Behind the Numbers: How I track my rental property finances
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- Опубліковано 7 чер 2024
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🎙️ Episode 334 - Join Coach Carson and Michael Zuber as they unveil the keys to rental property financial mastery. Discover the significance of meticulous record-keeping, strategic KPI monitoring, and cash flow management, empowering you to navigate the real estate landscape with confidence and secure long-term success in your investments.
📄 Show Notes: www.coachcarson.com/bookkeepi...
▶️ Next Video: How Much Tax I Paid When I Sold a Rental Property
• How Much Tax I Paid Wh...
🎬 Timestamps:
0:00 - Being NEO in the Matrix
1:39 - Why is Bookkeeping so important?
3:08 - 1. It's the law!
7:37 - 2. Your Key Performance Indicators
9:27 - Profit is NOT cashflow
13:14 - Playing strategic chess
16:05 - Be a better future investor
18:10 - How much taxes I paid when I sold my rental
🔗 Coach Carson's recommended accounting software:
QuickBooks: quickbooks.partnerlinks.io/63...
🔗 Connect with Michael Zuber
• UA-cam: / @onerentalatatime
• Podcast: podcasts.apple.com/us/podcast...
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Footage and photos credit to: Pexels.com | Pixabay.com
You should think two or maybe three times before selling an underperforming property. If you are really capturing all your cash flow variables you may find you are not losing as much as you believe. This is especially true with building depreciation and the paper losses it generates. Also, selling that property will be subject to recapture and possibly capital gain taxes. Better to choose your next purchase first and use the 1031 exchange rule to preserve your equity.
I agree. Be slow to sell. But if the location, major expenses, or ability to find good tenants isn't getting better - time to prune it.
Oh.. I am a new landlord, and really needed this info. Thank you, coach!
glad it was helpful! thanks for watching
Coach Carson you’re very articulate which lends itself to really understanding this stuff. thank you.
Thanks for the feedback and thanks for watching!
Brilliant video! Accurate bookkeeping is crucial for rental investors to prevent tax and business problems. For those keen on multifamily investing, our channel is a treasure trove of actionable advice and success stories.
Great information. Always looking forward to learn from you guys.
Thank you Mike and Coach Carson's for keeping educating us .
So much appreciated.
You bet! Our pleasure. thanks for watching!
Cashflow is all that matters. I don't understand why people include principle pay down and appreciation into there cashflow numbers. If you can't take it out to buy groceries today it doesn't count. New subscriber and loving the content. Keep it up.
Thank you for sharing. Great content!
Thanks for watching!
I track each property in an Excel spreadsheet, so video gives me some great ideas on combining the data from all of the property spreadsheets into a master spreadsheet that I can report more holistically, instead of by property. I see pivot tables and graphs in my future! Great video! thank you!
that's awesome! Glad to hear it, Sean. Nothing says mastery of your business like some good pivot tables and graphs :) Let me know how it goes!
Thank you for the video. I have been growing pretty fast, but this has got me thinking about pruning some of some the lesser performers out of my portfolio.
Very helpful Thank you for sharing
Thanks for watching, Lee.
Great video, would love nothing more than to buy more rentals. Currently living overseas so it's bit more challenging
Would you finance your own brrrr if possible? My house is paid off I have 1 rental that I just bought. Is my next step taking out home equity loan and then paying it off with the brrrr
If all else fails .... you can move to Santa Cruz and live in a van 😂 ❤
must be an inside story there!
Santa Cruz is a real hippy dippie liberal area with a university so there are a lot of “unique “ living arrangements there. We just happened to be talking about that while we were watching your video and we all got greats laughs 😂😂😂.
Every time I watch your videos I think of Clemson and the worlds greatest tacos at Tipsy Tacos 🌮 if you haven’t been there you have got to go !!! Wonderful place with a fantastic bar. 😊❤
For quick books, is this a paid subscription you use to track your rentals ?
We use desktop version. You have to buy a new license every year or two. But it seems like Intuit is trying to force everyone to subscriptions online
So do you keep EVERY receipt from each property? Does that go into your quick books?
That's my goal! Receipts are either in Evernote (online file program) or sometimes in gmail (if i forget to send to evernote). I don't put in quickbooks
First!
Coach do you really pay a whopping $828 a month for property management ? I do clean and sober living houses and they charge me zero. Lucky me !!!! LOL !!!!
Do realestate investors have kids? Having a baby will never look good on a spreadsheet. Is the realestate investor destined to go extinct? 🦖
the other guy is annoying , he interrupt Carson to speak