My Cashflow in Condo #1 disappears!

I guess I have to start numbering my properties like the other blogs. New Construction Condo #1 is the one I bought pre-construction with these numbers

So the left side is from Jan 2005 and the right side is from today, Jan 2006

Rent === $1225/mo — $1225/mo (6 months left on lease)
mort 1 = $600/mo —- $854/mo (My 1/1 ARM readjusted +2%)
mort 2 = $200/mo —- $241/mo (HELOC went up 1%)
insur == $20/mo —– $20/mo (stayed the same, thank god)
HOA ==== $161/mo —- $223/mo (Damn HOA’s)
taxes == $50/mo —– $200/mo (Last year was new construction)
Cashflow=$194/mo —- ($313/mo)(DAMN!!!!!!)
COCR === 8% ——— don’t even wanna go there

The good news is that I am refinancing the 1st mortgage with will lower the payment probably $75/mo. The other good news is that my rent is under market by $275, which won’t help me for the next 6 months. The real good news is that the condo has appreciated about $60,000.

About Kenric

My blog about living life to the fullest by generating passive income through real estate, business and online investments.
This entry was posted in Real Estate. Bookmark the permalink.