Join other real estate investors as we learn how better to keep track of our finances.
Why is tracking finances important?
Flippers:
Track expenses versus the expected profit on the flip. It's good to know your costs for regular fixes for example:
- Flooring
- Windows
- Trim
- Counter tops
Also, It's important to know what your profit is after selling the flip (assuming there is a profit) and be able to send in your estimated tax payment to the IRS and the state
Investors (Buy & Hold):
Tracking your purchase price as well as the cost basis is helpful to plan for not only your taxes, but for your next investment.
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