When I was 15 my father decided he wanted to fix-to-rent a disgusting, broken down house of a hoarder. The junk removal was horrendous. Stacks of old newspapers, smelly old books, dead rats. For a teenager, it was shocking.
Sadly, he didn’t make money on the deal despite us working on it with every free minute we had for two years. It was sad how much time and effort that project chewed up.
Was the total cost of the project tracked? Were holding costs accounted for in the P&L. Ha! No.
Since then, my passion for real estate has evolved to one of making sure everyone I work with understands whether their investment cash flows. To know if this is a money maker or money loser.
With 7+ years bookkeeping experience, I’ve found that having a champion on your side when no one else is there for you helps keep you accountable to your personal and financial goals.
Bookkeeping is more than tracking numbers. It’s the language of your business and your effort. Get someone on your side that specializes in bookkeeping for the real estate industry who also has first hand experience.