All Forum Posts by: Helene Goodworth

Thanks! I replied. I appreciate your help 

 Would you suggest I do? What would you say is the best way of dealing with all this? I have kept very stringent accounts of every expense so far so it wouldn't be hard to keep everything separate. Honestly I am very new to this and have always done my taxes myself but now that we have at least 4 different revenue streams I thought it might be best to hire a professional. 

I would love to get ahead of this and find a CPA to help my husband and I file our taxes for next year. We are both self employed and by the end of the year will have two investment properties and at least 1 LLC. I have experience as a bookkeeper but have never dealt with investment taxes.

Thanks in advance!!

OK, so I have updated my spread sheet. The initial spreadsheet was just hours old and therefore was a little rough. I think it makes a little more sense now. 

If anyone would like to give me advice on this deal I would love that! I appreciate you all so much. Thanks!

 This is my 'results' page which is even harder and more chaotic to read. I can understand it but I doubt anyone else would...

 Yes sorry it's super hard to read. 

There is a line at the very top for 'improvements'. Is that what you mean by capex? I hadn't viewed the property when I made the spreadsheet so I wasn't sure on what would need fixing yet. 

The 'utilities' cell is the annual amount of landlord utilities divided by 12 because every other cell was monthly. It's hard to see that without seeing the formula within the cell. Then it's gross income minus every expense that equals the NOI. I threw this together in one night and couldn't figure out the best way to display it. Haha. Any advice is welcome!! I'd love to make this spreadsheet super readable.

 Thanks so much for your input Alecia. I must admit I did second guess myself for a moment there, but I have gone over every possible financing scenario that I could think of (that I know of) and this is the best one for me now. 

It's great to hear that you have been successful! I wish I could take you out for a coffee/margarita and talk about your journey and pick up some tips but that may be a bit of a drive for either of us. If you ever find yourself down here please let me know! I'll do the same.

I'm utilizing a DSCR loan due to my current lack of reported income. The 20% down payment isn't a concern for me; my primary focus is ensuring the investment generates positive cash flow, which is what my post was aimed it. While I appreciate your advice, I may be better suited to follow it once I have a more consistent revenue stream and better connections.

Thanks!

Please be aware that some of these numbers are of course a guestimate. I will be updating them as I go along but it's just a rough idea of how the property cash flows

ok guys and gals. 

I learned my lesson from the last one. I was missing a lot of data. This time I decided to make my own spreadsheet instead of using someone else's. It is moderately detailed. The grey areas are the areas in which I can add data. The rest are formulated. I have one box with costs (both listed and what i would offer). The next box has income (both what is listed and what is market value). The next is ROI (I hope I did the right calculations). If any of it doesn't make sense let me know.

I really loved the advice on my last post so am welcoming any advice again this time. It's the best way to learn!