Yearly Income Report – Fiscal Year 2013 Profit and Loss
The following profit and loss report shows profits and losses from real estate in 2013 (with a comparison column of FY 2012) and does not include other income producing activities such as online sales of spreadsheets and ebooks, Amazon FBA sales, or Google Adsense advertising income. As always, I include these reports to give a full picture of what it’s like owning rental properties. Fiscal year 2013 was a very rough year. We bought 4 more properties, all of which needed considerable work to get rented plus we had the first 3 months of a 7 month long eviction where a tenant declared bankruptcy, listed us a creditor, and we were unable to try to collect rent or evict the tenant. It’s definitely not always smooth sailing in the rental property business. Do note though, depreciation in 2013 was $27,021 because of the 4 new rental properties purchased which accounts for the majority of the losses in terms of net income. Depreciation is a huge benefit available to owners of renal properties and if you own rentals but are not depreciating them, please see a good tax person to get you on the right track.
FY2013 Profit and Loss Report
| FY 2013 | FY 2012 | |
|---|---|---|
| Income | ||
| Application Fee | $35.00 | |
| Reimbursable Expenses | $537.11 | $736.29 |
| Rental Income | $66,053.39 | $42,951.74 |
| Discounts/Refunds Given | ($30.00) | ($441.38) |
| Fees for damages | $450.00 | |
| Late Fees | $615 | $1,260 |
| Pet Fee | $300 | |
| Utilities Paid by Tenant | $668.66 | |
| Total Rental Income | $68,057.06 | $43,770.36 |
| Returned Check Fees Collected | $20.00 | |
| Total Income | $68,629.17 | $44,526.65 |
| Gross Profit | $68629.17 | $44,526.65 |
| Expenses | ||
| Bank Charges | $297.50 | |
| Closing Costs | $1,476.00 | |
| Inspection Fee | $495.00 | |
| Insurance | $4,767.33 | $2,652.48 |
| Insurance - Business use of hom | $10.10 | |
| Legal Fees | $2,523.00 | $518.00 |
| Meals & Entertainment | $31.86 | |
| Mortgage Interest | $19,673.98 | $14,916.62 |
| Property Management Fees | $7,855.18 | $1,381.76 |
| Property Taxes | $21,122.97 | $9,595.64 |
| Repair & Maintenance | $10,218.68 | $9,767.79 |
| Carpet | $2,529.84 | |
| Supplies / Hardware | $166.87 | |
| Total Repair & Maintenance | $12,748.52 | $9,934.66 |
| Taxes / Licencing | $2.50 | $150.00 |
| Utilities | $2,418.73 | $2,142.02 |
| Total Expenses | $73,083.22 | $41,630.64 |
| Net Operating Income | ($4454.05) | $2,896.01 |
| Other Expenses | ||
| Depreciation | $27,021.82 | $14,290.73 |
| Total Other Expenses | $27,021.82 | $14,290.73 |
| Net Other Income | ($27,021.82) | ($14,290.73) |
| Net Income | ($31,475.87) | ($11,394.72) |