Yearly Income Report – Fiscal Year 2014 Profit and Loss

Below is my 2014 Yearly Income Report, with years 2013 and 2012 as comparisons.  The purpose of these reports is to give beginning real estate investors a real idea of what it’s like to invest in houses.  In 2014 I had 9 houses (14 rental units) in service.  I have chosen to have my properties professionally managed and have learned the hard way that I’m not well-suited for actually doing the property management myself.

2014 ended a very tough spell with a tenant bankruptcy and some extremely serious repairs (same tenant) which all told cost me about $25,000 over the course of 2013 and 2014.  Depreciation expenses are not yet notated in this report, once my accountant figures that one out, I’ll get them added.

As always, feel free to contact me with any specific questions on this report.

FY 2014 Profit and Loss Report

 FY 2012FY 2013FY 2014TOTAL
--- Application Fee0.0035.000.0035.00
--- Reimbursable Expenses736.29537.110.001,273.40
--- Rental Income42,951.7466,053.4091,666.26200,671.40
----- Discounts/Refunds Given(441.38)(30.00)(70.00)(541.38)
----- Fees for damages0.00450.00439.00889.00
----- Late Fees1,260.00615.00250.002,125.00
----- Legal Paid By Tenant0.000.00415.00415.00
----- Pet Fee0.00300.00700.001,000.00
----- Utilities Paid by Tenant0.00668.661,380.152,048.81
--- Total Rental Income43,770.3668,057.0694,780.41206,607.83
--- Returned Check Fees Collected20.000.000.0020.00
Total Income44,526.6568,629.1794,780.41207,936.23
Gross Profit44,526.6568,629.1794,780.41207,936.23
--- Bank Charges297.500.0036.26333.76
--- Closing Costs0.001,476.000.001,476.00
--- Dues & Subscriptions0.000.001.951.95
--- Inspection Fee0.00495.001,737.752,232.75
--- Insurance2,652.484,767.335,302.8712,722.68
--- Insurance - Business use of hom10.100.000.0010.10
--- Legal Fees518.002,523.001,028.004,069.00
--- Meals & Entertainment31.860.000.0031.86
--- Mortgage Interest14,916.6219,673.9816,368.3850,958.98
--- Property Management Fees1,381.767,855.187,437.0516,673.99
----- Lease Renewal Fee0.000.00453.75453.75
----- Leasing Fee0.000.002,546.002,546.00
--- Total Property Management Fees1,381.767,855.1810,436.8019,673.74
--- Property Taxes9,595.6421,122.9720,428.1951,146.80
--- Repair & Maintenance9,767.7910,218.6812,617.7732,604.24
----- Appliances0.000.002,125.942,125.94
----- Carpet0.002,529.841,895.854,425.69
----- Cleaning0.000.00429.69429.69
----- Electrical0.000.001,381.251,381.25
----- Flooring0.000.002,727.952,727.95
----- HVAC Maintenance0.000.001,649.251,649.25
----- Painting4,887.274,887.27
----- Plumbing Maintence0.000.002,582.742,582.74
----- Snow Removal / Landscaping0.000.004,167.484,167.48
----- Supplies / Hardware166.870.005,558.175,725.04
--- Total Repair & Maintenance9,934.6612,748.5240,023.3662,706.54
--- Taxes / Licencing150.002.500.00152.50
--- Utilities2,142.022,418.746,570.2011,130.96
Total Expenses41,630.6473,083.22101,933.76216,647.62
Net Operating Income2,896.01(4,454.05)(7,153.35)(8,711.39)
Other Expenses
--- Depreciation14,290.7327,021.82TBD41,312.55
Total Other Expenses14,290.7327,021.82TBD41,312.55
Net Other Income(14,290.73)(27,021.82)TBD(41,312.55)
Net Income(11,394.72)(31,475.87)(7,153.35)(50,023.94)

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