Saturday, January 26, 2019

Business analysis of my rental property

Jan. 26, 2019

Introduction


It is my personal finance research. I spent time from 7:00 PM to 1:00 AM on Jan. 25 and then put all my checking account statements into Excel sheet. I like to analyze my rental business in detail, I like to push myself hard to build basic finance habit, and learn basic analysis, market and sales, and understand the business better.

Business analysis


This is the first time I came out the idea and willing to reserve time to do basic book keeping. Why? Since I could not afford a home in Vancouver area, last November I decided to start personal finance research. I like to learn how to grow rich, build wealth. This is the first time in last 10 years I spent one hour to put all 12 checking statements into one excel sheet for each year. Last night I spent 6 hours to generate this report based on chase checking account statements.

The analysis is hard to process, since there are so many factors involved.

Dive deep


I do not have proper business education through the college years from 1984 to 1992, and from 1996 to 1998, from 2002 to 2006, from 2008 to 2010. I try to figure out why I should analyze a business, what is my business goal and how to make business success in terms of financial and other experience. 

I had a BB&T bank account, but I did not have statements from 2010 to 2011. The bank only provides last three years statements. I did not know why those money came from. My memory just had a few things, I opened the account in FAU branch, and I deposited some amount of money. 

I spent over $4000 US dollars in bathroom repair in 2014 and 2015, and I spent over $4600 Canadian dollars to put new central AC. Two transactions are not in Chase bank statement.

I used my chase checking account to my citi bank credit expense. One purchase is for the trip to Florida in 2014. All others are not related to rental business, also I paid FAU tuition using chase checking account.

I was charged below $1,500 balance for monthly maintenance fee a lot of times.


Actionable Items


Ask BB&T to get bank statements from 2010 to 2012. The bank will not have records. I did ask Chase bank for records from 1996 to 2011, but no longer available. 

I should have basic financial habit to save each statement for every year. 


No comments:

Post a Comment