Budgeting 101: How to Maintain and Improve Your Cash Flow
Your investment property is probably one of the most expensive assets that you have and you probably bought it or kept it because you want to make money out of it. At the end of the day, you need to be able to know your income and your expenses. Too many people even in…
Your investment property is probably one of the most expensive assets that you have and you probably bought it or kept it because you want to make money out of it. At the end of the day, you need to be able to know your income and your expenses.
Too many people even in their own personal lives don’t keep track of these things and that’s a shame and really important to do when you own an investment property. We help you do that over at Green Ocean Property Management.
How do we make that happen?
First, we’re going to ask for previous years expenses if we haven’t been managing it for a while, if you don’t have those, we’re going to take our best estimations and fill in the gaps of the information that you don’t have.
We then go into our software for budgeting and what we do is we enter those all in. We do it on a quarterly basis and sometimes monthly basis depending upon the landlord.
Afterwards, we will track all of your actual expenses and we’re going to compare it in a report and we will look at it and see how we’re doing versus what we estimated on your budget, and if there are estimations that were too high or too low, we’re going to fine tune them and improve them from year to year.
What are its benefits?
It allows us to keep track of your expenses, make sure that we know how much money is coming in for you and we’re going to make adjustments, watch out, if we say for example, water spiking too high, maybe there’s a toilet leaking we got to go fix that or if we know that there’s deferred maintenance that is just causing you a lot of repairs, maybe we can make a cap on improvements to be able to help you out and that actually will benefit you on the tax basis as well.
We have some great bookkeepers, and CPAs that we can suggest to you that have helped me with all my investment properties go above and beyond.
If you’re looking for a proactive property manager, that just doesn’t pay the bills, collect the rent and handle maintenance because that’s the really basic stuff that a property manager does, but go above and beyond help you create a budget to both know your income and your expenses, and to be able to help you control them and improve your cash flow, please think of Green Ocean Property Management, where you get more than a property manager, you get peace of mind.
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