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Friday, January 24, 2014

Delayed November Apartment Update

I've actually had the November financials for the Houston apartment sitting in my inbox for a couple weeks. The December ones should be arriving any day now, so I've been putting off writing anything so I could  write a single post for the combined two months. Well, the December info isn't here yet, so I figured I better get something out for November before it falls too far in the past.

Occupancy remained at 94%. The property had a positive cash flow of a tad over $25,000 for the month. This is actually the highest monthly cash flow of the year, beating out August's number by just over $100. Rent concessions dropped. Our overall income for the month increased by about $2,000 over October.

On the other hand, expenses also increased over October - but only by about $1,000. We saw increases in marketing, apartment turnover, and repairs. These were partially offset by a large decrease in administration expenses.

Management says the last 10 months of positive cash flow have allowed us to pay off $100,000 of aged accounts receivable over the course of the year. Now our balance sheet shows our accounts receivable greater than our accounts payable, so we look to be finally rid of all those old debts we accrued during the bad years. The property is currently $124,500 over our budgeted net income for the year. That's good news.

No word yet on the potential sale of the property. One of the potential buyers requested a four month or so examination period and we're still in that, so I suppose this is a case of no news is good news. I hope we get an update with December's numbers, but we may not.

1 comment:

Albir Property Inmobilaria - Real Estate said...

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and work in a estate agency named Albir Property. We mostly sell and rent houses in apartments in Albir and Altea. The area here has nice climate with more that 320 days a year with sunshine.
If you ever come to Spain, feel free to visit us or take a look at our web site http://www.albirproperty.com you find us in the centre of Albir.

Kind regards from sunny Albir.

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