Profit and loss statements individual or group properties ?

Question

When you are doing your profit and loss do you do all individual properties and the group as a whole?  I have all my single families in one llc.  I’m hoping that at some time I’m able to leverage this or sell and 1031 into larger units for less single families.  Does anyone have a sample of your end of year statements?  I’m having trouble developing something from scratch.

Lance Lvovsky · Answer

@Jonathan Wildy

You should track per property if not for your own metrics then you will need to for tax reporting purposes. Your CPA needs to report income and expenses per property on tax returns.

Mike Butler · Answer

thanks Carl Fischer and

Jonathan Wildy Investor from Atchison, Kansas

Carl Fischer · Answer

@Jonathan Wildy

I use QBs -each property is its own class. Get a hold of @Mike Butler system and book “Land lording  on autopilot” if you are starting out. It makes bookkeeping simple and smart.

Frank Chin · Answer

I use QuickBooks and I use the class function in it, so each expense item, asset, I book is assigned a class. You can group classes and have subclasses as I recall up to five levels. At one time, I have rentals in NY, and out of state in MA, so rentals in NY would be class: NY:Property1, and each expense in Property1 would be assigned that designation. For my P&L reports, I could have reports for Property1 only, or MA for all the properties in MA.

Furthermore, you can export all or some your reports into spreadsheets and do whatever analysis in the spreadsheets.

Profit and loss statements individual or group properties ?

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