Thursday, April 16, 2009

March Updates

It's been a good week!

I received another interest payment for the hard money loan I made on the property in California. I also received another on-time payment from my hard money loan to my (former) co-worker. And last, but not least, I got a great monthly update on the Houston apartment complex.

Total revenue for the month of March was $199K, the highest amount so far. Management also collected some bad debt that they had previously written off as uncollectable, so that was bonus money coming in.

Occupancy was 95% for the month of March and cash flow for the month was just over $32,000. The property is performing better than expected. Management will be revising their forward-looking projections based on the improved performance. The investor distributions for the first quarter will be mailed out this week. But the best news of all of is that management will be increasing investor distributions in future months based on the better-than-expected performance of the property!

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