I just finished going over my real estate finances for the year so far. I decided to track my real returns as opposed to my paper returns. In other words, I don\u2019t care about the depreciation benefits that real estate gives me or any of those things. Simply put: I\u2019m curious to know my net profit on a monthly, quarterly, and yearly based. I won\u2019t work backwards to see what it was in the past because that\u2019s of no relevance to me now. However, I want to keep a closer eye on things from this point forward, especially since I\u2019m in the works to try and get some of my expenses down. <\/p>\n\n\n\n
I made an individual spreadsheet for each property, and a spreadsheet for all the properties combined. This new spreadsheet should also help me keep better track of things come tax time. I\u2019m filing my taxes myself this year because after looking through all my past filings, I haven\u2019t been too pleased with my accountants. I constantly feel like they leave money on the table, or mess things up in a way that comes back to haunt me later. For example, my lender found an error in my taxes in 2022 when I was trying to purchase my 3rd property and that slowed me up quite a bit a bit. I don\u2019t want to spend 900 dollars on an accountant that\u2019s not doing that good of a job anyway.<\/p>\n\n\n\n
So after completing this spreadsheet, here is what I have learned from my real estate transactions 2 months into the year. <\/p>\n\n\n\n
My total profit margin is 5% on all my real estate. <\/p>\n\n\n\n
My problem property cost me about 471 dollars to maintain every month. This is the main reason why my profit margin is so low. Luckily, the income from my first property covers this, and still leaves me a few dollars left over. Now that my stepfather has decided he wants to take profits from our joint property that we have rented out, I\u2019m considering adding those extra dollars to my personal real estate account. <\/p>\n\n\n\n
I\u2019ve also been thinking about All my income streams. <\/p>\n\n\n\n
These are essentially my 4 income streams. I\u2019d like to start working on a dividend investment account, but for my goal I\u2019m thinking that throwing all the profits from everything that\u2019s not my job into growth stocks is the best avenue to achieve a million dollar Net worth.<\/p>\n\n\n\n
Now that I have a child on the way, things are going to get more costly. I\u2019ve pretty much eliminated all eating out, unless my baby mother ask for something. But when I\u2019m alone, I try and swipe that card as little as possible. <\/p>\n\n\n\n
For the month of march I plan on working on the house setting up a better working environment for me that can also accommodate the baby. I\u2019m also going to see if I can get a new insurance for the property that\u2019s eating up my profits, a new tenant, and a new lease that\u2019s going to up the rent to offset some of the expenses of increasing insurance and tax costs. <\/p>\n\n\n\n
I should also have a good idea about my side hustle and how fruitful it\u2019ll be. Meanwhile, I\u2019ll be trying to renegotiate my pay at my job and seeing which path I will take in my mortuary career. Things are moving slow to start this year off, but they\u2019re moving nonetheless. <\/p>\n","protected":false},"excerpt":{"rendered":"
I just finished going over my real estate finances for the year so far. I decided to track my real returns as opposed to my paper returns. In other words, I don\u2019t care about the depreciation benefits that real estate gives me or any of those things. Simply put: I\u2019m curious to know my net … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[1],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/milliondollardiary.com\/index.php\/wp-json\/wp\/v2\/posts\/208"}],"collection":[{"href":"https:\/\/milliondollardiary.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/milliondollardiary.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/milliondollardiary.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/milliondollardiary.com\/index.php\/wp-json\/wp\/v2\/comments?post=208"}],"version-history":[{"count":1,"href":"https:\/\/milliondollardiary.com\/index.php\/wp-json\/wp\/v2\/posts\/208\/revisions"}],"predecessor-version":[{"id":209,"href":"https:\/\/milliondollardiary.com\/index.php\/wp-json\/wp\/v2\/posts\/208\/revisions\/209"}],"wp:attachment":[{"href":"https:\/\/milliondollardiary.com\/index.php\/wp-json\/wp\/v2\/media?parent=208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/milliondollardiary.com\/index.php\/wp-json\/wp\/v2\/categories?post=208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/milliondollardiary.com\/index.php\/wp-json\/wp\/v2\/tags?post=208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}