
In Phoenix the story went this way – in the summer 2011 I was notified that my tenant (family) got a few fines from the HOA and that the HOA found out that there is more than allowed number of occupants in the unit. The rules of the HOA strictly allowed only 4 people living in the 2 bedroom units. I tried to make an appeal for an exception, but it didn’t go through. Therefore I had to notified the tenants and they had to move out in September. Unfortunately they left the unit quite trashed – with some punched drywalls, moldy food in the fridge and very stained carpets. It was too bad to lose them, because they were otherwise “on-time” paying tenants for over a year.
Anyway then I had to have the property manager (RPM Phoenix Metro) take care of the repairs and get the unit to move-in ready condition. I tried contacting few contractors directly to save the cost, because the repair bids always seemed quite high from RPM, but wasn’t really successful – while travelling around Australia, it was pretty had to handle all that. The move-in ready repairs cost me almost $2000, which pretty much erased all profits for that year.
Below you can see the numbers for Phoenix property in 2011. However note, that the final repairs weren’t billed all in 2011, because I haven’t had enough money on my account, and therefore RPM was keeping the bills to 2012. And even when not all the repairs were included, my operating expense ratio (expense to gross income) is almost 90%, meaning that pretty much everything I earned I spent. ;o/
Wednesday, April 17th, 2013 at 9:52 am and is filed under #2 - Condo in Phoenix. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.