Running any kind of business requires keeping track of expenses. The Tax Man should not be the only person interested in what you are spending your money on. You should be, too.
It’s great to have money flowing into your bank account from your flips, wholesale deals and rentals. It’s another thing if all that money is flowing out the door in expenses. At the end of the day, we all want to keep as much money as we can.
Analyze those expenses. Ask yourself questions like:
- Where are my biggest expenses?
- Which properties are the most profitable and which are the least?
- Am I using the right vendors (contractors, stores, Realtors, title agents etc.)?
The trouble is, you only have so much time in your day. If you spend all that time organizing your receipts, scanning them into…
JP Moses
is a real estate investor in Memphis, TN, with experience ranging from land lording to note buying, rehabbing, and wholesaling. However, wholesaling is the area that he enjoys most and where he bring the most experience and expertise to his students.