695 Riverview Drive
Summary: 9-unit apartment building near Columbus, Ohio and Ohio State’s campus that I bought with my brother, Thad. It is managed by Renting Ohio since April 2014.
Profitable? Yes. August 2014 was a profitable month and “normal” enough to be repeated and sustained. I populated the spreadsheet that I use to evaluate properties with the numbers from August. Accounting for 11% vacancy, the expected cash flow is $255 / month. Maintenance and improvements have cost a lot, but are starting to taper off. Rent is steadily increasing with the market and with the improving condition of the building.
- Hired electrician to ensure safety of aluminum wiring. (~$1500)
- Switched from a dumpster in the front yard to much more sightly–and less expensive–bins for trash removal.
- Met the owner of 675 Riverview, a neighboring building with the exact same layout. Shared contact info, ideas, and got some tips. In August, he resurfaced his parking lot, painted lines, and it looks great, but costs $7500 to have done.
- Installed a bike rack with brother’s help. ($150)
- Touched up the paint on the white trim on the front.
- Determined that the dilapidated fence is the neighbor’s fence, not ours.
Shiloh’s Five Loaves is a gluten-free bread company based in Raleigh, North Carolina. For more information, I can put you in touch with co-founder, Devaunt LeClaire. The investment window is open until 31 October 2014.
Coconut Wine (Vino de Coco)
I lent money to this company in October 2011 with a friend. We have yet to be repaid, but the company is doing well as far as we can tell. They are currently seeking investors. I do not plan on investing further.
I sold all my stocks in December 2013 have been in cash since. After reading How to Make Money in Stocks by William O’Neill of Investor’s Business Daily, I determined that if I were able to make money in stocks, it would always be a gamble and it takes a lot of time just like any other investment. I decided I want to invest in things I am familiar with personally.
2 thoughts on “Ventures Update September 2014”
How is this rental working out for you? Cash flow positive?
Yes! I just did the average vacancy from May-December (since the first month we had a manager) and came up with 13%. One tenant didn’t pay for 2 months (and got evicted) and I counted that as vacancy. Currently at 7/9 with two leases starting 1 Feb that will put us back at 9/9! How is SquareSpace / WordPress / Million Dollar Marine coming?
Comments are closed.