#276: The Dirty Secret of Real Estate Investors
Real Estate Investing with Coach Carson
Chad Carson
4.9 • 613 Ratings
🗓️ 30 January 2023
⏱️ 26 minutes
🧾️ Download transcript
Summary
Episode #276 - Real estate investors have a dirty secret - most of them don't know how much money they're actually making. But small, easy improvements to accounting and bookkeeping best practices can fix that. In this episode, Coach Carson explains how he does accounting and tracks the numbers in his real estate business.
COMPANION ARTICLE/SHOW NOTES: https://www.coachcarson.com/bookkeeping101/
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Transcript
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| 0:00.0 | I've been teaching and coaching real estate investors since 2009, and I've learned a dirty little secret. |
| 0:06.0 | Most real estate investors don't know how much money they're actually making. |
| 0:18.0 | You know that guy you met at the real estate meetup who said he was making $500 per month |
| 0:22.0 | and positive cash flow on his rental property? Or the other investor who said they sold a property |
| 0:26.3 | and made $50,000 in profit? They were just guessing. They don't really know. The truth that I |
| 0:32.7 | learned by looking behind the scenes at a lot of real estate investors is that most of them are |
| 0:36.9 | doing a very bad job at bookkeeping or real estate investors is that most of them are doing a very bad job |
| 0:38.2 | at bookkeeping or real estate accounting. And for that reason, they don't really understand |
| 0:42.8 | the numbers in their business. There's really two parts to real estate investing. There's the part |
| 0:47.5 | where you go out and find properties, you buy them, you get financing, you collect rent. That's playing |
| 0:52.8 | the game. But then there's the other part, the accounting, where you track what's actually going on within the game. It's your scoreboard. And playing the real estate game without the scoreboard is kind of like watching the Super Bowl. And there's a quarterback who throws an amazing pass. The receiver catches it in the end zone for a touchdown. The crowd goes wild. Everybody's screaming. |
| 1:11.9 | And then they all look up at the scoreboard and it's blank. No one knows if you're winning. |
| 1:17.0 | If you're losing, what's the score? What's the point? Bookkeeping and accounting is just something |
| 1:22.0 | I've gotten good at over the last 20 years as a real estate investor. My accountant who advises me |
| 1:26.8 | on taxes and my business always tells |
| 1:28.8 | me he wishes his other clients did their bookkeeping as well as we do. So in this podcast episode, |
| 1:34.4 | I want to give you a crash course on bookkeeping and accounting. I want to teach you how to |
| 1:38.6 | keep score as a real estate investor. Welcome to the podcast Real Estate Investing with Coach Carson. |
| 1:44.1 | I'm your host, |
| 1:44.8 | Chad Carson. You can also call me coach, and this is a show all about helping you build |
| 1:48.6 | a thriving rental property business so you can get out of the financial grind and do more of what |
| 1:53.3 | matters. Before I get into the nitty-gritty advice of the episode, I want to emphasize how powerful |
... |
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