All Forum Posts by: Jack Connolly

If I opened a separate Chase bank account that is strictly for deposits and expenses related to my single investment property, for tax write-off purposes how do I document cash expenditures to a contractor doing repairs? Since I'm not writing the contractor a check nor getting a receipt for the work being performed how would I be able to prove what that cash was used for come tax season? Curious as to how I should keep records of this withdrawal from the account. Any insight or advice would be greatly appreciated! Thanks.

Thanks Jaysen!

According to these figures am I correct in believing the cap rate should be listed as 6.67% instead of 5.5%?

NOI= $86,352 ($7,196 x 12)

Purchase price= $1,295,000 

Cap Rate= $86,352/$1,295,000= 6.67%

Am I overlooking something or not factoring something in? Please let me know if I'm making an error or if the book is incorrect! Thank you.