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Updated about 6 years ago on . Most recent reply
Please evaluate my numbers
Hello All, I am a newbie in these forums and bought my 1st condo investment property in central Jersey. Lived in it for a year and then rented out.
Here are the numbers
Its a 2br 2 ba 1100sqt condo with homeowners association.
Incoming rent 1825
Operating expenses :
1. property tax- 416.mo
2. home insurance(farmers) -37/mo
3. Home warranty- 50/month (american home shield
4. HOA- 300/month
5. vacancy 5% - 90/month ( the property is in a high rental location, it got rented in a week.
6. Repairs 5% -90/month
7. Capex- not sure If I should allot for this ,as I am already paying american homeshield.
8. Property management 6 % : 108/month
9. Principal + interest 821.15/mo
Total expenses come to 1912.15 $
As you can see, not much cash flow- infact going negative.
Any comments on my situation. What can I modify to be in a better cash flow situation.
Also , I have a W2 job, so i dont depend on the cash flow from rental- it would be still nice to have a positive cash flow.
Any and All advice would be appreciated.
Thanks.