Hi I am looking to find someone in Adelaide who could give me suggestions and ideas as to how to continue and get the best from my property portfolio. I have two properties already and am happy at the moment. However next Feb one of the mortgages needs updating and I will really change the financier. Also I would like to document my income and expenses better, what is the best way of doing that. Especially concerning tax. Please respect that I am just looking for different ways to do this and all of my investing. When I know the different options then the decision sits with me as to the best way. The Adelaide Investor group was great the only time I attended which was earlier this year. Sadly I couldn't make any other times. Cheers in advance. Matthew [email protected]
Adelaide Mentor wanted.
- Thread starter mmmggg
- Start date
I'm not in Adelaide, but on the income/expenses, it's really very simple if you don't have PM software.
I have software, but I still like to use excel spreadsheets as I like the way it sets things out and it's easy to read and evaluate.
Make a spreadsheet on excel for each property. I've attached one as an example.
In column 1 is date.
In column 2 is description of transaction.
In column 3 is income (rent and any interest)
In cloumn 4 is expenses.
The width of the columns can be whatever you need; for example, the description column may actually be 10 columns wide if needed and so on.
The expenses can be broken down into every individual expense in a separate column such as loan interest, rates, insurance etc.
Very easy, and it's all the accountant needs, along with a copy of the Depreciation Schedule (if applicable) and your income tax group certificate. Easy.
Long-term though you probably should get some software.
One tip though; enter every transaction as it arrives to you otherwise you will have a lot of work to do at the end of the financial year.
Look for a good Mortgage broker to help with the finances. Someone who is active in property investment finance.
I have software, but I still like to use excel spreadsheets as I like the way it sets things out and it's easy to read and evaluate.
Make a spreadsheet on excel for each property. I've attached one as an example.
In column 1 is date.
In column 2 is description of transaction.
In column 3 is income (rent and any interest)
In cloumn 4 is expenses.
The width of the columns can be whatever you need; for example, the description column may actually be 10 columns wide if needed and so on.
The expenses can be broken down into every individual expense in a separate column such as loan interest, rates, insurance etc.
Very easy, and it's all the accountant needs, along with a copy of the Depreciation Schedule (if applicable) and your income tax group certificate. Easy.
Long-term though you probably should get some software.
One tip though; enter every transaction as it arrives to you otherwise you will have a lot of work to do at the end of the financial year.
Look for a good Mortgage broker to help with the finances. Someone who is active in property investment finance.
Hi Matthew
The investor group has another meeting tonight. Why don’t you see if you can get down there? There are plenty of people who may be able to give you some tips.
And please remember: there may not be enough time to do everything in life but there is always enough time to do the important things in life. I think that making good investment decisions and retiring earlier so you can have the time to do the things that matter most to you, are pretty important
All the best
The investor group has another meeting tonight. Why don’t you see if you can get down there? There are plenty of people who may be able to give you some tips.
And please remember: there may not be enough time to do everything in life but there is always enough time to do the important things in life. I think that making good investment decisions and retiring earlier so you can have the time to do the things that matter most to you, are pretty important
All the best
