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 2012 | FY 2013 | FY 2014 | TOTAL | |
|---|---|---|---|---|
| Income | ||||
| --- Application Fee | 0.00 | 35.00 | 0.00 | 35.00 |
| --- Reimbursable Expenses | 736.29 | 537.11 | 0.00 | 1,273.40 |
| --- Rental Income | 42,951.74 | 66,053.40 | 91,666.26 | 200,671.40 |
| ----- Discounts/Refunds Given | (441.38) | (30.00) | (70.00) | (541.38) |
| ----- Fees for damages | 0.00 | 450.00 | 439.00 | 889.00 |
| ----- Late Fees | 1,260.00 | 615.00 | 250.00 | 2,125.00 |
| ----- Legal Paid By Tenant | 0.00 | 0.00 | 415.00 | 415.00 |
| ----- Pet Fee | 0.00 | 300.00 | 700.00 | 1,000.00 |
| ----- Utilities Paid by Tenant | 0.00 | 668.66 | 1,380.15 | 2,048.81 |
| --- Total Rental Income | 43,770.36 | 68,057.06 | 94,780.41 | 206,607.83 |
| --- Returned Check Fees Collected | 20.00 | 0.00 | 0.00 | 20.00 |
| Total Income | 44,526.65 | 68,629.17 | 94,780.41 | 207,936.23 |
| Gross Profit | 44,526.65 | 68,629.17 | 94,780.41 | 207,936.23 |
| Expenses | ||||
| --- Bank Charges | 297.50 | 0.00 | 36.26 | 333.76 |
| --- Closing Costs | 0.00 | 1,476.00 | 0.00 | 1,476.00 |
| --- Dues & Subscriptions | 0.00 | 0.00 | 1.95 | 1.95 |
| --- Inspection Fee | 0.00 | 495.00 | 1,737.75 | 2,232.75 |
| --- Insurance | 2,652.48 | 4,767.33 | 5,302.87 | 12,722.68 |
| --- Insurance - Business use of hom | 10.10 | 0.00 | 0.00 | 10.10 |
| --- Legal Fees | 518.00 | 2,523.00 | 1,028.00 | 4,069.00 |
| --- Meals & Entertainment | 31.86 | 0.00 | 0.00 | 31.86 |
| --- Mortgage Interest | 14,916.62 | 19,673.98 | 16,368.38 | 50,958.98 |
| --- Property Management Fees | 1,381.76 | 7,855.18 | 7,437.05 | 16,673.99 |
| ----- Lease Renewal Fee | 0.00 | 0.00 | 453.75 | 453.75 |
| ----- Leasing Fee | 0.00 | 0.00 | 2,546.00 | 2,546.00 |
| --- Total Property Management Fees | 1,381.76 | 7,855.18 | 10,436.80 | 19,673.74 |
| --- Property Taxes | 9,595.64 | 21,122.97 | 20,428.19 | 51,146.80 |
| --- Repair & Maintenance | 9,767.79 | 10,218.68 | 12,617.77 | 32,604.24 |
| ----- Appliances | 0.00 | 0.00 | 2,125.94 | 2,125.94 |
| ----- Carpet | 0.00 | 2,529.84 | 1,895.85 | 4,425.69 |
| ----- Cleaning | 0.00 | 0.00 | 429.69 | 429.69 |
| ----- Electrical | 0.00 | 0.00 | 1,381.25 | 1,381.25 |
| ----- Flooring | 0.00 | 0.00 | 2,727.95 | 2,727.95 |
| ----- HVAC Maintenance | 0.00 | 0.00 | 1,649.25 | 1,649.25 |
| ----- Painting | 4,887.27 | 4,887.27 | ||
| ----- Plumbing Maintence | 0.00 | 0.00 | 2,582.74 | 2,582.74 |
| ----- Snow Removal / Landscaping | 0.00 | 0.00 | 4,167.48 | 4,167.48 |
| ----- Supplies / Hardware | 166.87 | 0.00 | 5,558.17 | 5,725.04 |
| --- Total Repair & Maintenance | 9,934.66 | 12,748.52 | 40,023.36 | 62,706.54 |
| --- Taxes / Licencing | 150.00 | 2.50 | 0.00 | 152.50 |
| --- Utilities | 2,142.02 | 2,418.74 | 6,570.20 | 11,130.96 |
| Total Expenses | 41,630.64 | 73,083.22 | 101,933.76 | 216,647.62 |
| Net Operating Income | 2,896.01 | (4,454.05) | (7,153.35) | (8,711.39) |
| Other Expenses | ||||
| --- Depreciation | 14,290.73 | 27,021.82 | TBD | 41,312.55 |
| Total Other Expenses | 14,290.73 | 27,021.82 | TBD | 41,312.55 |
| 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) |