All Forum Posts by: Barry W Bahr

 I agree. The answer is 2.66. There are several wrong answers in the Hone Your Skills. There needs to be another proofread of the answers to the questions.

 I agree. The answer is $14,000 and not $12,727.27. In order for the answer to be $12,727.27 the value of the structure would have to be $350,000.

 Thank you for clarifying. 

I found a major typo in question 3 in Hone Your Skills Chapter 11. In order for the IRR to be 11.02% the yearly cash flow would be $2200 and not $22,000. If it is $22,000 then the IRR would be 31.85% and that would be one heck of an investment!

Can you explain the answer to the third question in Hone Your Skills Chapter 7 page 100. My answer was $2500. The correct answer according to the book is $500. Here is my calculation: (30000 x 20%) + (0 x 45%) + (-10000 x 35%) = 6000 + 0 -3500 = 2500.

Thanks for the interaction. I use Quicken for both personal and business. I thought about using Quickbooks for business. I decided to stay with Quicken so that I can view all my financials in one program.  

Keeping up with my financials is my least favorite thing to do. I know it is important but I still hate it. It is labor intensive. I use Quicken for all my financials both personal and business. At one time I did hire a bookkeeper through 1800Accountant but they did a poor job. I decided to just do it myself. I want to get in the habit of producing a monthly P&L. The next step is actually reviewing it. My habit right now is simply printing the report and filing it without actually reviewing it. The book has energized me to take my P&L more seriously.

I do separate my personal and business expenses. I have separate bank accounts for each.

I classify liquid assets as anything that can turn into cash quickly. Quickly meaning in less than a week.

I currently don't do a personal balance sheet but I will now.

The most important metric is whether or not I am making a profit.

My most important factors evaluating a property is the type of property, can it be a long term rental, purchase price, and the rehab. I prefer single family homes, purchase price below $150K, and not more than $20K of rehab. I have a hard pass on the purchase price.

Looking for recommendations for a property manager in Tulsa, OK.

Hi Michelle,

Do you remember which episode it was? I'm interested in knowing what they said about Awning. I came across Awning in my FB feed.

I am looking for recommendations for a GC that can build a 2BR 2BA home on a lot in a residential neighborhood. The home will be 1300 square feet. The lot has an existing foundation. The original home has been torn down and removed. The lot is located in Port Richey FL.