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INFORMATION April Apartment Update READ HERE

I returned from a quick trip to Las Vegas to find the April financials for the apartment complex in my email. Things continue to improve!



Occupancy is up to 94% and the property reached a couple new milestones: we had the highest monthly revenue since September 2009 and the highest net operating income since August 2009. The property had a positive cash flow of $7,500 - this is over twice last month's NOI and management expects this number to continue to increase in the coming months. Rent concessions dropped to the lowest point since January. The increased occupancy translated to the lowest vacancy expense this year. Bad debt losses were zero (!) and we recovered close to $1,000 in previously recorded bad debt.



There were still some expenses due to legal costs incurred from vendor issues when we had to delay payments for several months in 2011 and 2012, but those are greatly reduced from prior months and hopefully, the end of those expenses are in view.



Budget-wise, the property's net income for the year is about $1,500 ahead of budget. Clearly, apartment complex financials are closely tied to the performance of the local economy. That might be stating the obvious, but this whole process has helped me see just how true that is. This is something to keep in mind when investing in apartment buildings.



It's hard for me to believe I've been in this investment for over four years now. If this improvement continues through the rest of the year, I think we'll be on track to sell the property for a nice profit early next year!



UPDATE: Forgot to mention that hard money loan #24 was paid off on May 31st, so that money is waiting for another deal.

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