Monday, March 31, 2014

February Apartment Update

Things continue to cruise right along at the Houston apartment complex. Occupancy remained the same as last month at 96%. Total revenue was $201,000, a small decline over January's $204,000. Cash flow was a positive $12,000 for the month. The $6,000 drop in cash flow over January was due to our lender not collecting the appropriate amount for escrow. They need to collect a bit extra for a while, then the escrow amount will drop back to normal. The good news is that, even with the temporarily increase escrow collection, the property's cash flow is still $27,000 over budget. Granted, it's only the second month of the year, but that's a good sign.

No word on the sale of the property, which I am taking to be good news. It's in escrow and things are, I assume, moving along without major problems. I believe it's scheduled to close escrow mid- to late- April.

Tuesday, March 04, 2014

January Apartment Update and HML #30

First off, my hard money loan #30 was paid off a couple weeks ago. This only lasted a couple of months.

On the apartment front, occupancy was at 96% for January and the total revenue hit almost $204,000 - the highest ever. Cash flow was a positive $18,000 for the month. As mentioned last month, there was a fire at the property around Christmas time. The insurance adjuster and an engineer have been out to examine the property but we have not yet received their report. The year is starting off well and with just one month under our belt, our income is already almost $17,000 over budget.

Which brings me to the next point - the possible sale of the property. It's looking good so far. The buyers have completed their inspections and the bankers are now working on going through the process of getting the buyers approved to assume our loan. Once that is done, the sale can progress. At least point, we are estimating a close of escrow around the middle to end of April.

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